All Forum Posts by: Luis Valdez

Hi BP Nation, Can you answer my questions? I’m in the process of acquiring my first deal. (Triplex) How do I market the rental property in order for it to rent? Where can I find legal rent applications? Lease contracts? Screening - run credit - background checks? How can I receive rent payments with no fees involved? Do security deposits accumulate interest in favor for the buyer? If so how much? Thank you for your responses in advance!

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@Chris Connolly have you had any experiences installing a washer and dryer in a multifamily home?

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@Chris Connolly hello. There is a washer and dryer in the first unit but the other does not have any hookup

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Hey BP Nation! I am considering buying a multIfamIly home that’s has potential. I am new to real estate and looking for advice. The property is in fair condition. However, there are a couple of things that concern me. 1. The home has ceiling tiles like an office, and there are water marks on all each level of the home. 2. The home is next to mini plaza that has a restaurant, barber shop, and bar. (Don't really know if that's a good thing.) 3. There is no washer and dryer in the other unit. Does anyone have any suggestions?

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What would be the better option when purchasing a first home, cashing out early your 401K, using that money as a lump sump down payment and facing the tax penalties, or making a smaller down payment and facing higher interest rates long term?

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Originally posted by @Jonathan Herron:

@Luis Valdez I have seen clients find success with the Camden City market, and Camden County in general. While NJ is a tenant-friendly state it is not difficult to get a non-paying tenant evicted. One of my clients in Camden is aggressive at evicting non-paying tenants and usually can find a new tenant within two weeks of the eviction being completed. With the large amount of construction happening in Camden the property values could see a decent rise in the near future. As @Stephen Kappre said it is important to know exactly where you are buying in Camden as it can be a rough area.

Feel free to contact me with any other questions on the area.

Thank you @Jonathan for your feedback, are there any available multifamily units that are up and coming?

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Originally posted by @James Masotti:

Originally posted by @Stephen Kappre:

Originally posted by @Mike P.:

is Camden a safe area? I use to hear it was pretty rough!

Just closed on a 2 unit and a single in Camden (with a client of mine) ... it can certainly have it's rough sections ... and like any area in any town, one street to the next can be a considerable difference. If you are going to invest there I'd advise you to get to know the area really well. I grew up in a rough town so I will go (stupidly) just about anywhere. But I confess there were some tense moments here and there. Stories for another day. :)

We'll have to discuss this a bit more at one of the upcoming South Jersey meetups.

Hey James, when & where is the next meetup?

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@Jeremy Elcox @David Hildebrandt Do you know what kind of credit the banks run whenever you are looking to purchase a multifamily home?

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All Forum Posts by: Luis Valdez

Luis Valdez has started 34 posts and replied 64 times.

Post: Can you answer my questions?

Post: Can you answer my questions?

Post: Can you answer my questions?

Post: Buying a triplex next to ....

Post: Buying a triplex next to ....

Post: Buying a triplex next to ....

Post: Questions on pulling out a 401k early

Post: New Jersey Real Estate

Post: New Jersey Real Estate

Post: Questions regarding Credit Score & Real Estate