All Forum Posts by: Jeffrey Hanlon

I pay the water and write in their lease that they will be billed for such and it is treated for rent. Therefore, if they don't pay as billed, its grounds for eviction. That way, it's paid, and I don't have to worry about a lein being placed on my properties.

For your Walls get Benjamin Moore Super Spec.......thank me later. For around $80.00 you can get a 5-gallon container and it has excellent coverage and is easy to work with. I could never use any of the stuff from Lowes or Sears. Yes, I have owned a painting company for some time now and believe me when I say the other stuff is garbage. Make sure you get the "Super Spec" grade. It's not as low grade as Benjamin Moore's "Super Hide", or as expensive as Benjamin Moore's "Regal" line. It's in between and what all the "Pro's" use. Even on our own houses. For the price you can't go wrong.

Also, to expound a little, get yourself an 18" Roller for walls and you'll never use a 9" roller again. You'll finish in less than half the time.

Practice Cutting in with a 2 1/2" Angled brush, a good one (Like a Purdy XL Glide) they're only $14 but will last you years if you clean it good. Once you cut in a few rooms with that brush, you will NEVER use blue tape again, you'll be able to free cut any line you want. Hope this helps!

Do yourself a favor and do a search here on cash flows and formula's used to find out if it is a good deal or not. Don't forget to figure in Insurance, Maintenance, Mortgage, Taxes, any utilities the landlord pays, etc.

Thanks everyone, very excited, and eager to get through the closing process.

Thanks Wheatie, already listed them on Craigs list and have had 5 calls on them. Showed them two times so far. I'm going to do more this week.

Wow John, someone piss in your cheerios??? Sorry everyone, I've been on VACATION with my family for the past week. The 2 properties are 123,000 total price (60k for the first, 63k for the second). Both contracts have a mortgage contingency and a "Subject to my attorney's approval" written in them. Values are 85k each. Rents are 900 for the 60k property and 950 for the 63k property. Both are "As-Is", but both were recently rehabed from top to bottom. I just have to get the CO's, which I've already started the process.

Just had two offers on two properties from the same seller accepted! They will be the first properties that I am investing in. Any suggestions for the upcoming process? I've already got some great advice but the more the info, the better. I'd also like to thank everyone on here for answering my questions that I've been posting while tring to find these properties.

Gotcha Mike, Thanks!

Ingrid, these are located in Trenton, NJ

Thanks Mike, see this is why I post here and have realized the value of "experienced" investors rather than the "Outsider" looking in thinking they know the game. I really do appreciate the responses. Now Mike, can you elaborate on what "Operating" expenses you are speaking of? $425 a month seems awfully high for a monthly operating expense, but again......I've never done this, just a lot of research and looking for clarification. Thanks!
-Jeff