All Forum Posts by: Terry Madden

Claudia Fernandez good luck on your first flip. I am located in Downtown Jersey City and am just about to complete my renovation. My girlfriend and spent a lot of time with finding the right cabinets at the price. The below place has awesome prices and extremely high quality. My granite here was $1500 less than every other place we contacted. Give them a shout. Good luck on your flip! Toros Tile LLC 262 Broad ave Fairview,NJ,07022

Agreed. Thanks @Kevin Hill

I'm sure you know the area, Liberty Square at Wesmont? With your epertise in the Bergen County area, where course do you see this development taking in the next 2-3 years?

Thanks again for your feedback.

Thank you everyone for your feedback, extremely helpful. 

@Brent Coombs I bought this rental property just over a year ago. As I mentioned before, I purchased it at $330K and 1 year later it's valued just under $370K. It's in a great area of Bergen County, NJ and they are in the process of finishing up the development. There is a train station which is in the process of being completed that will be 2 or 3 stops from Midtown, NYC (Manhattan). This is why I opted to get in when the development first began. Right now, the mortgage is 92.7% covered with outstanding tenants. 

What would you do in this situation? 

Again, thank you very much for taking time out of your day to help me.

Terry

Hi All, I'm new to real estate investing and am eager to obtain as much knowledge as possible. Currently, I own one property that I live in and one rental property. One of the general rules I am familiar with is the 2% rule when renting out your property. My rental property was purchased for $330K. I am currently renting it for $2500 per month which just covers the Mortgage. None of the rent in the area exceeds this price. Using the 2% rule, I am way under the monthly price of where it should be. My question is: should I try and sell this property and move to the next? Or, is holding it right now at the current rental price a wise decision? It's a brand new unit with an 11 year warranty on everything, so I have limited worries with anything going wrong. Any advice is greatly appreciated. Thanks!!! Terry

Hi All,

I'm interested in holding and flipping. Right now I currently have 1 rental property and one that I live in that will eventually become a rental. Always looking for the next deal. Looking to network with like minded individuals.