All Forum Posts by: Tim Dastis

OK - how do I go about calculating all these values?  For example, I'm going to be removing the carpet and refinishing the hardwood underneath (DIY) but that may not happen for a month or so.  I will paint the entire place, but not for 3 months or so.  Smoke damage I know can be very costly, but how do I go about pricing that out?

Sorry for the beginner questions but I just want to cover myself in case we get into a legal spat

This was my first rodeo as a landlord and I think it went fairly well.  My wife and I rented our primary residence for 6 months to a family that paid rent on time and were generally easy to deal with.  We rented our home for a short term to help save some money for major renovations.

They were set to move out on October 15 and a few weeks back the tenant called me and asked if it was OK for him to vacate early (Sept 15) if he paid 1/2 month's rent.  I agreed to this over the phone - he wanted me to deduct it from his security deposit (NJ) but I notified him that I would need the 1/2 months rent and we would figure out the security deposit after move-out

It took him a few more days (Sept 19) but they finally moved out.  I got in the unit today and there are a few things wrong with the property:

Smoke smell throughout - yes I have no smoking in the lease

Stuff everywhere, furniture, tables, bed, chairs, power wheels - stuff everywhere that will require a dumpster to remove

Damage to downstairs ceiling from upstairs leak, broken utility sink, damage to garage door, paint on garage floor.

Not sure why or how or what, but there was a 3-pack of "Bed Bug and Flea" Bomb cans with 1 can missing - please help me on that front!!!!

There are a few more issues but I don't want to run on.  I don't really know how to proceed.  The lease states that early termination of the lease would result in the balance of the lease term being due.  The deposit is 1.5 months rent, so that would be 1 month there but I don't know how proceed as I verbally agreed to let him off with 1/2 month.

I'm a little overwhelmed and annoyed that the place got trashed and crap was left everywhere.  I am going to be moving into this place as my primary residence after some serious renovations so from a damage standpoint this isn't breaking the bank since carpets, some walls, kitchen, etc will be all torn out and replaced.  

Any advice?  Thanks in advance!

I own a 4 bedroom home in a college town that I am looking to rent next year for the 2016 fall semester, so I have some time here.

The town has an ordinance stating that every tenant age 17+ needs to have a parking spot on the property.  No street parking is permitted.  Ideally I want to rent to 4 people, but only have 3 "legal" spots.  You can probably fit 4 cars easily on the property's driveway but according to the town's definition the 4th spot is too small.  There is a big fight going on with this between the township and the landlords but there is no resolution yet. 

I have talked to some other landlords but I haven't gotten a clear answer yet - I definitely plan to consult an attourney to draft this correctly but I want to get BP's opinion.  I want to draft a lease for 3 occupants, report this to the township, and then ammend the lease to add the 4th person.  Is this possible, legal, moral?  If so, please provide me with some guidance, thanks!

I'm looking at a property in a college down that is a 4BR home. Looks like I can get around 500 per bedroom so $2000/month.  

The property is an REO asking 120k. Waiting to hear back from my realtor on comps but it needs about 10k in repairs (windows, electrical, etc)

Putting into the analyzer, I am getting a positive cash flow of around 275/month being aggressive with my expenses. My Cash-on-cash ROI is around 13%.

What do you think about this? I'm trying to find somewhere that states what a good cashflow/ROI should be and results are all over the board from 5% up to 25%

My wife and I are in the market after selling our home and we really want to purchase an investment property.  We like the idea of doing an owner-occupied duplex/triplex for 1-3 years and then move out and purchase something a little more long term for us, and renting out all the units.  

We live in South Jersey and we don't have much in the way of connections.  I really don't think my selling agent is the right type of agent for what we are looking for.  Either way we are sitting on some cash and will be OK living with family in the short term while squirelling away more cash.  

