All Forum Posts by: Chris Masons

How much of a nightmare will this be? LOL  I plan on hiring this out, but just curious if anyone has paid a Plumber to do this work and at what cost? Lead bend connects to old CI stack,

House was buit in 1920, very old and original piping. I Am going to need to open up first floor bathroom sheetrocked ceiling to gain access to the pipes.

I am sure this will be very tight and will be a major PITA.

Anyone have any experience in this job?

thx in advanace,

Chris

if all the bids were low wouldn't the bank who holds the note step in and outbid everyone to protect their interest?

Thx

Chris

There are deals here in NJ, both buy and hold as well as rehabs. You just have to know the local markets and know where to look, and sometimes be at the right place at the right time.

Although I am sure compared to other states the deals may not seem like great deals but for NJ and our ridiculous tax rates there are deals to be had.....

I am a buy and hold investor but I know a few people who are consistently and successfully doing flips

Prices are still pretty depressed in areas due to a lot of short sales and foreclosures holding things back in my opinion which is a good thing from a buyers perspective. I do think the market is very slowly trending up and feel deals will get fewer and far between in the next couple of years.....

Chris

as mentioned it is all about managing risk the best you can. 

One thing not mentioned is to check your circuit breakers and make sure they are functioning as they should! And double check to make sure you do NOT have Federal Pacific brand electrical panel. Actually alot of insurance companies won't insure you if you have them.

Being they were based in NJ I seem to have been cursed by having them in almost all my rentals early on.....

Chris

Listen, it boils down to different strokes for different folks.....

One isn't better then the other. People may be better aqt one then the other but that is completely different.

I am a buy and hold long term investor/Landlord investng primarily for cashflow to build wealth over time.

Why do I do this? Because I am good at it, it is what I know and i feel comfortable and feel I am talented at Managing people and properties.

Another reason is it allows my to work a Corprate day job making decent money. The syneregy of the two is what is helping me build wealth. As a flipper not sure I would be able to work a full day job working 50+ hours a week unless I had some really good people I could depend upon to Manage my flips.

If I knew the flipping business well and or started out learning that business when I was 20 maybe I would be a flipper making even more money who knows???

One of the things I like best about RE is there are so many aspects to it and so many ways to make money. Your imigination is the limit.

OR...... how about asking them to sign a lease at an agreed upon price??  lol

Probably not very likely to happen but thought I'd throw it out there....

Chris

I Agree with what mosat have stated above.. I haev been investing in multi families for about 17 years and have begun to change my strategy to single families anad condos.

Nnto that I regret buying any of my multi families as they haev been great to me from a cashflow perspective as well as to a degree appreciation.

I have recently bought a condo and a single family property and the cashflow is not what it is on my multi families and I am ok with that as at this point I have a nice amount of + cashflow from my multi families and these will be more of an appreciation play and at teh same time they should be much less management intensive. As Joel and others state you son't want to buy yourself a job managing these units although that comes with the territory to some extent if you are self managing - which I haev always done.

My word of advice is it all boils down to your tennant, this will determine how hands on or hand off you will be. If you get a tennat that is very needy and or calls you for every little thing you will busier managing the property VS. a tennant who takes care of simple stuff on their own and doesn't complian.

Typically I find that tennats that are in single family properties tend to take better care of the house because they are the only one there and they tend to have more pride VS. apartment living in a multi family. They almost tend to take care as if it is their own property and some try to convey this to neighbors Etc. Which in my opinionis a great thing!

Now don't get me wrong, IfI had invested in single families al along I am pretty sure I would not be where I am financially today. It is definitely a trade off.

hopwe this helps,

Chris

Sounds like he is burnt out... I would ask him if he did not become a landlord would he be where he is today?

I am going to guess no.....

IT can be very frustrating and aggravating to deal with at times but what business is not.

YOu just have to realize it is not as glamorous as most people paintit to be.. IE.. buy a house, rent it out, sit back and collect rent.

I have been doing it long time also, have 17 doors that I self manage and work a full time day job and there are days when I curse and yell and scream but all in all I have no regrets and just wish I went for bigger properties.

Nobody said making money was ever easy!!

good luck and don't let one disgruntled Landlord sway you away. There is money to be made if you want it.

regards,

Chris

Welcome Meiyoko,

Hows the market downin Brownsmills??

best regards,

Chris

Talha,

Try Applianceorama I believe they are in Plainfield or Linden. There is also a decent used appliance store in Manville, the name eludes me right now......

You also have Craigslist which I find to be a great resource for used appliances - I recently came across a like new stainless steel gas stove for 180 bucks.. I didn't have a use for it but at that price I couldn't pass it up so I bought it and have it on standby.

good luck,

Chris