All Forum Posts by: Allan Szlafrok

@Satha Palani If you already have the place down to the studs I think it makes sense to install a central air/ heat system in the house. Steam radiator make the house look old and most people wind up ripping them out and replacing them with baseboards or forced air systems. It may be a bit pricier do install that system but it’s going to be your only chance to upgrade the whole system so you may as well take advantage of that.

@ANDREW GALEANO Yeah make sure you haven’t left anything out and your projected expenses are realistic. There are a lot of cool and up and coming neighborhoods in JC and I feel like if you can stick it out for a few years over there you’ll end up doing very well.

Sounds like a pretty solid plan just make sure your numbers are correct and you've incorporated every possible expense. House hacking is becoming extremely popular in JC for NYers to get involved in real estate. Even in some of the rougher areas im getting calls from NYers looking to save some money on rent and are willing to commute into the city. If you like the area that you will be living in and youre only paying $350 a month versus whatever youd be paying that sounds like a slam dunk.

I think your budgeted numbers are pretty spot on. If its in a rough area maybe 10% for vacancy can be expected but thats being even more conservative. Then again you also might be able to negotiate with a local property manager for like an 8% or 9% fee. 10% is pretty standard but everything in real estate is a negotiation so try that. Your best bet is to take on some partners or family members for the equity. Even with a property manager you'll still be dealing with the property and you should make sure you're getting some cash flow to compensate for that. Either split the profits 50/50 or offer them a lower return. Dont forget the stock market was down last year its a pretty good time to be offering people an alternative asset class.

Personally I have a no dog policy but we occasionally make exceptions if it’s a small breed. In addition to the liability issue with bigger and more aggressive breeds they have a habit of scratching up furniture and fixtures. And what they do to the carpet....

A washer dryer is a great amenity especially if the alternative is hiking to a laundromat a ways away. If you operate in an area where most units don’t have one then that could be the competitive edge you need to make your property the most attractive in the area. I’m a big believer in scoping out what the competition is offering and doing one better, within reason of course.

Welcome to BP Jason! Im an experienced investor in Essex County and the rest of Northern NJ. Bloomfield is a great town but the taxes are kinda hight and the rents not much higher than nearby Newark. Montclair is a very expensive town making it really hard to buy and hold but probably decent to flip in if you can find something that need a a lot of work. East Orange is tough because its a very poor town with taxes that make it hard to want to hold a property. EO also hast seen some of the price appreciation that Newark has and probably wont for a very long time. I really think you should consider some of the better areas and blocks in Newark if you are looking for a buy and hold type deal. Beyond that you could consider some of the better areas of Elizabeth and Hillside although again taxes are a bigger issue there than in Newark. Theres also Hudson county but thats gotten really expensive and finding turnkey deals there are tough. Anyway just my to cents and im happy to talk more about this if you are interested.

I do mine in house but ive gotten quotes from Taskeasy.com and they were competitive

@Samuel Garcia There are a few good ones on Meetup.com. Funders and Flippers is good

@Robert Motch PM me for a good guy. He’s not on bigger pockets