All Forum Posts by: Steven McCutcheon

@Andrew G Martinez

Depends on the lender, but definitely possible. Banks will most likely will need a General Contractor to get involved with the repairs on some things, and make sure your numbers work. Otherwise, good luck!

Best,

Steve

@Linda Lape

PM to talk about what you’re interested in and if there is any way I can help you get started! What are your goals, how you want to achieve them, and what steps are you taking towards it so far?

Best,

Steve

@Amber Tippett

It's how a lot of people get started. Best advice would just be careful and have reserves ready Incase of worst case scenario. Capex can become a problem for the ones who don't expect at least one problem to happen. Other than that it's pretty common for people to use their equity for their first rental. Good luck!

Best,

Steve

@Karam A Tascoe

That is awesome! Check to see how much the ARV is and maybe refinancing it makes sense. If it does grab another 10 of these haha! Good luck in the future.

Best,

Steve

@Raj G.

Hey Raj,

You have a few solutions. Start the eviction process which in NJ can be lengthy and costly since the laws tend to favor the tenant. You could get the tenant on a payment plan to catch them up if they are willing to agree to that. You may also want to find out what is keeping them from paying on time. The least favorite option would be cash for keys. Offer the tenant a few hundred bucks to move out. They don’t get an eviction on the record and you can start the clean up process to get it rented again. Hurts the pride and ego, but saves the most time and hassle. Hope this helps!

Best,

Steve

@Karina L Romano

Welcome to BiggerPockets! You’re in the right place for what you want to do. Don’t be afraid to reach out if you have any questions! I’m in the Monmouth, middlesex, and Ocean county area if you ever want to meet up.

Best,

Steve

@Chris B.

Sounds like you’re doing a great job. Even with a full rehab I would put a little money away for cap ex and repairs just to build it up a bit. Other than that are you planning on property management in the future?

@Tiffany Milan All Ahead Title agency over in red bank is excellent

@Rich Dooley Learn to make deals in your market, your first deal will not make you rich so don’t look for the grand slam, and taking action cures fear. Hope this helps!

$1 can be insulting to a seller and they also want to see commitment. The higher the EM the more serious they believe a buyer to be. They are refundable if for instance you have an inspection contingency and something pops up during the inspection!