All Forum Posts by: Steven McCutcheon

@Svetlana Ivanova

I’m assuming you have whole life which is better than term compared to popular belief. The cash value benefits and the payout as long as you finish the policy or build up the value to let it pay for itself. You can also withdraw money from it if needed as well. Term may be cheap but it’s because they rarely get paid out as much. If you actually want to get term and “invest the difference” it’s smart in theory, but not many people ever do it. If you plan on leaving a tax free legacy for your children it’s the best way to do it. If you want to leave them an abundance of real estate, I don’t think your kids would be pissed either.

Definitely don’t cancel health insurance. If one big issue happens, you’re screwed.

@Josh Thompson

People do live in seaside heights year round so you can definitely make money doing that. I’m honestly not sure how Airbnb would be during the off-season. If you’re able to make all the money necessary during the warmer months when the town is active than it can work. At that point you’re better off looking for a 3 month summer rental or week by week during peak season!

Best,

Steve

@Richard Oswald

Hey Rich,

Not sure what towns you’re targeting in central jersey, but if you have any questions I’d love to be able to help! Shoot me a pm.

Best,

Steve

@Nam Hoang

It’s pretty common, but they’re all different. Some might offer incentives to agents if the person they recruit performs well. Varies to every brokerage

@Matthew Gilman

Congrats on joining BiggerPockets, and Welcome to NJ! I sent you a pm if you want to discuss options over here about MF!

@Rigo V.

Appraisers aren’t always local. Not sure if you’re working with an agent, but if so ask him to print out the best comps that fit your property and feed them to the appraiser. Each market is different, and if you aren’t working with an agent, do the same thing. Explain to the appraiser why your property should be whatever the amount and show them with recent comps why. Very effective to have it appraise where you want it to!

@Troy Iversen

I wouldn’t advise trying to find a town that “looks the other way”. Look harder for a deal/learn how to create them. Ask the town what they need for a residence to be consider MF and do that. Not worth any type of fine.

@Craig Conte

There are a few successful things you need to do or no place will make sense.

1. Make sure the property will appraise. I wouldn't look in towns that haven't appreciated much in the past, because the ARV might not come back as high as you think. Can it be done? Yes, but you'll be buying 30k homes and they usually have multiple issues.

2. Look for towns with low inventory. This is crucial because if someone wants to live in that town, there will not be much to look at meaning you have more eyes on your property. Could also lead to a multiple bid situation if it’s the best one. If there is too much inventory, buyers will have much more to look at.

3. Find undervalued properties. Look in good towns, (great school system, low crime, etc.) places you would want to live. You will want to get your cash back ASAP, so this should help alleviate a home just sitting on the market.

Hope this helps, and find a market locally at first if it makes sense. You’ll know more about your own town, and why you chose to live there.

@Alejandro Tirso

InspectIt Neil

Awesome guy very thorough. Recommend going to inspection otherwise the report might be intimidating!

@Collette Douglas

Definitely can happen I’ve run into that problem with clients of mine in Nj. You might have a great insurance agent, but try to work with someone very local to the area. I got two completely different quotes for a client one time just from going with the local State Farm guy instead the one a few towns away that didn’t know the area.