All Forum Posts by: Michael S.

Found this interesting with all of the debate around Amazon's 2nd headquarters:

http://www.nj.com/hudson/index.ssf/2017/09/could_t...

While it sounds like a long shot, Bayonne would be one of the more logical locations if the NYC area is targeted by Amazon. 

Hi all,

I'm interested in starting a free Skype Mastermind Group tailored to investors looking to expand their portfolios in out-of-state cash flowing markets. I'd like to use this group to transparently share ideas and learnings with other investors and have found that Skype groups have worked well for me in the past. I currently manage a portfolio of 6 out of state SFH properties (across TX, GA and FL), am in the process of closing on #7. I also house hack in Northern NJ. I'd personally like to find a group of people to help me broaden my knowledge and stay accountable to my goals as I continue down my path of REI and I hope to do the same for others.

Please reach out to me if this group interests you and you match the following criteria:

• own 2+ out of state (or long distance if in a large state like CA or TX) investment properties in cash flowing markets managed by yourself or a property manager
• willing to actively share results, advice and questions
• taking action towards expanding your portfolio of cash flowing properties

This is not for those interested in:

• Generating business as an agent, wholesaler or others. I want to keep this limited to investors looking to share ideas with like minded investors
• Looking for advice on getting started
• Those only investing in their backyard due to convenience

This group will remain free and is open to anyone regardless of location. 

If interested, reply below, private message me or a combination of both!

Mike

Hi,

Looking for some thoughts on a decision I need to make in a home that was impacted by Hurricane Irma in jacksonville. The home had damage (roof needs to be replaced, bedroom flowing for wet and needs to be replaced, fence fell off). The roof was at its end of life and my deductible is about $2000.

I currently own 6 other homes and am closing on another and have concerns about the downstream rate increases for my other and future policies. 

So, I'm interested, should I our shouldn't I submit a claim?

Thanks! 

Thanks @David Michael! Great advice!

Hi,

I'm in the process of making a fairly substantial investment to fix up the basement in my home. The basement was finished about 15 years ago, but since it has deteriorated quickly with poor work done. Now, the tiles are coming up, there is moisture from the floors and moisture behind the drywall leading to mold. Here is what I am thinking of doing:

• remove drywall from walls to pinpoint any leaking causing high wall moisture, fix any leaks
• remove about a foot worth of dirt from the floor to have over 7' of ceiling height
• add cement to dirt flooring so there is flat space
• Add a vapor barrier
• Add flooring
• Clear potential mold
• Add new drywall
• Replace flooring and bathroom shower

Because I've never managed a project to this extent, I wanted to see if anyone had advice on how to prepare for contractors. Also, would you recommend I work with a general contractor or with a basement remodeling contractor directly? Finally, happy to chat with any contractors you would recommend in Northern NJ.

Thanks,

Mike

Hi,

Looking for a bit of advice. I had my primary insurance through USAA. They came out to do an inspection a couple of weeks ago and I recently received a letter indicating that they were no longer willing to move forward with my home's coverage. This is likely due to the inspector viewing my basement when the basement flooring was in the process of being replaced (I had tiles up for contractors to assess the flooring). This also caused mold  on the walls. 

Outside of getting the basement fixed, what is the best way to approach picking up insurance once again? Will this hurt my chances of picking up insurance with another company? I'm in Northern NJ if it matters.

Mike

Late to post as well, but I'm interested if these meetings are still happening.

Hi, 

I am looking for references on this board for quality contractors in northern nj (I live in Bayonne, but near Jersey City). Anyone have solid, reliable contractors they are willing to recommend? Here is some of the initial work I want to do :

* install central ac

* replace basement flooring 

* reglaze wood flooring 

* replace doors

* remove trash

* general handyman work 

Thanks!

Hi @Jason J Consoli

My home is in the northwestern part of bayonne. 

To understand future development plans, check out the following link : http://www.nj.com/hudson/index.ssf/2017/06/bayonne...

While not everything will come to fruition, the master plan does show where the path of progress will be.

The lower area is nice, but too far away for me to NYC via light rail unless I lived right next to the station.

Mike 

Hi @Jason J Consoli

I just closed on my first primary residence in Bayonne and was in a similar situation as you (work in NYC). Because of this commute, I didn't want to go too far downtown. Google maps will give you a good idea of the commute.

What I like about Bayonne is the mix of low prices (relative to other northern nj cities) with low crime, nature, rail to PATH, relatively strong schools and plans for progress with luxury residential, commercial, park and transportation development. I opted for a 2 family home and will use the rent from one unit to partially offset my expenses.