All Forum Posts by: Helen Kolton

Right, thank you Curtis.  I will keep that in mind.

The potential appreciation 3 to 5%.  I am waiting for Seller to get back to me with more information. If i get it at 80 or below and renovate for 15-20 I think I will be able to sell for 130

i have been watching this property since 2014. It was listed by the agent that would not present low offers to the seller. The  seller  found my info and called me.  He is not a good landlord. He has no P&l , dont know what is cap rate, has no record of expences.  I had forgotten anout this property. My goal is to find 3 or 4 family. And now he came along. Dont know what to do. I dont want to over extend myself. I still have 9 to 5 very demanding job

Thank you so much to all of you guys, I really appreciate it.  

I have been thinking about this property for a while, there is a lot of pros but also some cons.  

I will ran my numbers again and let you know if the seller agrees to make a deal.

Please help me to figure this out.

How do you calculate vacancy rate? and

I want to know if this is a great deal for a rental property? Property is in NJ

SqFt: 1240

Lot Size: 2482

Property Type: Single Family

Year Built: 1929

Year Assessed: 2014

Beds: 2

Baths: 2.0

Garage: No Garage – on the street

Legal: 2 bedrooms

Taxes: 5,328.27

Insurance: 900.00

Water: 250

Vacancy: 5% per year

Current Rent: $1,350 (month to month) = 16,200 I think it could be rented for 1400

I want to offer 80K

2% rule did not work for me here.

What would be the best way to purchase this deal. I have HELOC for 50K plus 30K of my own money.

I was thinking of putting down 20% and get mortgage for the rest? How does this work? Should I obtain the loan from the same bank that gave me HELOC or go to some other bank? Should I get pre approve now or wait?

Thank you everyone, I appreciate your advice and help.

By the way when I go back to the site how do I find my post and replies? 

Nuhan Demirkan

Hi Nuhan,

I am a new investor, after reading your break down on the above property I would like to ask your advice on the following deal.

We put in a bid for a 2 family home today.  Its a bank owned property.  Good rental location.  Asking price 175K, our offer is 155K.  it has brand new roof, nice layout, walls, partial kitchen, one or two windows and everything else after.  Plumbing, mechanical, etc. the works.  We are thinking around 40K.  Everything will be brand new, going foward very little to no maintanence costs.  Rentals are between 1500 and 1600. Do you think its a good investment decision.

We are planning to put 20% (31K plus closing fees) 37K

Mortgage will be 124K

The bank is willing to lend us money to renovate - 40K, i have an option to pay it off after all will be done and lower my payment.

The monthly prjected payment (including tax,principal and interest) is $1495.00

What are your thoughts.  Everyone please welcome to respond.  Its my first investment.  Thank you all.

Hi,

We are a new wholesalers in the NJ market (Monmouth and Middlesex counties).  If you are looking for properties or you know of buyers that are looking we would love to connect with them. We are new to this so we are open to suggestions.  

We know that some buyers are very experienced they can teach us what to look for specifically for them, their criteria and the areas they are interested in. 

Thank you

Hi,

We are a new wholesalers in the NJ market (Monmouth and Middlesex counties).  If you are looking for properties or you know of buyers that are looking we would love to connect with them. We are new to this so we are open to suggestions.  

We know that some buyers are very experienced they can teach us what to look for specifically for them, their criteria and the areas they are interested in. 

Thank you

Thanks Mike

1. we are looking for a new realtors

2. we have to find a wholesaler

3. my husband is currently in a process of getting one

Nathan Paisley

What do you mean call, call, call?

Call different realtors?  You are from NJ how did you start your re investing?  any help is appreciated.

thanks.