All Forum Posts by: Shane Newell

Gotcha. Sorry, most of my guys are in the Central or South NJ areas. Good luck!

Where in NJ are you?

Welcome Eric. Definitely keep reading BP and ask lots of questions. Tiy can check on BP or meetup.com to find local networking events.

Good luck!

Thanks again! I'll throw an LOI out there and see if anything comes of it.

As a follow-up, how do you determine lease payment to offer and would a portion of monthly payments be counted as principal towards eventual 2-3 year purchase? Thinking of paying $3k upfront for the option. Thanks!

Awesome input @Steve Vaughan! I was kind of thinking along those lines, but am yet to do any of these.  I currently have 12 units, but typically buy for cash, rehab and refi or work a cash back after close side agreement into the mix.  I really like the property and numbers, but don't want to lock-up another $50k to get another mortgage at the moment.

Much appreciated!

Hi all. I've recently come across a non-listed property in one of my target areas that fits my criteria. Property rents for $2,600 without a single vacancy over past 12 years (owner showed me leases at least). Ask price is $185k and owner plans to list on MLS in June if he doesn't sell on his own. Owner currently owns ~$100k on his mortgage, so I think seller financing would be out. Thinking of pitching lease option or subject to with second lien held by seller as well (not sure if this makes any sense).

Wondering what the community might recommend pitching.

Thanks!

Truth! Basement will be brightened up, cleaned and painted as well, so heading down in basement for laundry shouldn't be a big deal. Thanks!

Thanks for feedback Narmina. I'm torn, but think I'm leaning in that direction to keep costs down while still crating nice, usable space. 

Any other feedback appreciated!

I'm torn on a few decisions regarding the scope of a flip property I closed on last week in NJ (this is only my second flip, but I've rehabbed 8 rentals so far using the BRRR strategy). The property is a cute, historic home that is very outdated and needs some love (The front rocking chair porch is collapsing and the house hasn't been updated in a good 50 years!).

The house is a 2 bed, 1.5 bath property with a odd separate shower squeezed into an upstairs hall closet.  What do you all think will get me the best bang for the buck: 1. combining shower with half bath and making the house a 2.5 bath property

2. setting up a 'laundry room' on the second floor, between both bedrooms (laundry hookups are currently in basement)

3. Capping all plumbing and adding a nice, big linen closet (closet space is somewhat limited given age of home.

Other decision is to keep above ground, in basement oil tank or converting to nat gas.  Boiler is relatively new, and nat gas is already coming to house.

Thanks for any and all feedback BP!