All Forum Posts by: Vincent P.

I just bought a 2 family home with 2 oil tanks. Even if they are properly decomissioned, you should have them removed. The insurance co will ask if there are tanks on the property. In my situation the homeowner paid and cost about $2500 for both. Its safer even if you agree to pay before closing.

Hi Levi- is the second one in a condo development? As in has HOA fees? Nice work.

@robin boyer its cash flowing okay. The upstairs tenant moves out next month, so it will allow me to raise the rent. The town also has the property overassesed, so i need to challenge the taxes. 

Thanks for all the replies. I used conventional financing with 25% down for an investment property.

Thanks. @Travis Bodnar.

You can go through a realtor or search yourself through MLS. You do not need to be a realtor. I setup search parameters on zillow and every day get an email as to what rentals are hittin the market.

Hello BP- First off this site is awesome!! The information is invaluable.

I bought my first multifamily a 1.5 months ago and it has been some experience. It was purchased for a buy and hold. The property is a 4BR 2Bath home in Monmouth County NJ. It wasent cheap enough for a BRRRR, but feel it was a good deal. I found it on MLS. The upstairs apt was rented, tenants are moving in August. First floor was vacant. I felt comfortable with this is as my first purchase because its 1 mile from my primary residence. I have a job that is very demanding, so hard to find time to invest- but its do-able.

I am by no means an expert but some things i learned;

1) Knowing the area and property is crucial. The sellers agent had it listed most recently as a 3br and when i called the town it was a legal 4br.  I remember being in the house 2 years back for an open house and thought it was a 4br. It was on and off the market for 2 years. 

2) Vicinity to your primary residence is helpful if your doing the work yourself. It was easy for me to work on it at night, because of how close it was.

3) Have a game plan..I heard this a lot on BP, its spot on. I knew the day i closed what i was going to do. Obviously some unexpected things happen, but have a plan. I was able to renovate the whole apartment in one month, working nights and weekends. 

4) Always track area rents and what properites are going to be competing with you.

I just secured a tenant for June 1st for the first floor. I did a backround and credit check in addition to checking refrences. I am looking forward to renovating the second floor. It will be cash flowing nicely after that. I would love to connect with any local investors and wholesalers to find my second property. 

BP Rocks!!

Thanks everyone- great information.  I been asking everyone the same questions and after mentioning the credit and backround check, never heard back from some candidates. Will keep everyone posted how it progresses. Makes it easy the property is 1 mile from my own home.

Thanks everyone- great feedback!!

Hello BP- i just purchased my first multi family in NJ. I renovated and listed one apartment on Craigslist and Zillow. I clearly stated in the add; credit, backround check, income verification and refrences required.  I am getting a few emails about prospects wanting to see the property. Should i show the property first then have them fill out the application and sumbit backround info or vice versa? Is there a generic rental application most people use? Thanks!!

Thanks Stephen!