All Forum Posts by: Daniel J. Gibson

I'm relatively new and am interested in accumulating rental properties in Central NJ.    I'm currently looking at a house in Raritan, that is in very bad shape.   It is a small property, about 1,100 sq feet, built in the 1940s.    Very poorly designed compared to today's standards.       Other than, some new windows and staircase bannister, no upgrades have been done since the 1940.    No joke.    To boot, basement has a lot of water damage.      At what point do you say that a property can't be rehabbed and you're  really better off demolishing it, then starting over with new construction?    Property is in a decent neighborhood, in a very good school district.      Number one, as a newbie, should I call it a day and move on to other opportunities?   Number two, would you recommend building from scratch or going modular?   Lastly, any new home builders and/or modular home builders in NJ who would be interested in a project like this?     Thanks!

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Just learning how to use the calculator.

The calculator is using the initial purchase price as the driver for the mortgage.

My intention would be to buy it and rehab it, so I'd want the mortgage to be driven off of the ARV number.

Anyway of doing that on this calculator?

Thanks!

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Thanks David.

Got it.     Thanks so much Mike

Hi Everyone.    I'm a newbie with a question that I've been grappling with.    I've got the feeling that that there is a distinction between hard money lenders and private money lenders.     But I can't seem to put my finger on it.    Would appreciate some help in doing so.     I'm very much interested in doing Brrrr with rental properties, but also willing to consider lending money to others in doing this as well.    So getting a clear picture of the distinction would be helpful.      Thanks so much.     Dan