Skip to content
×
Pro Members Get
Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
ANNUAL Save 16%
$32.50 /mo
$390 billed annualy
MONTHLY
$39 /mo
billed monthly
7 day free trial. Cancel anytime
×
Try Pro Features for Free
Start your 7 day free trial. Pick markets, find deals, analyze and manage properties.
All Forum Categories
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

All Forum Posts by: Ceril S.

Ceril S. has started 17 posts and replied 179 times.

Post: Podcast #157

Ceril S.Posted
  • Rental Property Investor
  • Ithaca, NY
  • Posts 180
  • Votes 80
Joshua Dorkin Brandon Turner Such a great podcast! I am actually having my wife and kids (all teens) listen to it too. Josh - thanks for being the realist there. So many books give great ideas that seem impossible to implement in real life for real people with impossibly busy real schedules. Thank You!

Post: Anywhere else the 1% Rule doesn't work out?

Ceril S.Posted
  • Rental Property Investor
  • Ithaca, NY
  • Posts 180
  • Votes 80

@Kevin Gerace  you may want to put yourself in their shoes - They are probably only in town for a limited time and feel they have to do the clean out - which they have probably been gearing themselves up for for years!  (My mother-in-law is borderline hoarder so...I see this in my future as well).  Having a neighbor stop by mid-2 feet deep in urine soaked refuse - may not be the best time to chat.  I would draw up your proposal with all your info - express your sympathy for their loss and that you understand their situation and would like to help. Tell them to take time and think it over and leave it on their car windshield/door.  That way - if/when they decide that it totally sucks to do the clean out - they have your info to consider. 

Post: Rent-Increase Letter Suggestions...

Ceril S.Posted
  • Rental Property Investor
  • Ithaca, NY
  • Posts 180
  • Votes 80

We have been toying with the idea of writing it into our actual lease language - that rents will be increased by ~X% annually with a 5yr table showing the increases - say ~2% looks like $1200, $1225, $1250, $1275, $1300 - however, we are worried that it will either outpace or under pace market rents.  I believe that commercial leases have increases written into them - why not have residential leases also?

We should be closing on Friday (long story) and inheriting tenants that have under-market rents. Our thought is to offer them a 6 month lease at ~5% increase (and fix all the things that are not up to our standards - leaking faucets, etc) then hopefully review and renew in 6 months with an annual lease with another ~x% increase that will get us closer to market. 

Double check with your local laws about how many days notice is required, etc. 

Post: Anywhere else the 1% Rule doesn't work out?

Ceril S.Posted
  • Rental Property Investor
  • Ithaca, NY
  • Posts 180
  • Votes 80
Originally posted by @Kevin Gerace:

@Account Closed

this is a good point. I guess the main point is to make sure it positive cash flows, and is a good investment, not a headache investment. One town over I know I can find better deals, but i believe the tenant quality will go down. Not all of that town is bad, but a good part of it is. The closer you get to the center of town the worse it gets. However in my town, the closer you get to the center the better it gets. Strange how that varies so much town to town. Still I think i might be willing to pay more for this property because it is only 2 houses down and I've been thinking about it for years. I need to make sure I don't get emotionally involved and that the numbers still work.

 @kevin gerace - I'd draw up a proposal at least with a letter of intent to buy with your offer, spelling out why you priced it as you did and how quickly you'd be able to close the deal and see what happens. If it needs that much rehab - wow - I'd say $70k is too high!  Around here in Jersey we have the same issues but it's not impossible. Good luck and keep us posted. 

Post: Thank You Bigger Pockets: 7 new units and $5,300 in Rental Income

Ceril S.Posted
  • Rental Property Investor
  • Ithaca, NY
  • Posts 180
  • Votes 80

congrats @Adam Anderson! Finding BP was a total game changer here too - just the wealth of information and experience - I can find information here about almost any issue that I've run into and if I don't find the answer, I get pointed in the right direction. 

I used to live/work up in Morris/Sussex county but now live and invest in Somerset county primarily.  Ultimately would like to find a foreclosed beach or lake house to house hack when the kids move out.  Out of state investing both interests me and scares the hell out of me - so I haven't made that leap. 

Congrats again and here's to an even more successful 2016!

Post: Student Rentals Poughkeepsie NY

Ceril S.Posted
  • Rental Property Investor
  • Ithaca, NY
  • Posts 180
  • Votes 80

I was up there at the beginning of the month to check out colleges with my high school student and the Marist college housing addition definitely made me pause about buying a student rental - but there are definitely opportunities!  My daughter decided against going to Marist, but if she went there we would definitely consider buying a place. 

I'm curious what rents look like to the non-student population - exit strategies and long term outlook in mind.  As well as the financial health of the rest of the city in looking at long term equity.  Student housing near our local college are quite inflated because the college students tend to pay more, but as on campus housing is added - it seems like colleges are able to hold onto upper classman longer as the sheer convenience of being on campus plus the new added amenities make it really attractive for students not to look at off campus housing as much as they used to. (Plus I think kids these days are just too spoiled to make the effort to move off campus!)

Post: NJ.com map of racial makeup of state

Ceril S.Posted
  • Rental Property Investor
  • Ithaca, NY
  • Posts 180
  • Votes 80

Saw this story today - wondered if it affects the way we as investors look at our areas of investing. Do we target certain areas because of this?  Or is this just more "noise"?  My geographic area is more due to the proximity to my home, but it's interesting data none the less. 

- Ceril

News story on NJ.com

New Jersey's more than 8.9 million residents sure can paint a pretty picture, but it takes more brush strokes than any one of them could muster.

It's no secret that New Jersey is one of the most diverse states in the union, but numbers and charts often don't illustrate exactly what that means very well.

