Many contractors get burned by property owners and getting paid through the lien process is no fun at all.Another thing to think about with GC’s asking for a large deposit is their ability to be in it for the long haul and to potentially handle multiple projects simultaneously.

I did so in the time allotted as specified in the agreement and now I find them sending me a bill for $19,999.81.

@Fakaradin Floy as mentioned landlords in alexandria don’t need help renting units right now and will not risk arbitraging the unit that is solely based on your ability to rent the unit when you have no experience and will most likely take no responsibility for damage.Am

Value adds that could bring up cashflow/value:- renovating units to bring rent up to 6-7k/month - ability to rent out parking space on the property as lot is large - trailers, parking, RVs etc - about 1-2k/month cashflow. - property had TDR trasnferable development rights and can be built 5 stories on it.

I applaud you and your wife for thinking about this so early and your apparently great ability to save money for this next step! 

Hi all,I am thinking about buying a Duplex that might have the ability to be converted to a Triplex.

The State of New Jersey has just passed a bill that would ban the conversion to condos for all housing only in Hudson County.

It has great potential and the ability to cash flow nicely.

If you are not starting from a very strong financial position and you do not have the ability to quickly stockpile cash quickly from other means then I definitely agree with that statement from the book.

Purchased for $28,000 and sold for $110,000 on 11/22/2024, this deal showcased our ability to maximize returns.