All Forum Posts by: Amanda Scully

Hi everyone! I know costs can vary per market, so just curious if anyone has some insight as to general estimates for work that would be done on a home in northern, central, and south New Jersey. Thank you!

@Mike McCarthy That was very helpful, thank you! 

@Ujwal Velagapudi Also helpful, thank you for your response!

Hi everyone, 

Just a quick question about bank accounts and bookkeeping...so, with rents coming in and having to account for regular expenses as well as cap ex on each property, etc. do you end up having multiple bank accounts? One for each property? This part is getting me all mixed up when I think about how to manage that aspect of owning multiple properties. 

Right now I only have one property and I live in one unit, so I already feel like I'm doing this wrong because I don't have a separate account for the property itself. I guess because I live here I just pay for major repairs, etc. right from my own personal bank account. But I feel like this is wrong and I should make it more professional in order to prepare to keep it going the right way as I purchase more property. Any insight would be much appreciated, thank you! 

Hi Everyone! 

I have a deal in my line of sight and need to get some rehab estimates. Can anyone refer a contractor that works in the Essex County area?

Thanks in advance!

Hi Mike! I would love to discuss lending options with you! I will give you a call later this afternoon, if that's okay. Right after 3:00 EST...looking forward to talking with you!

Thank you SO much for the clarification, everyone. I appreciate your responses! 

Hi! 

Just want to get some clarification on determining ARV for multi family homes...if I'm understanding correctly, they're valued based off of their NOI, and not nearby comps, correct? So how do I determine the potential ARV for a multi family property when analyzing a deal?

Thanks!

Hi everyone! I'm a new investor in Bloomfield, NJ. I own one two family home that I'm house hacking and ready to start getting into more multi family properties in the area as well. I am mainly looking for the same thing I think everyone else is: buy lower than market, fix up, rent out, refi, etc. I want to start earning some good cash flow. I would be interested in attending a meet up as well if you guys have gotten something together! Please let me know if you have anything planned and I would love to attend and talk real estate! Thanks!

Hi BP! 

I'm researching and searching for my next deal in the northern NJ area. I currently work in Passaic, NJ and know that it has a huge rental community. Would love to hear about others' experience as an owner/landlord in the area to determine if this is a market I would like to pursue. Thanks!

@Charles Carillo I didn't know you could do that! Thanks!

@Joe Villeneuve I think what I would find most helpful is just knowing what average rents are in a specific area, home values, average household income, etc. These are just things I've heard about in many of the podcasts that I'm trying to put into practice. I would also look at appreciation rates, number of homes in foreclosure, etc. I'm thinking this would help me determine a good market to invest in, perhaps outside of my own as well.