All Forum Posts by: Larry S.

As discussed, here is a thread about Morris Invest 

https://www.biggerpockets.com/forums/92/topics/522621-morris-invest-review-after-8-months-of-ownership

I agree @Thomas S., as sacrilegious as it might be to say here on BP, I don't think real estate should be anyone's only investment.  I wouldn't want all of my money in RE, just as I wouldn't want it all in any other single class of asset.

I think @Jeff V. said it perfectly. It depends where you are in your investing cycle. For me, I'm just starting out, so I want 30 year notes, and don't want to pay any more than the minimum required to continue saving up for additional down payments.  

Also, interest rates are still about as low as we can reasonably expect to see for the next few years.  If you are going to acquire more properties in the next few years, the interest rates on those notes will probably higher.  If you want to pay off a note quicker, you should pay off those higher interest rate notes than the ones you have now.  

Hi All, I should be able to make it after work tomorrow.  I look forward to meeting everyone there.  

Would want more info for a better analysis, but based on what you provided, it doesn't seem like a good deal. What are the terms of the mortgage to get you $2,858 monthly? Is that just P&I or PITI? You also need to reserve for vacancy, CapEx, repairs and should factor in property management (even if you plan to self manage). So I see the following breakdown:

Rent: $3,600

PITI: $2,858

Vacancy: $180 (5%, but I would reserve 10%)

CapEx: $180 (5%, might be ok because it was recently renovated, I'd still reserve 10)

Repairs: $180 (5%)

Management: $288 (8%, but you probably would pay 10%)

Cash flow: -$86

This is a best case scenario and you would still lose money each month.  And this is assuming you're not paying any utilities, water, sewer, garbage, or common expenses like landscaping.  I personally wouldn't go near this deal.

Thanks for the head's up @Andy Rousch. I actually work pretty close to Morristown so I'll try to stop by on Thursday

Hi All,

My name is Larry and I'm a newbie from Hoboken, NJ. I've been reading through the forums for over six months now and figured it's time to jump in myself. I've listened to all of the BP podcasts during my daily commute and in the last week or so made it to my first REIA meet up.

Aside from my personal residence, I don't have any deals myself.  Being from northern NJ, I'm primarily looking to invest out of state because the property taxes here (and in the greater NYC area in general) are insane.  I'm looking at 1-4 unit properties.  I've set a personal goal of having an investment property by the end of the year.  I'm looking forward to connecting with like minded investors here and learning from everyone.