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All Forum Posts by: Garry DeFilippis

Garry DeFilippis has started 1 posts and replied 9 times.

Looking to connect with anyone working in the Bell County, Tx

Real Estate Agents, Property managers and contractors all alike 

Garry at leorealestateinvestors dot com

9Seven3  Nine1Nine Eight3one2

Text Than We can Set a Phone Call If by phone is better.

Post: Newbie looking to house back in North Jersey

Garry DeFilippisPosted
  • Investor
  • Ledgewood, NJ
  • Posts 13
  • Votes 3
Originally posted by @Vaughn Smith:

@Elvis Rosa @Account Closed Feel free to reach out to me if you have questions about Northern NJ I sell and invest and have a property management company there. I'd be happy to assist. The market is on fire right now and inventory is a bit tight so you'll have to pack your patience when looking to house hack here but its doable. You may also want to consider the rehab loans besides the 203k loan, its a great product but it can be a bit more complicated than other rehab options and in the hotter areas your offer with a 203k loan ay not look as attractive to a potential seller.

Thank You I will definitely reach out to you!

Post: Newbie looking to house back in North Jersey

Garry DeFilippisPosted
  • Investor
  • Ledgewood, NJ
  • Posts 13
  • Votes 3
Originally posted by @Elvis Rosa:

Forgot to mention the area's I am looking for. Hudson, Essex, or union counties is what I'm really looking for..thank you 

 Congrats on making the decision man! My Fiance and I are looking for the same in morris county a bit harder to find properties that cash flow there...

My advice find one that needs work grab a fha and 203k load wrapped together and reno it ( if your up to a project) Vinyl flooring , quarts counters clean and modern. If you get a good deal and stay under budget you shouldnt have any problems cash flowing.

Best of luck Elivs and congrats on the engagement!

Originally posted by @John Leavelle:

@Garry DeFilippis

In my area I will not look at any property that doesn’t at least meet the 1% rule.  That might not always be possible in all markets.  You need to find out what is common in your area.

I greatly appreciate your insight John God bless! 

Originally posted by @John Leavelle:

Howdy @Garry DeFilippis

Your expenses are missing insurance and PMI. These two combined will probably eliminate any positive cash flow. Your PM is low at 3%. It should be 10%. Is the property in top condition? I would increase your CapEx and Maintenance.

Do not forget to include Closing costs.

Also to add All new windows as well

So my question is people have said on the podcasts that if you can achieve 1% its a cash flowing property so id need $3450 a month if they accepted that offer.

Do any of you agree with 1%?

HI john thanks for your speedy response! The property is newly renovated pretty  much all around.

New floors, kitchens, bathrooms, paint and trim, 2 carrier ac units, new furnace, 2 water heaters, split electric and gas.

Natural gas, pub water and sewer.

I will be wrapping closing costs into the mortgage.

Ideally, this will be my first home so I will be using this for initially a house Hack, but planning on adding 1 master sweet with walk in closet and bathroom over the empty space above the garage.

I was just toying with the numbers to see when we move out if this will make money monthly.

View report

*This link comes directly from our calculators, based on information input by the member who posted.

This will be a house hack at first till I can save enough up to move out. These numbers are based on once I move out. Nj is hard to get a good spread without buying a mess and Reno-ing it to make numbers work well. Is this something that makes some sense or should I not even waste my time.

Post: Northeastern NJ Real Estate Investors Networking Meetup

Garry DeFilippisPosted
  • Investor
  • Ledgewood, NJ
  • Posts 13
  • Votes 3

Planning on being there! From Morris County Nj