All Forum Posts by: Larry K.

I dealt with this in NJ in the past year on a rehab. If you are planning to rehab anyway, don't be deterred. It is just a seller who does not want to have to deal with anything. Yes, watch for obvious zoning violations but most of the requirements for CO or permits are going to fit within your rehab anyway.

$300 increase is going to put you into a game of chicken with any tenant. They'll say no and leave. You'll renovate and bring in new tenants at the increased level.

When my place was vacant I was very nervous. Just an uncomfortable feeling. I know its a bit of a catch 22 but get it filled.

I thought about buy/hold or rehab. I work full time and cannot get there during the day. I sort of did both in that I rehabbed then held it.

My pleasant surprise was how many contractors are willing to meet you before work.

These were probably the most time consuming of the options you mentioned so I'd say from a time perspective you can do any. So pick the one that pleases you the most.

As far as real estate goes, it is not a recession, it is a correction.

Real estate values were propped up by BS loans for years without ties to incomes. What you are seeing now is real estate becoming tied once again to incomes.

I think you are complicating this. Just say no and let Bob be on his way. Bob is not a protected class. If he wants to sue you for discrimination, dare him to. I don't think he would try and if so I don't think he could win.

You should. RE is better. Many people dont understand this because mutual funds and stocks are easy to package and sell to the people so that is where their mind is. But if you have your real estate game down then yes, go all-in. In fact invite a few friends along for the ride (private investors).

If it makes you feel any better about it, this is exactly what I just did.

Last Sept closed on a 2 family with all HELOC. Rehabbed it til Jan with all HELOC. Tenants in at April (carrying costs with HELOC). Just put permanent financing on it (30 years 4.5%). Last week was the closing. Next week I will transfer the money over to pay down the HELOC. Then I will go at it again.

It can be a great way to go. Even though to you it is debt, to the seller it is cash.

You may find that 2 families are about the same price as single families but the rent roll will be higher with the 2-family. This is why I went the 2-family route.

I do what Kenneth and Ryan do