So, over the past several weeks, NJ Advance Media developed a map that seeks to show this a little more clearly.

Our map shows every person that calls the Garden State home -- one dot for each resident (go ahead and count).

The result resembles a watercolor painting, showing just how and where the state's burgeoning diversity is springing from.

Towns like Jersey City and Union in Union County -- two of the most culturally and racially diverse towns in the state -- look like colored television static, with a near even distribution of each racial category.

The Route 1 and 9 corridor shimmers green, reflecting the the vast number of immigrants who have settled in the region from Asia. Elizabeth and Perth Amboy, meanwhile, glow purple, as each have become major enclaves for the Hispanic community in recent decades.

But the map also shows that diversity and integration are not always one in the same in the Garden State.

Newark remains one of the more segregated cities in the state, with its large African-American population living almost entirely separate from its Hispanic and white populations. The map turns sharply from orange to blue around Camden, where the difference between white and black communities seems almost like it has a distinct boundary.

In Lakewood, the fastest growing municipality in the state, the town's exploding and largely white Jewish population appears to have settled in an entirely different portion of town than the Hispanic and African American populations.

The map was developed using a cartographic interpretation of the 2010 decennial Census -- the most robust dataset available to analyze the changing tides of population in the United States.

The data was derived from Census race data parsed down to the Census block level, which typically span only a few municipal blocks in most areas. We then employed a script that took those counts, created a dot for each person of each race within each Census block, and scattered them randomly throughout their representative geography.

Once plotted on a map and colored, the result is the most detailed look at race in New Jersey possible with information available today. Users can zoom out for a wide view of the state, or zoom all the way into their own neighborhood to see the racial makeup of their own community.  

This map shows the racial diversity of the state

Post: New BP addict from Hillsborough, NJ

Ceril S.Posted
  • Rental Property Investor
  • Ithaca, NY
  • Posts 180
  • Votes 80

@Brandon Hall Thanks! I did listen to Dale Carnegie's book "how to win friends..." As well as "getting things done", "the millionaire next door" , "the richest man in Babylon" - I have "7 habits" by covey lined up next as well as "the warren buffet way" - I'll have to look into "the 7 levels".  So many of them deserve a 2nd, 3rd, 4th listen - different things jump out at different points in life. 

Remember the 2 deals that fell through? I will chalk some of that up to how newbie we are and a little of that also goes into the team - our first lawyer, even though she had investment property of her own, did not seem to understand what was important to us and how to protect our interests or how to finesse dealing with the seller's lawyer. She would forward things to the other lawyer that we didn't approve or want to send. I guess it just wasn't a good fit - that deal flopped. The 2nd lawyer was great - very experienced, very charismatic (he probably read Dale Carnegie's book!) That deal went through! We loved him but he's retiring and the next deal he farmed out to his new hire who was fresh out of law school and we were right back where we started - not a good fit and that deal did not go through! We are now on our 4th lawyer - she is experienced and competent and so far has been on top of things. She handled our foreclosure purchase and dealt with the bank's lawyers very well. We are meeting with her to review business structure, leases etc. 

The CPA's - Well we met with 2 and they just seemed to both be coming from different places than us - I think we were small potatoes to them? But also, maybe we weren't sure what we wanted? Or it felt like they were trying to sell us something. Either way, it just wasn't a good fit and it felt like we were speaking different languages. Once again, even though they both had investment properties of their own. Maybe we are hard to deal with? I don't know. I consider us fairly no-nonsense and maybe like non-investor realtors they may be used to doing business with people that need a wind up or something. Or maybe I need a primer on "CPA-speak" Do you have any tips?

- Ceril

Post: Are you buying in Somerset NJ????

Ceril S.Posted
  • Rental Property Investor
  • Ithaca, NY
  • Posts 180
  • Votes 80

@Nathan Paisley- Just saw this post - Somerset county is our area. If you find a place up this way again - keep me posted! I already get your texts and don't remember this one being listed. 

Post: New BP addict from Hillsborough, NJ

Ceril S.Posted
  • Rental Property Investor
  • Ithaca, NY
  • Posts 180
  • Votes 80

*update*

This is my 100th post! AND my one year anniversary of finding the bigger pockets podcast - truly a life changing event

In the past year we became the owners of a duplex and learned about writing leases and screening tenants, we put in several offers, had 2 go almost to closing then had the sellers back out, ended up getting called back on 2 offers that we thought were dead and ended up closing on a foreclosure and are mid-cycle on a BRRRR method and are in attorney review on the second duplex. My wife has gone to realtor classes and plans to take the exam to be licensed in the next few weeks.

I have read numerous books that have expanded my thinking and have many more to listen to and read - Finally read "rich dad, poor dad", the millionaire mind, the millionaire real estate investor, 4 hour work week, e-myth, and now I'm in the middle of the one thing (but I plan to re-listen to them all again)

I've been in contact with some of the wisest and most generous people that I have ever "met". Just the amazing insights here and the experience "on-tap" is mind boggling. Following other people's journeys and varying experiences has opened my mind to a world of possibility that I never knew existed but was all around me all the time. And still, I'm just a newbie, just absorbing all the knowledge I can get - still need to get to a REI meeting, still need to find my "team" - meeting with a lawyer (our 4th to try) next week, a CPA (our 3rd), a plumber (our 3rd), and trying to make local connections.

We play the "cash flow" board game with the kids and they enter into the conversation with us. They are excited too. (Ok well not always excited when we have them ripping out a kitchen on a sunny Saturday - but they listen to our discussions and plans and ask good questions)

So a big shout out and Thank you! @Joshua Dorkin and @Brandon Turner and my whole big BP family - grateful and excited about what the next year will bring. 

- Ceril