All Forum Posts by: Matt Lopez

If the commercial real estate market causes some banks to fail as predicted by Powell (see yahoo finance article attached) what correlation will we see in the economy as a whole? Does commercial collapse spill into Multi or even single family?

https://finance.yahoo.com/news/commercial-real-estate-a-manageable-problem-but-some-banks-will-close-powell-161201936.html

I grew up in NJ, not the biggest fan of Philadelphia however south Philly, more specifically Passyunk ave is a nice neighborhood and even has STR potential. Is now a decent time to buy? Lock in a decent sales price in the winter walk into 10k of equity hopefully and refinance the rate if and when they drop.

Im from the camp of believing rates dropping, coupled with a spring or summer market will increase sales prices.

This would be an appreciation play. Portfolio has a duplex already, that im currently hacking. I would move into the Philly property and rent the duplex, both units now and will be cash flowing 400-500$.

Anyone like Philly???

Hey guys, i have a Duplex thats cash flowing. Bought it for 225, 200k still on mortgage. Its now valued at 360k. HELOc is letting me access 100k, was going to use a portion of that to buy an ocean view apartment in Puerto Rico west side for 280k. (2bed 2bath)

My question is have I missed the boat on airbnb? Rents for around $200 a night BUT complex HOA has 4-5 night minimum on str's. Hoa's have always made me nervous.

Also investing in Puerto Rico! A lot of tax incentives, my family lives here in metro area. Its in Isabela pr, I don’t think the property will appreciate well its the str rental income im after and enjoying the unit for myself.

Also contemplating not getting an apartment and going even bigger maybe a 1.5 mil duplex triplex in a more visited part of the island.

Hey guys, need some advice here from an outside prospective. Im fearful I have over analyzed my position and now blind to the best way to go about doubling down.

Bought a duplex almost two years ago for 220k. Was just appraised for 335k , I still owe 204 on an 2.5% FHA.

Im hacking the property and the tenant is paying roughly 83% of the mortgage.

If I move out of the property and rent both units there is roughly a $1,600 monthly profit.

I've debated a HELOC because a refi makes no sense now that rates have gone mad. What is the best way to leverage this good debt? Thank you in advance!

Hey guys, I can see a lot of mixed feelings on a possible housing crash/correction. I bought a cash flowing duplex last year for 220k its now valued at 325k and ive had 2 cash offers for 350 because potential rents of each unit combined exceed the 1% rule ($3,600 a mo). My question is what do you think rents will do if the market corrects/crashes?

@Sean Prato

Absolutely, and thanks for the response. Im interested in discussing with you my specific situation. I can send you my private email if that works best

Hey guys im a owner occupied landlord, house hacking in Nj. I have one tenant living in the same property in a separate unit. When we signed the lease she had 10 cats and a dog.. i now count 14+ cats. Our lease clearly states “can not acquire additional animals, even after pets expire” and also “feeding wild animals is strictly prohibited” which she continues to do. My property has over 4-5 stray cats roaming around. Not to mention the smell in her u it is so overwhelming my flammable vapor sensor in my water heater trips from the over whelming smell of cat litter. My question is in Nj as a live in landlord i do not need to renew her lease.. especially when I have good reason not to do so, since shes on a year lease with 3 months left can i let her know during her lease i plan not to renew so the 90 days she has to vacate starts her last 90 days of rent?

And also as a owner occupied landlord I didn’t register as a landlord in Nj. I have only one home which we live in.. do I need to register?

Any information about notice of non renewal being given during the lease (with 3 months remaining) so she cant stay additional days after her last payment is made, and also should i register? Do I need too as an owner occupied landlord?

Thanks guys!!

@Gretchen Guarino

Thanks for the advice! Going to ask the agent and lender.. I wanted them to address it but they replied best offer with a 2,500 credit at close 

@Tim Herman the roof is pretty new 2019

Hvacs will need to be replaced soon both 15 years old. One ac is 10 years other is 12.. so ac and hvac eventually will need to be replaced. I was estimating that being an 8-10k investment. 

@Tim Herman i use a rough estimate in my 4 square break down of the numbers, $120 capex, $50 vacancy (tenant would like a 1-2 year lease also pays utilities) and $100 for lawn maintenance. Also getting a 2,500 credit for repairs but still estimate 3-5k (all improvements)