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All Forum Posts by: David Smith

David Smith has started 140 posts and replied 539 times.

Post: Need an Eviction lawyer

David SmithPosted
  • Rental Property Investor
  • NJ/PA
  • Posts 555
  • Votes 149

If rent controlled , she can stay forever. 

Post: DCF approach for valuation when making offer?

David SmithPosted
  • Rental Property Investor
  • NJ/PA
  • Posts 555
  • Votes 149

Too many factors to consider to value. 

very important: how many years it takes to double the value.  ( 5 year is the magic number. Maybe in NJ; each location is different). 

Cash flow is bonus point. 

Post: Investing & Househacking in Northern New Jersey

David SmithPosted
  • Rental Property Investor
  • NJ/PA
  • Posts 555
  • Votes 149

You get what you pay for.  Be careful with tenants in NJ. 

Post: Advice on Finding Properties?

David SmithPosted
  • Rental Property Investor
  • NJ/PA
  • Posts 555
  • Votes 149

Networking. 


sellers also want off market buyers.  No one likes mls. 

Post: Bad things about condo investing?

David SmithPosted
  • Rental Property Investor
  • NJ/PA
  • Posts 555
  • Votes 149

detached rental is NOT possible to cash flow in most expensive NJ and PA and northeaster areas.

$400-500K average house price -->  Rent $2000-3500  with LOTS of maintenance ( House is almost 100 years old).  

Housing price is rising too fast.

My multifamily building will double its price in 5 years. LOL


Originally posted by @Frank Wong:

Pros: Low entry price, turn key rental since you don't need to worry about exterior maintenance the HOA takes care of that, amenities for tenants.

Cons: Special assessments, possible rent control on available units to the complex to be rented out, no control.

Condos can be good investments even with the cons. If you are limited with funds and need to get into your first rental its a great first step. If you are looking for something simple without all the up keep its great. It all depends on what you are looking for and your financial situation. If you have the funds I would go with a detached rental with no HOA.

Post: working with mortgage broker?

David SmithPosted
  • Rental Property Investor
  • NJ/PA
  • Posts 555
  • Votes 149

Just talked to one.  Lender pays for broker's service.

Broker can shop for terms and rates for me, instead of I apply with only one lender.

It is a good way to get good deals?


I need to do a REFI and condo mortgage.  

Post: what cap rate does current buyers look for?

David SmithPosted
  • Rental Property Investor
  • NJ/PA
  • Posts 555
  • Votes 149

Almost all 4- family in Bergen county at $800k-1M. 

You guys buying all up? 

Post: What Appliances Do You Supply?

David SmithPosted
  • Rental Property Investor
  • NJ/PA
  • Posts 555
  • Votes 149

nothing.

if you supply it, you need to fix it.. more problems for you. 

Post: CDC Eviction Moratorium Extended to July 31st

David SmithPosted
  • Rental Property Investor
  • NJ/PA
  • Posts 555
  • Votes 149

You guys hire a lawyer to handle eviction?

Post: REFInance to LLC from personal names

David SmithPosted
  • Rental Property Investor
  • NJ/PA
  • Posts 555
  • Votes 149

easy to do?   extra fees /higher interest?

owner occupied 4flex.