All Forum Posts by: Tracey G.

I'm thinking about selling my house in two years and renting. My younger son begins college then and I'm thinking I can downsize and put my equity to work. My RE taxes are killing me and I don't need that much yard any more.

@Casey Gocel I live at the shore (a mile from the beach) and in general the rental prices for a shore house don't make any sense to me. The tiny cape (a 2/1) behind my home sold for $260k cash this spring and couldn't rent for more than $1,500. A 0.5% deal on a property with $6k RE taxes. Investors in my area purchase to have a summer house and rent to college students in the winter to help cover expenses.

I am looking to flip in my area and use that money to buy and hold elsewhere. Either inland NJ or in DE/PA where the taxes are much lower.

Welcome! I'm also in Monmouth County. Have a flip (my first, in Union County) closing before the end of the month and two rentals (one local, one in DE). Working the day job for now, hoping to go full time in flipping and more buy and holds. Would also love to get a meetup going.

@Kristie

@Kristie Eddy Thanks for the suggestion on Cozy.co. I'll check it out. Not too worried about the current tenants because my son (who will be one of the tenants next year) coincidentally went to a party at the house we are buying and met and liked them. If they are like my son, we shouldn't have problems. It was a very small world thing - we sent him by to see the house and how surprised were we that he had been there just a few days before!

As far as the estoppel, I knew about them from the commercial side but not residential, so that was great info. My agent sent it over to their agent and they are in process right now. Better safe than sorry! Good luck with your inherited tenants.

I'm 51 and just got the bug about 18 months ago. I think I'm more determined now than I would have been years back. I now have one rental, about to close on another and the first flip is in contract review (fingers crossed!!). Never too old!

I'm in NJ so I know how expensive NY area RE can be. As I've heard on so many BP podcasts, don't be afraid to look 1-2 hours outside the city. My rental that will close soon is just out of state and the taxes are 1/4 what they would be in NJ.

Whatever strategy you go with - good luck!

@Ryan Detig

I obtained the leases before we signed the contract but I didn't think about obtaining an estoppel - I'm used to them in regards to commercial. Great idea and thanks for the sample.

@Ralph R. @Kenneth Garrett Thanks for the advice. I will get to work on your suggestions.

I'll be closing on my first rental house - a college rental - in a few weeks. It is currently rented through next May. The house is about two hours away where my son goes to college. He will be living there after the current lease ends. Looking for advice on what I need to think about with the existing tenants as we take this property over.

I'll need a lawn service. The tenants pay all utilities, so I don't need to have them changed over. I have the phone numbers for the students and want to call each of them to introduce myself.

Should we do a new lease to clarify who the rent, etc., is due to? An addendum?

Any advice or recommendations appreciated.

Hi Lisa,

Welcome!

I live in West Long Branch and am currently working on my first two deals while also working a full time job. My inspiration is also my retirement!

I belong to the Central Jersey REI group (found it thru Meetups). I've been working my way through the podcasts on my commute to work.

Best regards,

Tracey

@Michael Fiducia  I may be looking to have some rehab work done on a house in your area in the next few months. Would like to connect and chat.

Hi, Ali,

It's been since the spring since we last chatted... I'm looking for advice...  I was 100% ready to get into turnkey investing back in the spring and the literally the day I submitted a mortgage application I lost my job, which of course threw a monkey wrench in my plans. I got a new job after a few months but it hasn't worked out and I am quitting and have to find another new one. So my real estate investing plans have taken a six month hit. I still have my investing capital, but not having a job (even thought I only want cash-flowing properties) is a problem. I'm looking for suggestions for alternate financing - any ideas?

Tracey