All Forum Posts by: Joseph Kirk

Does anyone happen to have an up to date lease for New Jersey or template for one? The one on bigger pockets for NJ says it's from 2020.. I don't know if that matters or if I need an up to date one. 

Thank you

 How do you monitor usage? Do you have an energy monitor or what exactly do you do?

 So put their unit's utilities in my name and charge them a flat rate of $X per month?

Hi everyone, 

I recently purchased a duplex that I plan to house hack. I'm going to be living on the 2nd floor and rent out the 1st floor unit. We have a shared basement with 1 washer and 1 dryer that we share. my problem is, the first floor pays the bill for the gas dryer and electric washer (that we both share), and they also pay the bill for the heat for the whole house (radiator heat). It used to be a single family. How would I go about this problem? I intended to charge $1850/month plus utilities, but now realizing that their unit is getting billed for the shared washer/dryer/heat, I am not sure what to do. Let them get the bill then I pay half? Vice versa? 

Any suggestions are greatly appreciated! 

Hi everyone,

I currently own a rowhome with my brother (50-50%) that we fully rent out. Now in about a month, I will be closing on a duplex with my girlfriend (50-50%).

As of now I do not have an LLC for either. How should I go about setting up an LLC?

Should my brother and I share an LLC for the rowhome, and then should my girlfriend and I share an LLC for the duplex?

Should I get my own LLC and put my 50% ownership of BOTH properties into that ONE LLC?

Should I get TWO of my own LLCs and put each property in their OWN LLC?

Thank you for any input!!

Hi everyone,

I'm looking at a triplex in Runnemede, NJ. I plan to live in 1 unit (for 1 year, then move on) and rent out the other two units. When inputting the cash flow & expenses for all three units, i get an ROI of approx 15%. When Inputting the cash flow for the 2 units that i plan to initially rent out, my ROI is -58% (so I'd be paying approx. $650/month to live in my unit for the 1 year). So, considering I plan to live in the 1 smallest unit, I don't know how to determine if this is a good deal. That 15% ROI seems great, but I won't get that percentage for at least 1 year. To me, this seems absolutely worth it for the long run.

PS: the unit that I would be living in is a 1 bed 1 bath.

So my question is, considering Runnemede, NJ is a great area, does this seem a good deal? This would be my 2nd cash-flowing property so im relatively new to this. Open to hear any and all opinions!

Thanks in advance!

Hi everyone,

I'm looking at a triplex in Runnemede, NJ. I plan to live in 1 unit (for 1 year, then move on) and rent out the other two units. When inputting the cash flow & expenses for all three units, i get an ROI of approx 15%. When Inputting the cash flow for the 2 units that i plan to initially rent out, my ROI is -58% (so I'd be paying approx. $650/month to live in my unit for the 1 year). So, considering I plan to live in the 1 smallest unit, I don't know how to determine if this is a good deal. That 15% ROI seems great, but I won't get that percentage for at least 1 year. To me, this seems absolutely worth it for the long run.

PS: the unit that I would be living in is a 1 bed 1 bath.

So my question is, considering Runnemede, NJ is a great area, does this seem a good deal? This would be my 2nd cash-flowing property so im relatively new to this. Open to hear any and all opinions!

Thanks in advance!

Investment Info:

Other buy & hold investment in Oaklyn.

Purchase price: $80,000

My brother and I bought a 2bed 1 bath rowhome that already had a good tenant in it for $1375/month