All Forum Posts by: James Colgan

Hey,

Just found a nice Multifamily that I’m interested in buying to live in and rent out as well. It’s a legal 2 family but there’s a third unit I would like to convert to another rental unit. I’m thinking I have to call the town to see what I need to do to make unit legal? Or can I rent it since it’s all set up (kitchen, bath etc.) and hope for the best? ;) The property is in NY so I am still in process of looking up rules and legalities. Wanted to see what kind of info I could get here as well. Also since I’ll be house hacking how do I accurately run a rental property analysis ?  Thanks 

Hey everyone! I found a two family in an area I’m very interested in moving to and would house hack at least for the first year by living on one side and renting other side. It’s in preforeclosure now and I wanted to know best way of going about approaching owner? I was thinking about leaving a letter in their mailbox along with a few of the other homes that way I don’t single out this owner. Also I would write a generic letter stating if owner is looking to sell home to reach out to me as I don’t want to be too aggressive on the owners unfortunate situation. Best option to finance other than cash?  Also, if there are any realtors who specialize in this in the Orange County NY area (home is in warwick) please PM me! Thanks!

Homes EMV is $264k and AVM is $321k (foreclosure.com)

Yes! All of the above! 

Unfortunately can't provide any useful input but I am looking into doing the same so hopefully we can get some info... 

Hey, 

Going to be putting offer in soon on townhome that I will be using as a rental. It has carpet in all bedrooms and bathroom and kitchen need some updating. Whole place is about 1300 sq ft. Working on getting FP for specific layout and sizes of rooms, etc..  I plan on being a pet friendly landlord and would like to know what everyone is using as far as flooring for bedrooms, bath, kitchen and living room? I was looking into laminate or vinyl/luxury vinyl as it seems to be durable and easy to maintain. Also, affordable kitchen and bathroom Reno ideas would love to hear. 

Thanks 

Hey Everyone, 

So I'm looking into buying a town home in Vernon, NJ at Mt. Creek Resort as a rental property and am looking for resources for drafting a lease documents and info on NJ Rental laws as I am from out of state. I have started looking into the rental laws just wanted to know if there are resources out there as well in addition to the state site. And if anyone currently is renting in the same area I'd love to know what you are getting for your rent??? I am looking at a 2 bed, 2 bath and rentometer is showing $1400 and realtor who brought me out said $1300. Thanks for any and all advice!

@Monika Haebich

Looking into potentially purchasing rental property in Myrtle Beach area and want to know where is best place to look to gather info on possible income in both on/off seasons. Thanks!

Ryan, 

Following up to see if you went ahead and bought a condo here? I’ve been looking recently too as I know there’s a lot of potential for both winter and summer rentals bc of Mountain Creek and all of the golf that is around. My brother actually lives there now and the section he is in seems really nice and prices are very reasonable IMHO. 

Thanks! 

I have found a SFH in NYS that I am thinking about purchasing for myself to live in. It is in the preforeclosure state and listed for $250k and comps are about $450K. My question is about how the taxes for the home work. Tax history shows $14k/yr but then with the adjusted price of $250k it brings the taxes down to about $8.5K/yr. If I were to buy this home at the discounted rate in the preforeclosure state would the taxes be $14k? Also, do the taxes get adjusted for foreclosures as well?

Thanks, 

@Jaysen Medhurst Its a SFR, It pretty much needs to be redone so I put CapEx on low end for that reason. Should I cut your suggestion of 15% in half or still leave that much? Ok, thanks I wasn't really sure how to calculate for management even if I'm going to run it.

Taxes on home are $8400 (lower end for area unfortunately)

Water/Sewer are Municipality and goal is to have tenants pay those. 

I'm going to replug numbers and see what I get. 

Thanks!