All Forum Posts by: Marc Winter

The question should not be the 'price'.  I'd focus on the 'value'.  What is the cash flow?  Will it net you a decent return on your money?

Other than that, I would make ABSOLUTELY sure of the numbers, especially rental history, permits, utilities, etc.

Good luck with this one!

@Matt Tortora, now is a great time to start your investing.  Since you are brand new, the first thing to do is define the geographical area you are most interested in.  

Start locally--close to your home--you can always expand your net after you know what you are really looking at. Become an expert in your local market by going out and inspecting property. Look at listings, FSBO's, expired listings, and recent sales.

After seeing enough property, you'll have a good feel for what a property's market value is.  That's where you start.

Next, during this inspection period, speak with as many realtors, contractors, title people, lenders and (gulp) actual sellers.  Ask the right questions and develop good relationships.

I've found that over time when you are constantly moving and shaking the trees, deals will start to fall out.  

And by then, you'll be able to identify an opportunity, not just stumble over it because you previously were unaware that it was a great deal.

Best of luck!

Funny situation, but it does happen on occasion.  @Greg Scott has the right idea.

In our case, the tenant did submit an application, and after receiving it, we let them know that they were old tenants, and they still owed money.

We showed them a copy of the outstanding judgment and told them that as soon as that was satisfied we would process their application. 

We didn't hear back from them, but it was easier for the collection folks to get to them.

As they say, 'You can't fix stupid'.

How old is this property?  It definitely would make good sense for cash flow and safety to upgrade, for several reasons.

There are not enough specifics in your question to generate an accurate answer.  Best you speak with several licensed electricians to get inspection/quotes.

Just an item:  to convert a 110  system to 220 (at the box) a ballpark price would be $2,500+/- with all permits and inspections.  

Your case is very different because you'll need to install outside disconnects and separate meters, plus all the apartment's wiring and breakers need to be inspected and possibly updated.  

This would be a decent-sized commercial job, so shop it around with your local licensed electricians.

Hang on--this contractor/partner is living in the project house?  And they are not working, making progress, or communicating with you?

You have been paying for your education; errors made in handling this person/partner, and things NOT to do with a contractor.

The solution is simple (not easy):  get rid of this contractor/partner asap.  This is not a time for kum-bai-ya, it's the time for termination of the 'partnership' and eviction from your house.

Or you have hope/faith that they will eventually do what they are supposed to do.  

That decision is up to you; just be aware If you just wait, you will continue paying tuition for your degree at the University of Hard Knocks.

Good points from @Joe Norman.  Many areas will allow you to manage your properties, including leases, rent collection, etc.  Also in some jurisdictions, an individual without a license can be hired to manage properties for one owner.

Best to do a deep dive into the NJ real estate laws, landlord/tenant laws, etc.  Study and learn:  you'll need it when things go sideways.

Good luck!

Are you sure you want to go with carpeting?  Even in a flip, I'd only consider carpet in a bedroom, if at all.

The sizzle of LVP is much better than what has become 'old school' carpeting.

The price difference isn't that much, but does deliver much more bang for that almighty buck.  Check it out. 

Contact local trash removers.  Get 2 or 3 estimates.  Let them do it.  That will free up your time to make more money than they are charging.

One last item about recording: check your local and state laws concerning recording with or without disclosure and consent.

I hear the groans.  It's just because of the litigious times we live in.  

@Lincoln W Daniel,

What do you have in writing?  Email, text, back of napkin?  

I'd use this case as an example of why we must get SOMETHING about the work and/or your directions in writing, upfront.  

This company, and every vendor you plan on hiring, should be searched in BBB and/or other reviews, AND check your Unified Judicial System portal to see how many times they have ended up in court.

You are right:  you found a seasoned lawyer!