The biggest issue we are discovering now is that we have no idea where to look for a home.  We both know we would like to be closer to work, but if we are also purchasing something to buy and hold long term we would like it to be in a high-renter area.  We do not know how to find this information and I would like to hear some opinions on this.  Also if you are a good investor's agent or wholeseller I would like to hear from you.  Thanks!

 Thanks Grant,

I feel like with the last home we simply didnt have enough down payment (roughly 10%) to absorb a hit that we took.  It really left us high and dry come selling time since we're pretty much breaking even on sale prices + fees - mortgage balance

I'd like to avoid PMI especially since seeing now that they never go away on an FHA loan.

Hello all,

I'm on the verge of turning 30 next month and really want to begin investing in real estate.  I don't ever plan to make this a full-time gig as my career as an engineer is fun and rewarding, but I like the idea of owning multiple properties and the financial flexibility that comes along with that.

My wife and I purchased a new construction home in 2009 and took advantage of the $8k homebuyer credit.  6 years later we are selling our home at roughly a $15k loss, which is certainly unpleasant.  Due to the neighborhood never being finished by the developer, the area in general, and my 1 hour+ nightly commute, we were just ready to take the loss and move on.  

We are very interested in buying an owner-occupied duplex as a short term (2-3 years) plan. We would then purchase a SFH for ourselves and continue to own the duplex and rent both units. At least thats the plan for now.

If all goes well we will be closing in mid-November and moving in with my mother-in-law (yikes) while we find a place.  I think we rushed into the last place and we paid for that mistake.  My wife and I are on the same page and really want to take our time finding a deal that works in a location that improves my commute and can pull decent rent for the one unit while we live in the other and both once we move on.

We have about $15-20k liquid right now which I know isn't nearly enough.  There's about $15k in other investments that I would rather leave untouched (Roth, employee stock).  We should be able to squirrel away roughly $4k a month during our stay with family so we should be able to get enough cash together quickly.

I'm really looking in the area along the 295 corridor from anywhere north of Rt. 42 up to Mt. Laurel. Would also consider something down in the Mullica Hill/Swedesboro area (close to NJ turnpike exit 2). I've joined my local REIA and hope to make some connections through there, but would also like to hear from local investors and agents through here. I like my current realtor for selling my home but I don't know if he has the investment property experience I am looking for so if you have some experience as an agent please contact me through here.

Graduated in 2009. I work with a couple other Rowan guys who have siblings who still go to school there. I would agree that the rental market took a slight hit with the new housing that went up but that also included the removal of mansion park which housed a good amount of students (and I think that will be the future site of new housing - which is directly across main st from landmark) Other than that I know there are plans to expand the engineering building and various other sites at the Technology campus area down 322 eventually.

I've heard that the local neighborhoods on the back side of campus and now behind the new boulevard is a hotspot right now - with new food and retail venues going in and being walking distance to everything it seems to be a good target area. Other than there I also like everything sandwiched between Carpenter street and Main street. Again I think walking distance for students would be key in this area.

The final spot that I've seen units going for under 100k is in Bowe Apartments. I remember that area always being very popular, but I'd have to do a lot of research there first. I could probably only get 1000/month out of a unit like that and the area is known for parties from what I remember, which could create headaches. I think I'd prefer a single family home over an apartment/condo

Hi all,

I came to this site after browsing online for some good income property advice. My name is Tim and I'm 28 years old and have been a homeowner for a little over 4 years now. Between what my wife and I received from our wedding and just being frugal we have managed to save some money and we're at the point where we'd like to consider buying an income property.

I have found, what I believe to be at least, a solid renting area at a nearby University (Rowan) where I think the demand will always be there and the growth of the University will increase demand and hopefully rental price and home value. Being an alumni of this University, I feel like I know the area fairly well.

I'm really at the beginning stages of doing all my research, running the numbers, finding properties, and all the other aspects involved in this process. I hope this forum and website can be a great tool and I can meet some people with experience locally or otherwise to learn. The podcasts are great as well!