All Forum Posts by: Jon Ree

The area in New Jersey where I grew up is like that. I don't own any rentals there and I can't imagine ever buying any. I saw a local 4 plex on homepath sit on the market reduced from a starting point of mid 300s to less than half that. I still think it's a great area with great schools but high taxes and fewer job opportunities kill it as a place to invest (for me).

I think there is often details about our properties that bother me more than the tenants. That said a pink cast iron tub sounds fantastic. I would market it in my photos. A rental with some awesome in it.

Ask a good tenant that is moving out if they have any friends or colleagues that are looking for a rental.

I love the small dents that knock half the price off. Also depending on the rental keep it simple without automatic icemaker. I am surprised to see people saying to rent it without a fridge.

I agree. I like to reserve significant rent hikes for when one tenant moves out and a new one moves in. We have had similar rent appreciation here, but I like our tenants so I haven't done any big bumps. Since I self manage (and work full time) that's more important right now.

I like to find good deals on materials. I call it stocking. My wife has called it hoarding. Last spring I bought a 36" entry mahogany door blank from habitat for $50. The fact that it was last spring says it all.

Sounds like a great learning experience for you. You went through the process and negotiated yourself a profit. Take your mom and dad out for a nice dinner and find the next property.

I am not familiar with Connecticut but you can apply for farm assessment on the land in certain states. It might require you to show some nominal amount of sales each year (I think $500 in New Jersey). If it's a wooded lot just sell some firewood. The reduction in taxes can be huge.

Purchase price 100-150k. CF at least $500 per month. Buy a fixer for value add and hope for appreciation.

Of course the best response is to be there during the inspection. I was thinking at the very least call the inspector up during the inspection and show yourself to be an informed consumer. I am sure the extra bit of personal interest will go a long way to insure a thorough inspection.