All Forum Posts by: Lindi Nguyen

@Matthew Crivelli Agree, thank you for validating my thoughts.

@David Smith Yes, we will be pushing on that liability to do so and to treat any potential leak on the seller.

@Dwayne Poster Wow, thanks for sharing that experience. It helps confirm that I do not want to be the one assuming that risk.

@Caroline Gerardo Thanks for bringing up these concepts. I will look into relock fees asap!

I'm under contract on a rental house in Teaneck, NJ that has an under ground oil tank. Apparently, that's fairly common and legally it's on the seller to remove. Curious what the risks are. Seller has agreed to credit the purchase price for the removal and reconstruction of the patio that exists above the tank. 

Have you encountered this? How should I mitigate the risk of contamination? Or will this be a big headache and I should walk while we're still in inspection?

My real estate agent says this is the 7th deal she's done in the area in the last year that's had an oil tank that needed to be removed. My uncle says he had a commercial property in Indianna that had oil contamination that has cost him over $1M over the years to continue dealing with. What are your thoughts? This will be my first rental, the numbers seem to work, interest rate was locked in 3 weeks ago.

@Robert Conlin It is definitely seeming to ring true as I continue to run anything that pops up. Thanks for the background on what’s going on in the market up here! Very insightful.

@Jonathan Greene well said, thanks for the insight!

@Tim Herman thank you for reminding me to tag!

It is a new construction on existing foundation. Will look into how to budget out Capex in that scenario. Appreciate the insight very much.

I see, thank you very much!! Very helpful, didn’t quite understand what repairs to assume for. 

Just got an offer accepted on my first investment property!! Anyone care to take a glance at my financial modeling - see if any errors jump out at you?

https://docs.google.com/spread...

@Colleen F. This makes a lot of sense, thank you!

@John Mocker @David M. Thank you both so much for the feedback. I was a realtor many years ago in the Boston market (rentals) so am comfortable renting it out myself. Though I wonder should I need to get it up on MLS, how I would do that without being attached to a broker?

HOAs on some seem like they're being rolled into maintenance cost for some listings, 500-900/month. Others have a maintenance cost estimated and an HOA fee on top. I'll need to clarify that when I go on the showings.

And so great to know about the insurance! I just used a ballpark, but excited to learn that I can deduct out the building elements and some elements/fixtures. Seriously, thanks so much both of you!

My first investment property, so appreciate the feedback. Looking at 2B condos. Everything I'm modeling out is in the red so far...looking at Hackensack, Cliffside Park, Teaneck, and North Bergen. Thoughts on the assumptions I'm making?

Vacancies: 6.6%

Credit Loss: 1%

Expense growth rate: 3%

Cap ex: $100/mo

Insurance: $150/mo

Leasing/ad fees: $50/mo