All Forum Posts by: Spence O.

Winston, that's a interesting concept. I'm leaning towards holding and aggressively paying off the mortgage aftet I refinance. I hope to pay it off in 5 yrs or so for maximum cash flow.

Originally posted by @Winston W:

Sell on lease option for $90k in 2yrs with rental of$1,400 per month. Profit around $63k in 2yrs. Collect $10-15k as option fee down.

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Niceee... What part of town?

Originally posted by @Gerald Boone:

I just purchased my 1st 2 properties in Trenton NJ in October 2018. I am looking to rent because the market is on the rise in the next few years. I purchased at the Sheriff Auction for $11,700 and completed repairs for $28,000. I am all in for $39,700. My house will rent for $1,300. I suggest you buy an hold in the Trenton area.

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Hi Gerald did youbhave any luck? Im looking for recommendations in Mercer County as well.

Originally posted by @Gerald Boone:

What banks have you used in New Jersey (Mercer County) for a Cash Out Refinance? Does the bank require the property to be rented out for a certain amount of time?

I just bought the property in September without a mortgage.

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Thanks Larry. Thats actually how much I spent.

Originally posted by @Larry Turowski:

Originally posted by @Spence O.:

Thanks for the responses. I ended up making minor repairs and passed inspection.

For very small items this might be worth the risk. Due to the risk of the deal falling through--it has happened to me at the closing table--I wouldn't ever do any major improvements. But I'd be willing to lose $300 to speed things along as you did.

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Thanks for the responses. I ended up making minor repairs and passed inspection.

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Rent should easily be $1200-$1300 per month. After I refinance and take my money out mortgage will be around $650 per month

Or I could sell and make $10,000-25,000

not sure about tax consequence.

houses in this area that are priced right are selling in 1-3 days.

Originally posted by @Sam Shueh:

ROI?

tax consequence?

turn around time ?

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Purchase price is $55,000 its a townhouse. An identical unit next door sold for $75000 a couple of years ago. Pride of ownership shows throughout needs light updating.

Originally posted by @Jaysen Medhurst:

@Spence O., there's no way we can offer opinions without specifics.

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So, I will be closing on my 1st investment property soon. I saw the property the 1st day it was listed, while at the house speaking to the agent she literally was receiving offers for the house and the phone was ringing off the hook with people trying to see the property. So, I figured investors with more experience saw something and I offered the list price which later was accepted. Since my offer was accepted a few weeks ago people are still making offers even though the property is off the market. One person allegedly offered $10,000 over ask if things fall through.

Sooo do you guys think i should flip it or hold it?

1 Vote

All Forum Posts by: Spence O.

Spence O. has started 3 posts and replied 27 times.

Post: Trenton NJ Delayed financing bank recommendations

Post: Investment in New Jersey

Post: To flip or to hold - Trenton NJ

Post: To flip or to hold - Trenton NJ

Post: Any experience with Cash Out Refinance in New Jersey

Post: make repairs prior to closing to get C.O.? (as is cash sale)

Post: make repairs prior to closing to get C.O.? (as is cash sale)

Post: To flip or to hold - Trenton NJ

Post: To flip or to hold - Trenton NJ

Post: To flip or to hold - Trenton NJ