All Forum Posts by: Taylor Whylings

@Tina Gao. Look into Gloucester city... can get into something fairly cheap and I’ve heard things about it turning for the better if you’re looking for appreciation.

@David Vitarelli. Thanks I will!

@Michael Plaks. You’re right.... we were motivated to make our move into real estate partly for the tax benefit so I guess that’s been a concern of mine. Long term I know keeping this place for its cash flow is the right thing and the smartest for our goals.

@Eamonn McElroy. Thank you for the information! I think I still have a lot to learn in this realm.. learning as we go! I think it makes he most sense to long term hold for our goals I think I was just being short-sighted.

@David Vitarelli. Thanks for the information!! I guess because we never planned to sell I was a little thrown off and couldn’t find specific % numbers to figure out what we would actually keep from the profits.. we have a meeting with a CPA but I am leaning toward holding the property because I don’t know that we would be lucky enough to find another property with this cash flow quickly. Plus this house has our blood, sweat and tears so I don’t know that I’d want to see someone else take it over at this point. Thanks for your response!

My husband and I purchased our first duplex and we are planning to BRRRR to get ourselves started. We have several people interested in buying the property for what it is now worth and we are tempted to let it go and start fresh with a better cash position on the next one ( our BRRRR strategy is still within budget but all the $ into it is borrowed basically but long term loans that we can manage) My question is calculating capital gains tax in NJ to put into #s what the best choice would be. We could probably get a triplex or 4 plex next if we sell this one. Or so we just hold this, put our refi and cash flow toward the next one? It was a back up plan to sell but I want to make an educated decision. Thanks!!

Specifics: purchased for $69,000

Rehab costs: 60,000 so far but have a few things to finish

ARV: 189,000 (conservative)

Rents: total 2,100 (conservative)

Cash offer: 195,000. No closing or realtor costs for me

@Nelly R. I’ve gone to one meet up so far I can get you connected with the person that organizes it. It was good for me for motivation for sure. It was a bank owned property from the MLS. Message me whenever you’d like to chat. Again... I’m just getting started also but I still think it’s nice to have someone to talk to about the process

@Nelly R. I’m in NJ also just starting out. We are finally under contract for our first property but I was beginning to feel a lot like that as well. I have an investor-friendly realtor out of Moorestown if you’d like me to share his info. Also I found that I had to expand my search and not be so rigid for my first deal. Cash investors were heavy into the area I was originally looking and they “won” all the bids. I ended up with a duplex with way more work than I originally wanted but I know for our long term hold goals the numbers will still make sense. Actually we ended up getting 2 properties the same day, but we are only going to contract with one. Stay with it and feel free to reach out if you’d like to chat :).

Hi Dwight!  Also a newbie in south jersey.   We are just beginning to look actively...  I’ve been listening to bigger pockets and doing my own research for a few years now and finally got my husband on board.  Now I’m getting a little nervous that it’s actually happening:).  We are looking for a duplexes or single family (most multi-family are over our present budget).  We are looking in collingswood and Bellmawr.  I’d love to attend a south jersey meet up sometime!