All Forum Posts by: Nestor Rosero

Thanks for your input guys, it’s a big project for it being my first but I’m willing to take it on, the income potential is there and I can’t pass it up... the funds I can get, just want an idea of what I will be spending.. I’ve given my self a max budget of 120k for the reno and even if I max that out I’ll still be making out... 

I'm in the process of buying my first rental property in Newark.  Property needs total rehab and was wondering if anybody has experience with total rehabs, what kind of check list do you use, what should I be looking for.  How much is too much for total rehab?, what is a realistic number?.. I don't want to get in over my head, I have contractors coming to look at the property to give me estimates, I still have time to back out of the deal if the scope of work is more than anticipated, or possibly negotiate the price of the property.  all help will be greatly appreciated. 

I am an licensed agent, looking to invest in multi family homes... currently in the running to acquire a property in that area.  Not familiar with it, know north Newark, but the investment opportunities are slim in north Newark.. 

I’m currently in the market for rental properties in Newark NJ, in the process of acquiring one in the Upper Clinton Hill section of Newark.  Does anybody here currently own in that area? Can you tell me about the area?  

The Property I’m looking at needs total rehab, top to bottom.. was just asking to see if it would be beneficial and make sense to restructure it and make it 2 units.. 

Has anybody had experience in the Newark NJ market?. I'm looking into buying a SFR and want to possibly convert to a 2 family. How difficult would this be in Newark.

Property is on the market for 145k.. currently renting for 1600 which will cover the mortgage if I chose to go that route... my intentions is to acquire it below the asking of 145k, rehab it to force appreciation because they ARV would be in the 200-225k range, so that I can cash out refinance to acquire another property. I guess my question is, do I keep the tenants, forgo the rehab for a while and collect the cash flow of around 225 a month and later on down the road decide weather or not to extend the lease and rehab then and find new tenants...

How do you handle acquiring a rental property that already has long term Sec 8 tenants who’s rent covers beyond the cost to finance the property.  would like to acquire and rehab the property to force appreciation, but don’t know how to address it with the tenants.