All Forum Posts by: Account Closed

An investor has hired me to verify ownership of their Georgia real estate tax liens.  Looking for a local expert to work with me.  

Thanks!

Hi I bought a SFR with a tenant in New Jersey. There is a lease until Feb 2016. What do I need provide the tenant to tell them of the change in ownership, lease transfer and security deposit transfer. Thank you

Hey Dan,

I'm also considering buying in a 55+ community in central jersey.  PM me, we should run ideas by each other.  

K.

If anyone has any wholesale contacts/deals in Central New Jersey (NJ) please let me know.  I am looking to buy a multifamily unit in Monmouth or Middlesex County. 

Hey looking to buy an investment property in between Red Bank-Freehold-East Brunswick triangle. I need an agent that can show me potential deals.

also, part of why I did this deal is to learn how things work. I know the numbers aren't great, but I know the house is in good shape and I have limited downside.  What do you think are other ways to make $$?

Thanks Jon.  This houses' rent is .9%( 1750/190,000). It's difficult to find a house with over 1% in NJ, in a decent town. I suppose this would be easier if I found something to rehab, but I don't know if I feel comfortable with doing that yet since I am so new.  Any suggestions how to find a deal that is closer to 2%?

Hey is this still going on? I'd like to join in

Hi, 

I recently purchased my first real estate rental property in SNJ!  The property belonged to my father and he bought a new house and was going to sell this house.  He's owned this house for over 20 years and has kept it in good condition.  I bought the house from him at MV (he listed it at 205K in 2013 and it didn't sell, i bought it for 190K) or maybe a very slight discount.    I helped him find a tenant in Feb 2015 and have a lease with that tenant, my dad as landlord, and myself as manager.  

Question 1 - 

Now that this property is owned by my wife, do i need to work up a new lease with the tenant or is the old lease with my father okay?

Question 2 - 

What is the proper way to transfer the security deposit to a new account?

Question 3 -

The insurance cost for this property as a primary residence for my dad was $550/yr, the landlord quote I got is 845/yr, is that too much of an increase or okay?  Should I shop around more?

Question 4 - 

Is this a good deal? 

Note, i bout this house mainly b/c my Dad has owned it for 20 years and I know its in good condition.  We put 25% down ($48K). 

Rent @ 1750/mo

PIT  - (1234.43)

10% Vacancy - (175)

10% Maint. - (175)

Cash Flow = $165/mo