All Forum Posts by: Yvette Chung

Hi! Does anyone know what kind of document needs to be included in the sale when selling/buying a property that comes with existing tenants? How can I, the buyer, make sure that everything is transferred to me properly and legally at closing (including security deposits) ? Do you have any sample agreement that you can share?

Thanks a bunch!!

@Joe P.

Oh yea sorry I should mention that I’ll be living in one of the units. The numbers I provided are for future calculations if we move onto a bigger property for ourselves. I got a great rate both because I will be occupying the property as well as with some employee discount program I had through my workplace. :)

@Mitch Messer @Nick Brown

Thank you for all of your input!! Especially for the detailed response from @Joe P. & @JD Martin!

While I can't say I understood everything that was mentioned (especially the amp/sound stuff lol), I will try to answer them below (and sorry for not being more detailed in my post when asking for advice.)

• I am putting down 20%, so about $20K in improvement costs, the rest was for the down payment
• ARV is approx. $205K (i am aware that i didn't buy at a price point that gives me immediate equity but seems like this is as best as i can get in the current market condition.
• I got a 30 year mortgage approx. 2.7% rate, no points
• The property is located in a neighborhood or block that i think it's quite safe to be in, though i am not sure what grade it's considered (the ABCD grades), i'd say it's similar to Oaklyn? 
• I have not closed on the property yet but will be next week.
• On my own spreadsheet i budgeted $5500 in closing costs, i forgot to list it here
• it's true that i didn't budget for property management, so thank you for the reminder. I am quite nervous being that this is the first one but am happy that we are finally pulling the trigger after talking about it for years.

• Thank you again!!

Hi all! I have been a long time lurker and finally just acquired our very first rental property. It's a duplex in South Jersey. While i have tried to take everything i learned from BP I am hoping to leverage your expertise. Please let me know what you think of the following #'s.

Purchase Price $172,000

Cash put in (mortgage down payment + rehab/improvements) = ~$55,000

Expenses

Property Tax: $5100 annually or $425 per month

Mortgage P&I per month ~$560 per month

Insurance: budgeting $1000 per year

Utilities (sewer/water/garbage...etc) ~$165 per month

Vacancy: assuming 5%

Maintenance budget: $1500 per year

Income

Unit 1 = $1050

Unit 2 = $1200

Do these numbers look ok? Any considerations that i am blatantly missing? 

Thank you in advance!

Is this area decent for cashflow investing? Is it safe? I am not too familiar with the rental demand over there.

Please share your thoughts. Thank you so much!

Thank you @Account Closed !!

I will contact you via PM! Looking forward to connecting with you all!

hi - does anyone have a reliable contractor in snj to recommend?

Also, is it reasonable for a contractor to charge 5000 bucks for a bathroom reno? (Not including material, No moving of pipes, just replace tub, toilet, vanity, tile shower wall and floor)

Thanks Frank Fletcher Broucek ! I thought home inspection can only tell what's on the surface? Like behind the dry walls and all he wouldn't be able to tell if any plumbing or other issues exist? Also what did you mean by building permit?

Hi all -

I am considering a property that has had fire incident about a year ago. From what I know, the tenant had to move out for about a month while they fixed up the kitchen. Everything looked fine when i walked through it but I am not sure if it's a good idea to purchase this property?

What are your thoughts? What do I need to consider?

Any advice is appreciated!

I am currently under contract for a duplex and just recently had inspections done. In the inspection it was discovered that the house may have structural issues. Inspector explained that there is a horizontal crack in the basement wall.

I'm quite worried about this as everything else in this property really checks out. But structural issues could be a big problem especially since I'm a newbie.

Has anyone have this issue before? Is it a very costly fix?