All Forum Posts by: John Spellman

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $65,000
Cash invested: $10,000

I purchased this 2 unit off market duplex in the city of Trenton back in 2019. I used the first time home buyers grant to fund the down payment and my closing costs. This rental has been cash flowing ever since.

What made you interested in investing in this type of deal?

It was an off market turn key property, the owner previously was under contract with another buyer and made the repairs that the buyer requested. The buyer couldn't gather the finances to close so the deal fell through. I loved the deal because it was ready to go and the seller was really motivated.

How did you find this deal and how did you negotiate it?

My realtor brought me this deal and because the owner was motivated he reduced the price by 10k.

How did you finance this deal?

I financed this deal through Trenton's first time homebuyers grant program they covered the entire down payment and closing cost.

Lessons learned? Challenges?

The lessons I learned was to be patient and you make your money when you buy.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

I worked with a real estate agent, and lenders on this deal

Good morning my name is John and I own a rental property in Trenton NJ. I brought the property 2 years ago for 100k and made about 5k in renovations. The market is dictating that my property is worth around 150k and I'm listing my property for 160k. After I pay my mortgage and realtor fees I should have about 50k left over so my question is how much taxes will I have to pay on that profit?

@Jesse Whitmore about 4 months

Hello I'm a pretty new real estate investor i purchased a multi unit property 2 years ago and recently the property next door to me went up for sale, now this property has a same layout as mines and needs to be completely renovated. This property is being under sold as a 4 bedroom 2 bathroom single family but adding drywall in a the middle and the top of the unit and adding a kitchen upstairs can turn it into a 2 unit multi family 3 bedrooms 1 bath upstairs and 1 bedroom 1 bathroom downstairs. With this property connected to mines and me already owning half of the building I can make a good return I can either sell it or refinance it as a 4 unit building that cash flows around 1300 a month. I did the numbers and brought the idea and research to my business partner but he told me its best to wait until this quarantine is over because he believes that we won't get any renters in once we acquire the property and I need him because he has the credit and capital so is this a good time to buy or should I wait until the quarantine is over??????

Good morning I have a question I'm in the process of getting preapproved for a mortgage and I have an item in collections that is lowering my score I tried disputing it months ago but it wasn't removed so I called to just pay it off and the collections agency stated that they dont do pay to delete I called 4 separate occassions and was met with the same response I have the money to pay off the account so should I just pay off the account and hope they remove the item off my report or just leave it as is?

Hello Me and my business partner recently formed a property investment business in Trenton NJ our goal is to use the brrrr strategy to buy and hold properties. While we've been building our company's cash and credit we've been looking for funding but most lenders are looking for at least 5k a month in revenue, or the owner have a 680 credit score, or the company's been active for 2 years. My partners score is around 630 and mines is around a 600 so we figured we would have to wait till one of us gets our credit score to 680 in order to get funding for our first property. My question is are there any lenders that lend to newly formed companies that dont meet those requirements, I doubt that there are but it's worth a shot.

@David Michael okay thank you I truly appreciate it

@David Michael Hey thanks for the Advice the property is located in Trenton NJ

Hello my name is John and I live in New Jersey I recently brought a 2 family multi unit home a year ago I was cashflowing but my tenant stopped paying so I evicted him I plan on getting another tenant and wanted to know what are some tips or strategies that can help me acquire another property