All Forum Posts by: Nathan A.

You can use the BiggerPockets rehab estimator for some of the more predictable things like the roof, flooring, paint or adding a bathroom. Google "oil tank removal cost nj" and you'll get some quotes for oil tanks if no remediation is required. If remediation is required the worst case is rare but really bad. You'll need the advice of an expert on whether there actually is a foundation issue.

@Tommesa Mobley good for you for practicing analyzing deals. If this one is a condo, it's certain to have HOA fees that you will need to add in. And you know your area and I don't, but $1400 a month for rent expectations seems high according to a quick check of rentometer.com.

Good luck!

Try https://data.nj.gov/Reference-... and sort by "Rental Units Gained."

If you can move anywhere you want and house-hack once you get there, you're in an enviable spot.

If you haven't seen it, here's Dave Meyer's list of the best cash-flowing markets. Take a look at the spreadsheet that goes with the article. To the appreciation/depreciation side of your question, all people can do is speculate. No one can tell you for certain. Here is one point of view on what's ahead. I would encourage you to learn to analyze some market fundamentals yourself to come to your own conclusions about what's ahead for the local economy and population growth or loss (which drive real estate supply and demand) in areas you're interested in.

When you move to a city, consider renting there briefly while you get to know the area before you buy anything. You will need time to get to know the neighborhoods well so you don't inadvertently pick a Class D property.

One idea: stop further financial bleeding by making the tenant an offer they can't refuse to move elsewhere and then sell the property on the MLS for the 350k-400k.

At the risk of stating the obvious, you can self-manage a property without forming a company and hiring employees to do it. Whether or not to self-manage depends how you value your time, but why even think about starting a company before you know whether you like managing?

How much would that amenity let you boost the rent? If it’s something people would truly pay more for it’s probably not super expensive to convert assuming a plumber can get a gas line or an electrician can run 220 volts for the dryer without opening a ton of walls in the process.