All Forum Posts by: Tatiana Duarte

@Johnathan Boyle-

Not sure what's being perceived as combative, I just answered your questions just as straight at you asked them! :)

Anyway- the idea of managing tenants solo makes me a little nervous honestly, but it's seems like it's worth it to try (agree/disagree?). I've been so focused on finding a deal, I figured I would cross the dealing-with-tenants bridge when I got there. Any good starting tips/links/books?

@Scott Harper- I have! I first read about it in Malcolm Gladwell's The Tipping Point. He discusses how NYC significantly reduced crime on subways by scrubbing the graffiti off of the EVERY night. When people see trash on the ground, they are more likely to feel that it's okay for them to do it too.

Persistence and Zero Tolerance can go a long way! Thanks Scott.

Hi @Johnathan Boyle,

I feel like you're grilling me a little, but here goes! You're asking me three/four different things:

1. How do you plan to finance a home?
I have cash to put down. I have up to 20% plus 6 mo reserve that is needed for the 3-4 family homes I'm looking at, but was told that its is unlikely that I would get approved because, as you questioned, I do not have experience managing tenants. It also seems a little foolish to me to go all in like that when I qualify for an FHA and, because the areas I'm looking in have such low taxes, would still have great cash flow and even better CF once I'm out. Happy to share that report at some point.

2. Why South Jersey?
Do people not change locations ever? This is not a long-term move. More of a house hack- but I'm apprehensive about saying that. I feel like the FBI is listening or something ;)

3. I understand the taxes but...
Elizabeth (my area) = $13k, Vineland = $2700. Even when compared to areas which have an above average crime rate: Newark  = 10k and the rentals would have to be Section 8. I'm not trying to do that, regardless of how many train stations and light rails it has or how close it is to NYC.

So ultimately, my long term goal is to make a profit, not stay close to where I grew up. I can't gross $3k in income and have 1/3 of that go to taxes.

For what a blighted property costs up here, I can get a well maintained 3 family down there that is close to a downtown shopping district and near other shopping and highways. Again, happy to share a few listings and reports. Very curious about your feedback as it seems that you live/work/invest in NNJ.

4. Do you have experience with managing tenants?
No. At one point, I didn't know how to drive, but I learned. At one point, I didn't have experience managing projects, but I learned. At one point, I didn't have experience managing construction teams and consultants, but I learned.

I've run numbers with a 12% property management fee. Hoping for the best, always prepared for the worst.

Definitely open to advice! Thanks.

Thanks @G. Brian Davis, that's exactly the kind of neighborhood I've got my eye out for :)

BTW- I'll be checking out your site!

@Allan Smith-

Thanks for the support! I'm getting the feeling that for my first property I should just go for it solo and, like you've both suggested, set up the LLC later when more properties are introduced.

Thanks again!

Hello BP Land!

My name is Tatiana and I am new to Bigger Pockets. Currently residing in Northern NJ. I am a commercial interior designer for a global architecture firm and serve on the Young Leaders board for CoreNet, NJ.

Strange as it may be, I've wanted to be a landlord since adolescence— so be it. I'm looking for my first multi-unit property in South Jersey (as taxes are significantly lower there) and plan on managing the property myself. I can see myself making a move within 6 months.

Some points:
- I believe in leaving things better than you found them.
- I spend a lot of time wondering if it must be true that the less income in a neighborhood, more trash and graffiti are present. I'm into the idea that positive action can trigger positive reaction.
- I heart Lisa Philiips! She's smart, bad-***, and hugely inspiring.
- I've been listening to one BP podcast a day for about 2.5 months now.. going strong!

Looking forward to moving forward.

-Tatiana

Hello BP land! I'm looking to purchase a duplex as an investment property or house hack a triplex in NJ. I'm planning on doing the property management myself (at least in the beginning and see how it goes). Since it will just be one small property, it is worth setting up an LLC or should I just do business as an individual? -Tat