All Forum Posts by: Greg Jastrzab

After looking at over 2 dozen properties, I think I found one that is interesting to put an offer on. Based on the stats below, I would love to hear some opinions on the worthiness of the investment. My area is North New Jersey which is notorious for high prices on multi-units and very low inventory

3 family house, 2 car detached garage and driveway.

listed at $345k, hoping to pick it up around $320-$325k

3 units to rent, a 3 bedroom, a 2 bedroom, and a studio

Current rents: 1300, 950, and 650

Taxes: 7000, (flood insurance is required although unit does not seem to show signs of previous flooding in last 2 major storms, electrical from 1990 and gas furnace is over 10 years old)

Flood insurance: $1600 (450k worth of coverage)

I got approved for a mortgage at 5% rate after 25% down.

What do you guys think? I did my research and even with the 50% rule, property shows a decent return.

Hi everyone, I finished rehab on my new rental (recently purchased a new 2 family house) and interviewed a young couple today with a small boy (2 years old self disclosed) and I really liked them; however, of course they mentioned they have a medium dog, a boxer in this case. Both individuals work, one as a restaurant manager in a known place around here, and the wife works in a local hospital. Apartment is 2nd floor of owner occupied house newly refinished and has commercial gray carpet besides kitchen and bathroom. My question is, if interview went well, credit checks out along with employment, would you use the dog as a deal breaker? They offered to work a clause in the lease to pay for any damage to the carpet specifically (cost $1k to install) and offered additional security (not allowed in NJ as far as I can tell).

Advice is badly needed! Rent is $1200 for my place.

Thanks!

Hello everyone, wanted to introduce myself to everyone and the community.

My name is Greg, age 27, and I'm a fairly new investor from Northern New Jersey. Currently own a 2 family (3 story) house with rental income coming from the upstairs unit. Not the greatest deal since I still paid a bit premium in 2009; however, tenants have been worry free and it offsets my mortgage payment by 39%

I have been reading investing books and looking around for the last few months and I decided that this year will be the year I acquire my first full rental property in Northern NJ. Looking for a duplex or triplex as long as it is a self sustaining building. I want to focus on buy and hold strategies that will allow me to work for myself in the future. Not in this game for the "get rich quick" schemes or huge risk taking.

Would love to meet some local people or network with individuals local to the area. The boards on the site have already provided a wealth of information and I'm so grateful that I didn't go and pay some huge fees from some of the investment courses out there.