All Forum Posts by: Dan Pereda

Dan,

I anxiously await your next post/ update.

Win Loose or Draw you have put yourself out there big time and I think that is a first step WIN.

I get a sense of dread coming from you about not hitting your goals. Lots of advice from lots of people. I bet a bit over whelming.

May I suggest reading The 10x rule. Simple version, Dream 10x bigger, set goals 10x higher and work 10x harder than the average person and you will get there.

I never used a PM before, but this is the same quotes I am getting here in NJ.

1 month's rent to fill a Vacant unit and 10% mgmt fee per month.

that costs is probably why i did it my self. That said. I ruled out the idea of doing PM for other people because I don't feel it is enough compensation for my time. (not a scalable business model)

Great tip. This helped a ton during when i listed my unit during winter, people were looking that didnt want to move till June.

I invest in Trenton(but only certain parts), but I would not invest in Camden. I Dont know the market. Seems Philly would be better for that area. Philly price maybe higher but taxes are cheap.

That said My Mtg guy has 2 rentals in Camden that he rents section 8 and he is fine with it. he rented to some that were not section 8 and they trashed the place and now only rents to section 8.

Not knowing that market. I think 50k is high. I can find sub 30k 3br in Trenton that rent for $850+

I think the NJ market is very hard for someone looking for lower priced property. Your choices are War Zones or 250k and up homes. (there are some working class 100k homes but you gotta be a ninja :) )

I really didn't want to invest in Trenton, but when i run the numbers I am getting good cash on cash returns even if I miss 3-4 months of rent (vac and evictions). The down side is that you get no appreciation and just more work.

My 2 cents

Hey guys,

The standard NJ realtor's contract is not assignable. there is a clause in the contract.

What are you guys using for contracts in NJ

I am a newbie too, so I don't have any real advice on how to split.

I would be concerned that you and the Owner are not on the same page.

Your first statement: He wants 140k + it needs 20K in reno. = 160k

Is he agreeing the property needs reno of 20K and is saying the least he would take now is 120k?

You are probably better at this than me but I like to keep my deals KISS.

I would just try to get a real purchase price out of him (say 85k or what ever your threshold is), give him 40K down and have him hold the note on the rest earning him a nice return. then flip it and move on.

This is what is running through my mind: why is he not willing to lower the price, but is willing to take on risk and split profits with you later? As the owner I would rather have 40k in my pocket and Monthly income from note payments and the knowledge if it all goes wrong I can take the house back. Also if you sell the house for less that 140k I still get my full 85k (or whatever)

I am having a hard time making it to one of the meetings as I work in NYC and any meeting is over an hour away from my home.

additionally I think a monthly meeting is a bit too sparse.

I have been thinking on setting up a bi-weekly conference call / google hangout. Anyone intrested?

Hello All,

I am looking for any recommendations for a Property management company for a Single family House in Hamilton NJ.

you or they can call or text 650-549-four zero four four