All Forum Posts by: Stephen Kappre

I second @Bart Kilar ... It is a tremendous amount to put in writing, but finding a great agent for where you are looking is really the best way. Generally speaking the process isn't rocket science, however there are a million twists and turns depending on each unique situation. So find someone with great experience that you meld with and take the journey together. No agent has seen every scenario. It's like any profession - experience goes a long way. It's going to be a little scary - its a big step, but a great one. 

I'm quite a bit south of you, but if you want to sit down one day and chat we can go over some recent investor purchases (buy and hold or flips) and discuss what has worked for others. $100k is plenty in South Jersey if you know where to look. :) 

@jose 

@Jose Nunez this is some great stuff. Looking forward to seeing this pan out on a multi family. There are also other grant programs, such as through various counties, but with many of these you might be hitting income or purchase price limits. Be sure to work with a lender that not only does these loans but does them really well. 

Hey @Joe S. primarily I use the MLS. You can also consider other factors such as transit lines, business activity, areas of gentrification. If you bought at the height of the market in 2008 there are still plenty of areas that are just now getting close to "breaking even" based on values from those times (and mortgages owed!)

Hi @Melody Kushi I usually suggest a cost of $600-800 to have load test, pump out etc since the home has been vacant. This is likely the buyer responsibility assuming it is  an as-is sale. Like @Charlie Hampton mentioned number of bedrooms matter, if there is a grinder pump, how old the system is, is it actually a cess pool, etc. As a very general number $20k for a whole system is often discussed to put it into perspective, and often the number comes in lower, however there are also times when the the soil, location, bedroom size, and other variables can push the number up significantly. I am in no way a septic expert but this has been my experience working with a handful of septic professionals and engineers. 

Hi Faith - check this one out: https://www.biggerpockets.com/...

After an awesome meet-up in September, we are back at it for more! This month's event will be held in Woodbury, NJ and we will hear from two local pros about topics that all investors need to know about. 

1. Topic 1 will address investor friendly financing options.
2. Topic 2 will address how to handle a property that has mold issues. 

The presentations will be short and helpful, and will be followed by a time of food, socializing, and networking. It doesn't matter if you are a veteran or a newbie, come learn with us! This event is free.

Parking for the event is available on the street or in the parking lot behind the building. Hope to see you there!!

Location: Foundation Title, 57 Euclid St, Woodbury, NJ 08096

Date: Thursday, Oct 10,2019

Time: 6:30-8:00ish

Hey @Joe Vacanti welcome. Looking forward to hearing from you and welcome aboard. We just had a local BP meet-up this last Wednesday - hopefully you can come hang at the next one. Usually we meet up once a minth. Also, if you have any questions about the area etc don’t hesitate to reach out. - Steve 

Welcome @Bruce M. -

If I am understanding the scenario correctly, you own this one property free and clear. Take out an equity line on it so that you can make cash offers on the next property. This is ideal versus hard money in several ways (which we can talk about another time). You may be able to do the purchase and renovations all with that cash. That would be great if possible, but you may have to get some other financing to do the reno work depending on the scenario. The are various options there as well (a topic for another time). In the end you would want to take out a new mortgage on the new property and cash-out what you can (probably around 75% +/- the value of the home). You would take this cash to pay down/off the equity line. The new mortgage on the new property should allow you to still cash flow and also get your money back out, so that you can repeat the process. To infinity, and beyond. 

I got my last FabuWood set from Ilkem in Cherry Hill