All Forum Posts by: Kevin Hill

I have an investor client who has several different spokes on his wheel for lead sources. He wants the MLS to be one of his sources for deals.

I am not so sure his methodology is going to work with properties listed on the MLS however. His offers are based on being 65% of market value MINUS repair costs.

We put an offer on one property that was competitively priced at $300,000 and his offer was $165,000.

With very low housing inventory and well priced homes getting multiple offers on them in my area of North Jersey, can you see this strategy working at all? Is it just a numbers game where you might have to put in 100 offers and get 1 deal out of it? 

As agents, do you think that is worth your time?

I found vacancy rates by county in NJ, but not by town. 

http://www.njaa.com/pdf-downloads/NJAA_MEMO_AHO_5_19_2011_Affordability_of_Rental_Housing.pdf

$500,000 is definitely an achievable budget. You might even be able to find a 4 family with that budget. To get $5k a month in rents, you'll probably need 2-3 bedroom apartments in each unit.

You can do the tax appeal yourself for free. An appraisal is not necessary. You would just need recent sold comparables, fill out the paperwork, and appear yourself.

The taxes have to be off by more 15% to win the appeal. Good luck!

What type of properties are you looking for @Fasil Khan ? Single family homes?

I have written up leases for my tenant clients when the listing agent has gotten lazy and not done them. However, I usually try to make them beneficial to my tenant client (ex. lesser penalties for paying late).

I would have an attorney create your lease or if you do it yourself, don't use some generic one from Staples. 

I would forward your application to the agent and have her client fill out it and submit it with the credit report.

Who pays the broker's fee in your area, you or the tenant or Section 8?

Welcome to Bigger Pockets Chris! You joined the perfect site to learn about real estate investing!

Hmm I don't know why that would get deleted.

The appraisal management company in between the lender and the appraisal has to get their cut. Won't be negotiable. Multi-family appraisals used to be more, so $400 is pretty good actually.

I just got a call from a studio in New York City. They are looking for female house flippers who work in the Newark, New Jersey area. They said it would be similar to the show 'Rehab Attic' with Nicole Curtis. Let me know and I'll put them in touch with you!