All Forum Posts by: Terence Eng

@Terence Eng be sure to have a broker quote you. They will be able to shop many different insurance companies. The name brand companies only have one policy to sell and tend to be a little pricey. I send all my clients to @Cameron Moore. He use to work for my property management firm prior to insurance. So he has a little extra understanding of the real estate game.

Thanks Kyle, I'll reach out to @Cameron Moore. Appreciate the lead!

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Houston, Texas

Under contract for a SFH in Spring, Texas and looking for recommended Insurance Companies to shop around. Would appreciate recommendations of other investors on providers whom you have good experiences with and favorable rates for coverage.

I'm going to get quoted from the big named companies (Travelers/Farmers/Geico..etc) but wondering if there are any local companies that could be competitive.

Searching old posts on BP: Spearhead Insurance Group, Safeco

TIA!

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Houston, Texas

Originally posted by @Drew Slew:

anyone has thoughts on this unit im looking at? https://www.redfin.com/NJ/East-Orange/185-N-Park-St-07017/home/36157696

Looks like a nicely renovated duplex; how do the numbers work out at this asking price? Checking hotpads, the rental market seems pretty good; 2 beds going for 1200-1500 depending on proximity to the train station, so I'd imagine the larger unit with 5 beds can command more. The property tax of about 900 a month would eat into collected rents.

Do you plan on doing any rehab or rent as is? I plugged the numbers into my sheet, using 1300 for 2b, and 1600 for 5b, at the asking price and taking into account all the monthly PITI, Vacancy, PM, Capex... it doens't cash flow at all for me.

Are you financing, cash, HML this deal?

1 Vote

Originally posted by @Rajendar B Reddy:

@Hridoy Debnath Yes, I did buy a 3 family home in Jersey City last year, its a very old home and got it for $700K . I had to spent a lot in getting many repairs done, its been very stressful for now .

Can you share your experiences with the rehab/repairs? Was finding a reliable contractor an issue or was it just the amount of rehab that needed to be done the stressful aspect?

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Essex county has their deeds and records electronically searchable, you can use this link:. https://press.essexregister.co...

i use this to look up property deed and mortgage trails, they would also show if liens are filed against the property as well. I'm not sure if this is all inclusive of what a title company would find but it's a good start.

good luck!

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Originally posted by @William Kwong:

Hey @Terence Eng - Apologies for my late response. - Ended up getting it months and months later however, I got word from one of the contractor's workers that he was totally putting off my job and most likely delaying the permit process on his own.

A project were doing for a co-op in Journal Square JC - we got permits in 3 weeks,however, that is just for construction versus electrical, plumbing, mechanical.

I would expect 2-4 weeks in a normal town but JC I heard can be longer depending on what your requesting.

Also, in some towns if you tell them you're flipping versus applying as a homeowner it can take longer. - Also, if you're flipping some towns will make you get an architect to do drawings if you're doing a half bath or other things. Just some things to keep in mind. Hope that was helpful!

Happy Holidays!

Hi William,

appreciate the response the insight is really helpful; I have some other questions I'll shoot you a text!

thanks and Happy New year!

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*Thread resurrection from 3 years ago*

Wanted to check in and see how did this JC permit process end up for you @William Kwong?

thank you,

-Terry

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I have been researching local Section 8 Rules/Information as well, and I'm in NJ.

Here are general information on the program, fair market rents (FMR) and inspection checklists for landlords

Main HUD page for housing choice program (section8): https://www.hud.gov/program_offices/public_indian_housing/programs/hcv/landlord

Fair Market rents: https://www.hud.gov/program_offices/public_indian_housing/programs/hcv/landlord/fmr
Housing inspection and requirements: https://www.hud.gov/program_offices/public_indian_housing/programs/hcv/hqs

Search for local PHA contacts:

https://www.hud.gov/program_offices/public_indian_housing/pha/contacts

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Originally posted by @Robert Wooden:

Newark is subject to rent control and clap property tax is VERY high

What is/are "clap" property tax you have referenced here?

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All Forum Posts by: Terence Eng

Terence Eng has started 2 posts and replied 27 times.

Post: Shopping for Property Insurance (Spring, TX) any recommendations?

Post: Shopping for Property Insurance (Spring, TX) any recommendations?

Post: Shopping for Property Insurance (Spring, TX) any recommendations?

Post: East Orange, Essex County, NJ- Real Estate Analysis

Post: Multi Family Home in Jersey city Heights New Jersey

Post: Where can I do title search for property at Sherriff Sale?

Post: Permit Nightmare for Rehab - Halpppp -.-

Post: Permit Nightmare for Rehab - Halpppp -.-

Post: Section 8 ( Books you guys Recomend )

Post: Newark Investing