All Forum Posts by: Mark F.

@Nicole Heasley Heed the advice of those pointing to Toyotas and Honda. There is evidence all over the internet how Jeeps are terribly unreliable cars. I didnt want to take out a car loan either but I have a small one for a newer used Toyota. One of the best decisions I've made.

I don't stress about my old car breaking down or leaving me stranded. Plenty of reliable cars from $5k up to $10k. Dump the Jeep asap.

Great thread! I'd like to chime in. I'm a new investor approved up to 650k. Looking in Essex, Union and Hudson. I have a couple agents working for me trying to find stuff off MLS but a good portion, like you all have said, are either in horrible neighborhoods or are just crazy prices contrary to what rent is going for. I plan on owner occupying for a year.

Am I being reasonable that I'd like pay less than $700 (essentially my rent) while I live there and then eventually cash flow over $300 after I move out (after expenses)? I talked to one of the agents who sent me about 50 properties and they were all in horrible neighborhoods or the numbers didn't work. He wasn't thrilled I only wanted to see two out of the 50. Thanks!

@Barry Leibowitz Hey Barry, without going too crazy or hijacking this thread, yeah I've been looking for not turnkey and need slight rehabs

So far there isnt much out there or they got snatched up before I came on the scene. But yes I'm trying to do thr BRRRR for my first 5 or so properties!

@Quadeer Porter Oh I know. I feel a bit better now but I'm running into the issue of finding a multi in Essex that isnt overpriced.

@Quadeer Porter I'm on my third one right now. So far he seems to be with it but we havent looked at or made offers yet. He says hes an investor himself. If it plays out well I can give you his contact. Hes out of Essex county.

Thank you all for the info. Seemed that would be the case but haven't seen those words before in vacant listings. You guys and gals rock.

Hello BP!

So I'm jumping back in to buy and holds, still a ton to learn!, and finally got sent an MLS listing from an investor agent. Seems good so far. One of the properties has at the end in the description "home to be conveyed vacant". What exactly does this mean? It's a multi and it is vacant, 3 unit no tenants, and does need some work according to MLS.

FYI this is in NJ and I am using a VA loan so I have to be able to move in. I did a google search and it didnt answer my question. Thank you!

@Lien Vuong Thanks Lien, I did that and have been in touch with an investor agent. See how it pans out. Thanks!

@Lien Vuong Hey Lien, what is the BP list exactly? Do you mean RE agent list? Thanks

Hello! Old thread but very similar to the info here I'd like to confirm some things. I'm looking at a 4 unit with two units vacant and two occupied in UC.

1st ones rent is $975 per letter from rent control board that was sent to me

2nd ones rent is $1000, realtor says $1300 but gets $300 credit for being the super

Questions are..

I can charge market value for the other two unoccupied units correct?

I can increase each currently occupied units rent by 3.5% after giving over 30 days notice? They are m2m leases.

Thanks guys and gals. Just trying to wrap my head around this before I submit my offer.