All Forum Posts by: Mark F.

Hey guys and gals,

I know it might not be a huge deal but after checking out properties for over a year and making many offers, I finally had my first accepted! Duplex in Garfield, Bergen county. 2x 2/1 with a finished basement (1/1). Both tenants below market rent and first floor is leaving on their own before I move in. 2nd floor wants to stay but I was going to raise the rent by $50, still well below market. Trying to figure out what I'm going to do exactly as far as which one I'm moving into, first floor and have a coworker/roommate move in or take the basement. I'd like to turn the first floor and basement into one whole unit, making it a 3/2. Still a million things rolling around in my head on what works out for me. Best news is I'm able to use my VA loan so no money in the deal! Minus attorney, appraisal and inspection fees. Haven't gone thru the process with the VA before, just FHA in the downturn. This site and podcast has been great helping me with info and pulling the trigger. Hopefully this goes well and soon after I can start looking for my second property!

I'm not a RE agent but this looks interesting. Thoughts????

https://www.washingtonpost.com/realestate/a-real-estate-association-is-cracking-down-on-off-market-properties-heres-what-that-means-for-buyers/2019/11/11/e391c3ae-0013-11ea-8bab-0fc209e065a8_story.html

Well, I stand corrected. I just checked the site and got rid of that part of their screening process. In the FAQ, it says they no longer do any background checks without SS #'s. Glad to see they've gotten rid of that horrible policy.

https://www.mysmartmove.com/Sm...

I know this is a couple months old but I had a question in regards to this. I'm looking at adding a finished basement to the first floor to make a 3/2 total. Basement has a full bath and first floor is a 2/1. Seems like this is much easier than trying to get a whole separate unit. What all is involved? Going to the specific township and getting CO's? Again the basement is finished and doesn't need much other than new bilco doors that are leaking and some trim replaced. Thanks!

Originally posted by @Ken Dayal:

@Hannah Canario 

I use www.mysmartmove.com to screen tenants. Tenants pay for credit & background check. The site allows them to securely enter their info without divulging confidential info, such as SSN. Landlord gets a report with recommendation to rent or deny.

Curious to know about your deal as we invest in North Bergen. 2-fam or higher, how much did you pay, how many bedrooms per unit, area of town- closer to Braddock park or 1/9 ? And rents you intend to charge per unit? 

 I know this is an old thread and that is a 3 year old post but I want to offer advice for any who comes across this. Doing a background check with no SS # is not something I'd ever go with. I've worked in law enforcement for 10 years and you could easily miss many things only by checking name and date of births. I clicked on the site and it's still active. Didn't look into it anymore but I'll never do a background check without obtaining a social. I'm aware illegals don't have a social but I'd use my LE connects in that instance. 

@Jacob Sampson While I'm looking for other ways to raise revenue, I'm not going to fudge the numbers. If the numbers work they work. While I've upped my price point, I want the deal to work at 300k or 500k. Appreciate the advice.

@Vaughn Smith Yes it definitely has, especially in the duplex thru quad range. I've continued my search since the original post and honestly I've seemed to have found a decent number of good deals via the MLS. They just get offered on quick.

I've been implementing some of your advice. I've breaded my search. I'm now checking out 3 counties. This has helped tremendously in seeing more places and putting in more offers.

I've talked to my broker. I'm now able to utilise the FHA loan as well as my VA loan. Obviously getting in with no money is preferred but like you stated, more favorable terms. I'm seriously looking at raising 20% via line of credit or family money for a conventional loan as I have excellent credit and a very solid W2 job.

My goals have changed slightly as well since the first post. I want to house hack into a duplex or more but after I want to get into small multifamily commercial properties after. Like I mentioned I have an excellent credit score, soon-to-be high paying W2 job and I feel that space is less competitive. If I'm wrong on that last one please correct me.

Thanks for the advice Vaughn!

@Dennis M. No I didn't until I went back in looked. I figured you said "lighten up" to him smoking inside the apartment as the OP made no mention he cared about what substance (illegal or not) was being smoked. Just the fact hes gotta get that smell out of the place.

@Dennis M. Seriously? Until they burn down the apartment. Doesnt matter if they're smoking cigarettes, meth, crack or weed. Smoking inside a structure is dangerous, especially when there are others are in the building.

I was a firefighter and have smoked weed in the past. Allowing it inside apartments is aching for a lawsuit.

@Bjorn Ahlblad To your first post. Why dont all LL collect first, last, and SD? Because that is a lot of money for many people. I currently rent and that would be $4500 right then and there at lease signing for two months of living space. Which my rent is average in my area. Think about the average person and their savings. Try and see it from their perspective.

I know some tenants who skip over those properties. First and security was plenty for me when I was a LL. I understand why you do it 100%, but depending on your rental market, it might not be ideal to ask for that much money up front. I think of it like pets in a rental. Not everyone is thrilled about it but you lose out on some good tenants.