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All Forum Posts by: Lamont Chen

Lamont Chen has started 0 posts and replied 170 times.

Post: Buy land and build or buy a fixer upper.

Lamont ChenPosted
  • Realtor
  • Hudson County, NJ
  • Posts 176
  • Votes 110

Calculate your ROI and cash on cash return for both methods and see what makes sense for you.

For the piece of land you want check to see what the zoning is so that you can build what you want.

Post: Niche Airbnb Idea in Midwest

Lamont ChenPosted
  • Realtor
  • Hudson County, NJ
  • Posts 176
  • Votes 110

@Eric Hart

I am working on an airbnb in Orlando so you can perform some searches there for inspiration but down in FL airbnbs are themed out with Disney wallpaper, characters, etc. Some homes even have a movie theater and game room with pool and ping pong.

What could be interesting is putting up themes and amenities that complement what folks traveling to your home will do. You can also pull up Airbnb for the area you are in to see if anyone else is doing something that is working too.

Post: Inheriting a Tenant mid Month

Lamont ChenPosted
  • Realtor
  • Hudson County, NJ
  • Posts 176
  • Votes 110

@Michael Salamone

Tenant should always pay rent but depending on rental laws for the state.... rent is either collected at the beginning or at the end of the month. When closing falls in the middle of the month the rent is prorated to the buyer and seller based on how many days out of the month have passed up to closing.

So if you are closing on the 9th, the seller is entitled to 8 days of rent and you the rest. Usually at closing this will be part of prorated debit and credits.

Also ensure to get the security deposit from the seller.

Post: How to Begin? Rentals or Flipping?

Lamont ChenPosted
  • Realtor
  • Hudson County, NJ
  • Posts 176
  • Votes 110

@Josh Skousen

Welcome to the world of REI. Flipping may be a hard initial start. Why not try to buy a distressed property, renovate, and live/rent it out.

If you rent it out you get to know what it takes to be a landlord and in the renovation process you learn the construction side too.

Post: Low rates: down payment vs. invest

Lamont ChenPosted
  • Realtor
  • Hudson County, NJ
  • Posts 176
  • Votes 110

@Ryan Armstrong

Yep if my DTI can swing it and the numbers work... I generally put the least down possible. The stock market is a bit euphoric now but besides investing in the market I tend to use the funds to fix up the home or for another deal.

Post: Are All Contractors Good for Investors?

Lamont ChenPosted
  • Realtor
  • Hudson County, NJ
  • Posts 176
  • Votes 110

@Jack Perfett

The scope of work for the 40k kitchen renovation would be probably be a bit more high end than what you may want for your rental properties. Depending on what the area calls for you would go for "rental grade' improvements so that you get the best ROI. For this type of contractor sometimes networking with realtors, flippers, etc. will lead you to someone who can get the job done.

Post: Rental Property that Cash Flows only by raising rent...

Lamont ChenPosted
  • Realtor
  • Hudson County, NJ
  • Posts 176
  • Votes 110

@Stephanie Cessna

I am not familiar with the calculator you are mentioning as I always calculate deals using my own models. However, are you working with a realtor in the area whom may know what the rents would be for that area? You can also check on zillow (rent) or rentometer to see what similar units are trying to go for.

If the rents are that low it could be a situation where you can add value to the property (fix it up) but would need some due diligence to determine if there are rent control, eviction, etc. laws for that area.

Post: Best Path for an Investors Primary Residence

Lamont ChenPosted
  • Realtor
  • Hudson County, NJ
  • Posts 176
  • Votes 110

@Jacob Seim

May not be for everyone but every residence I plan to move to with my wife will involve some sort of value add/fix up. That way when you sell you it will hopefully be a win win where you have forced appreciation and can sell without paying capital gains tax (after living in it for 2 years+). Also living in a nicely fixed up home should make the family happy ;)

Post: Can my realtor help me achieve a sub to deal??

Lamont ChenPosted
  • Realtor
  • Hudson County, NJ
  • Posts 176
  • Votes 110

@Stephanie Cessna

Your realtor friend may have some insight as to what you can potentially do with the home + lot (build home in adjacent lot, knock down existing lot to build XYZ, etc.).

If you are planning to do any development with a variance you could ask your realtor + attorney to  add contingencies where sale is contingent on XYZ plans approval by the town however this may not be a quick sale then for the seller.

Post: About to close on a deal. Please help me choose btw 2 properties!

Lamont ChenPosted
  • Realtor
  • Hudson County, NJ
  • Posts 176
  • Votes 110

@Brian Baller

In the short term yes property 2 gives you more cash flow but property 1 allows you to buy more properties which in the long run will give you more cash flow.

You can check with your lender but since you are cash flow positive for both properties and you will have more down payment with property 1 it can be a wash while acquiring future homes.