All Forum Posts by: Stefani Mokris

Great question Philip.  I enjoyed reading all of the answers from this post.

I agree with Shawn. NJ is a bit different from what you typically hear in Biggerpockets. But practicing analyzing propeties with real examples should help you recognize good deals.

Different markets have different strengths, and as I understand Detroit is a strong market for cash flow. 

Doing research on the Detroit market and connecting with locals will increase your knowledge and decrease your fear.

Good luck on your REI journey!

Thank you for this question! I always wondered if anyone in NJ would do a HELOC on a rental property. There are so many helpful answers here!

May I add using your rental as a collateral for a secure private lending as a creative possibility? But private lending tends to have higher interest and shorter terms. So I could be used depending of what your goals are.

I have never rented our properties by the room, but in the past I have been a renter myself. We were 3 stangers sharing one bathroom. Why did I do it? Because that's what I could afford!

Obviously that is not an "ideal situation", but I actually had a fine experience sharing a house with strangers. 

There were two things the landlord did that helped with my experience.  First, it was finding tenants with different work schedules/long work hours. That meant tenants rarely saw each others and often we could use the house common areas by ourselves. Second, the landlord would pay for a cleaning lady to come clean all common areas biweekly, so there was no problem with "who is responsible to clean what?".

I hope that helps you  : )