All Forum Posts by: David Pickard

@William W.

Yes and that is what I am trying to avoid, getting in over my head. But I am looking at multiple strategies as far as this property in concerned. I was just wondering if anyone thought it would be a sound decision to tear down and rebuild a new multi family on the land. There is a multi-family directly across the street that was built about 10 years ago in place of an old single family house, this is where I got the idea from.   

@Kyle Penland

That could be a possibility. I don't really know much about the process or if it would be a better idea to convert or demo, I would need to get a local contractor to determine that. The water main broke and flooded the entire basement and was never properly taken care of so I don't know if that would compromise the integrity of the structure.

Hello,

I am still new to REI and would like to do my first deal soon. I have a family member who has a single family home and has not lived in it for over a year, for a very good price. There are a lot of problems with the property from years of neglect. The property is large (for the location) and is in a great location in the town.

My idea would be to tear down the existing SF structure and have a multi-family home built in its place. Would this be a good idea for someone who is brand new to REI? What would be the best way to approach this situation? I would like advice and criticism from everyone, so please fire away.

Awesome job Tarl, keep up that great work!

This post fires me up! Amazing job on your great success and I wish you much more of it.

Awesome. It is hard sometimes to get rid of those things that we enjoy. That is why we spent money on them in the first place. As @Travis Fisher said, it is time to start looking for stuff to sell. 

This thread is an awesome read. I am new to REI, and this is all wonderful information. I'm soaking it all up. Thank you everyone for all of your insight.

If I were you I would stay away from anyone below the rank of E-5, maybe unless they are married or are more responsible individuals. But speaking from experience, I have had a lot of friends while I was in the military who were younger and rented houses together. Some were respectful but I also had a lot of friend who would get 3-4 guys together and rent a house off-post and it was like animal house. Parties all the time, fights, crazy stuff, you name it. But with the military, it's very easy to look up pay-scales and BAH calculators so you know who is making what. Also as stated before, it is very steady, you know they will get paid every 2 weeks, so as long as you have the right tenants you know you will get paid. Another thing I would ensure is that the service member is not separating from the military before the lease is up.     

This is awesome! Thank you for taking the time to put this together.

@Gavin Gewecke

Welcome to BP. I am new to real estate as well. But you've come to the right place to learn. Check out the ultimate beginners guide, and keep on listening to them podcasts. MeetUp is where you will find the most of the REIA. You can also google NJ REIA.