All Forum Posts by: Terry Madden

@Suril Dalal thank you! Not the easiest to find, however, they are out there. Where do you primarily invest right now?

@Allan Szlafrok right now we are focusing on buying individual condos. 

Hi All, 

My fiance and I invest in condos in Jersey City and we have had a lot of success since starting in 2015. 

We recently completed a project that received raving reviews by everyone who viewed it. Here is a link to the unit if you'd like to see the kind of work we do: Recent Project

Since listing this as a rental, we received over asking price for monthly rent and received an offer from someone that wanted to purchase it within three days.

It has been very rewarding to receive this type of feedback after how much effort we put into this place!

Now we are realy looking to scale and are in search of an investor/partner to continue growing. 

If anyone is interested, or you know of anyone who would be interested in partnering with us, please feel free to respond to this note or send me a direct message. 

Thank you. 

Terry

 I agree I shouldn't say it's wasted money, I look at it as insurance. :-). It saved me from probably being miserable for two years. Lol!

Thanks for the input!

Thank you @James O'Connor . It does suck, but I'll make it up in the next deal. 

Part of the game I guess, lol!

@Brian Ellis , 

Thanks for the reply. This is not my first investment, but I'm far from being highly experienced and knowledgeable. I did just pull out of the deal based on a number of factors and from what most of the experienced people in this forum advised me on. I did waste some money on the appraisal & inspection costs, but that's peanuts compared to what would have come down the peak. 

The list is far too great to get involved. I wouldn't make money for a few years on this deal and would have a major headache on my hands. 

It's great to have a resource like BP to obtain advice and how much everyone is willing to jump in and help. Really impressed. 

Thank you for sharing your side.

Have a good one!

@David Lichtenstadter - The property is in Bristol, CT. If it were JC it would be a steal, lol!

@Morgan Reinart , 

Thank you for your input and knowledge base. Very helpful when making this decision. 

@Thomas S. , thanks for jumping in!

At max rent, the studio rents for $500, the 1 bedroom rents for $800, the three-bedroom rents for $1100, and the garage is rented for $300 per month. This would give me $2,700 per month. The mortgage loan officer hasn't given me a final firm number, but with taxes/principal/interest, it's roughly $1,100 - $1,200 per month with 25% down on $170K. This does not include the home owner's insurance which I usually pay up front for the who year (assuming this would be less than $1000).

Two of the three units are currently rented. 

Even if these numbers work in my favor, if all of these issues need replacement at once, this will be a negative cash flow investment for a minimum of 2 years. 

@Jim K. , 

Thank you for taking the time out of your day to give me such an elaborate answer. I truly appreciate the advice. 

Very nice of you to go into such depth with your time and answers to a total stranger. 

This helps out a lot and based on your experience and background, it gives me the right direction for next steps. 

Have a great day and speak soon. 

Terry