All Forum Posts by: Stephen Kunen

@Shane Jeanfreau Just curious, how did you find the deal? Based on the information you provided, it seems to be a pretty good deal! From a recent podcast I learned that you also want these apartments to be affordable (i.e. rent should be less than 1/3 of potential renters' gross income).  Secondly, how did you come up with the renovation cost?

IOriginally posted by @Yuriy Tymoshenko:

Originally posted by @Ken Weiner:

I maintain a seperate checking account for each property at one bank. I also open an additional checking account where I put money to use as the down payment on the next property I haven't purchased yet. When I buy the next property, this account becomes that property's account and I again open a new "Next property" account. This works fine, but I have under 10 properties. I am wondering if this way of doing things is scalable to more than 10. 

Are you using business accounts? I have several properties and really don't want to pay $17 per month per account. Bank of American charges this - which is ridiculous.  But I recognize the need for separate accounts for each property.

 I have the same concern. I don't want to pay tons of fees for multiple checking accounts for each property. Does anyone have recommendations on what banks offer sub accounts that can be used to segregate individual properties under?

Hello, 

I'm looking for quote from a licensed contractor that cuts down trees. I have two trees on a property that will require removal. One is in between my and my neighbor's fence and the other in on my property.  Ready to hire and looking to receive a quote that is better than the two I have already received. 

Thanks,

Stephen 

Thanks folks! Keep'em coming. I'm thinking a place like Delicious Heights in Bedminster might be a good place to meet sometime.

Hi BP, 

I am looking for Real Estate Agents: 

a) that work in the New Jersey area

b) specifically by areas that are close (within 10 minutes) to New York Waterway stops on the New Jersey Side

c) to set up an MLS search for multifamily properties in these areas that would be possible house hacking candidates.

This would include the following stops/areas: 

1) Edgewater Landing

2) Port Imperial/ Weehawken

3) Lincoln Harbor / Weehawken

4) Hoboken/ 14th St

5) Hoboken / NJ Transit Terminal

6) Harborside/ Jersey City

7) Paulus Hook/Jersey City

8) Liberty Harbor/ Jersey City

9) Port Liberté /Jersey City

10) Belford

If you are able to perform such a search, I'd be interested in evaluating the search results to see if there are any such properties available that would meet the criteria for a potential purchase.

Thank you!

Steve

Welcome James! Happy investing!!

Where in Bethlehem are you buying Bryce? We live in Jersey and invest in Lehigh Valley. Very very very inspired by your story!

Hi all, I am thinking about organizing a meetup for NY/NJ investors who invest in PA near where I live, which is the midpoint between Jersey City and Allentown. It seems to be a common strategy since NJ/NY properties are so expensive. Just want to gauge some interest. Let me know!

John Leavelle thank you very much! We are not looking to pull all the initial cash investment back, but a big chunk of it. It’s the first time we are doing this, so we were not very comfortable to purchase a property that needs a lot of work. The comps method will probably give us a better result because the market has been getting pretty hot. For some reason I cannot seem Jason DiClemente’s post, so thanks for citing it.

Andrew Kerr thank you! We plan to long term hold the property so sounds like refinancing is a better option.