All Forum Posts by: Josh Thompson

I’m working on getting my first deal and practicing analyzing deals. I’m not quite ready to invest in a pro membership, I will once I get my first deal. In the meantime does anyone know of any good calculators and rehab estimators? Or any other tools you find useful??

Mark, I agree that $1500 is high. I wouldn’t pay list price for this and need to do more research anyway. I want to get in contact with a buyer agent but found out today (from Bank of America) that I am short on funds for closing costs. I didn’t realize how expensive they were. I’ve always used $2500 as an estimate on the rental calculator but Bank of America estimated $10k. Is it possible to roll any or all of those costs into the loan?

Thank you @john leavelle, I thought there was opportunity here. I will get in contact with the listing agent and find out more

What is the monthly cost of decent liability insurance? I am in NJ if it matters

I am looking for insight on what I think could be a good first deal. The property is 766 audrey Dr rahway NJ if anyone would like to look it up. It is a 2 bed 2 bath duplex in decent condition (based off pictures only). The list price is 154900 and taxes are 4491 according to Redfin. Its been on the market since july. I want to use an FHA loan as I dont have 20% to put down. This means I will be limited to only renting one unit for the first year. I can live with paying a little out of pocket in the first year to cover expenses if it means getting my foot in the real estate door. Rentometer says typical 1 bed 1 bath rents go for around 1500 in the area. Im not sure how reliable this number is, to me it seems high but not sure. I also understand 1 bedroom can be difficult to rent compared to 2 bedroom apartments, but this is a 5 minute drive to the rahway and linden trains to NYC. Does it sound like this could be a profitable rental? I am looking to cover most if not all expenses (taxes, pmi, mortgage etc.) from one unit in the first year. Then rent the other unit out after the FHA living requirement is done.

In your experience Does it take long to find a tenant on your own and how do you screen them?

How do you go about getting a unit or a home rented? I understand an agent can handle this but from what I have heard they will charge 1 months rent for finding a tenant. How can an investor find a tenant without an agent? How do you get a document or lease for them to sign? I have learned a lot about analyzing deals but do not know much about being a landlord.

Thanks guys, I just wasn’t sure if me not being at the property most of the time would be fraud, especially if I had a roommate in my unit paying me. I know finding a good fourplex would be ideal but jumping into having 3 tenants scares me. I’m still not fully aware of the process of getting a unit rented, do I need an agent to make a lease or can I do it myself?

I am saving money to purchase a 2-4 unit home using an fha loan. My location is central NJ but there seem to be more affordable multifamily homes south of me. I understand that to use an fha loan you need to live in the property for at least a year. Does anyone know if I can get away with living in the property on just weekends? I work in NYC so if I buy a property more south of where I live it would be more convenient to stay in my mother’s home during the work week. I am only interested in the property for income, not living, but I do not have the money to put 20% down on a regular loan. Also, any general advice about fha loans and renting is appreciated, thanks!

How do you get off market deals? From an agent?