All Forum Posts by: Majour Bey

This is awesome. Congratulations. Thank you for sharing

I'd like to thank everyone for the feedback Penny Clark and Kaycee Wegener - the links were both informative and helpful. I'm going to issue an inspection letter to both units, schedule an exterminator to come out and use that time to asses the current condition of the property to address/avoid future problems. You all have been most helpful!

Hey Guys, I recently took over a rental property that my father was going to allow to foreclose. The property has been rented out by primarily, the same tenants throughout his tenure. Here is my issue; this is a two family home. My tenants on one side, have informed me that they can here mice in the walls & are accumulating roaches - via the tenants on the other side. I need to take action immediately, to avoid more serious problems. However, being that I did not cover mice/roaches/infestation in my lease (I did not take this into account at all), who is fiscally responsible for the removal of all infestation - the landlord of the renter? I've just renovated a bathroom, kitchen and installed carpeting on one side. I am not against investing in my new investment. However, I do not live there - in conditions that would breed unwanted company. I am seeking insight from anyone who has dealt with this problem/ can relate and assist me in creating a swift course of action! Thank you all for your help and time.

Hey guys, I just wanted to share my most recent success. My father owned a beautiful 2 family residence in Morristown, NJ and over time stopped tending to it, and allowed rents to go uncollected and the bank to begin foreclosure. After I got licensed as an LO, I was able to evaluate numbers and make an educated decision and stop the foreclosure and take over the property. He has agreed to write a quit claim deed and expressed his support for me taking initiative and getting into real estate. After I refinance both mortgages into one, I will owe about 188k and the house is worth north of 400k. I have no experience with estimating repair costs - both units need kitchen renovation, bathrooms, carpets and roofs. But the ARV margin gives me confidence. Both units are already rented and all parties have agreed to move forward and begin paying rent as of March. I'm scheduled to go get leases signed on Wednesday. My only delimma is a slight language barrier, the tenants primarily speaking Spanish, and me intuition telling me they are not being upfront with how many people are living in this property. In my head, I don't really care how many people live there as long as the rent is paid on time. However, I don't want to leave my self vulnerable to legal action due to violations I am ignorant about in that regard. Looking for any feedback/insight in regards to that. But overall, excited to get my feet wet and share this with the BP community.

Hey guys, I just wanted to share my most recent success. My father owned a beautiful 2 family residence in Morristown, NJ and over time stopped tending to it, and allowed rents to go uncollected and the bank to begin foreclosure. After I got licensed as an LO, I was able to evaluate numbers and make an educated decision and stop the foreclosure and take over the property. He has agreed to write a quit claim deed and expressed his support for me taking initiative and getting into real estate. After I refinance both mortgages into one, I will owe about 188k and the house is worth north of 400k. I have no experience with estimating repair costs - both units need kitchen renovation, bathrooms, carpets and roofs. But the ARV margin gives me confidence. Both units are already rented and all parties have agreed to move forward and begin paying rent as of March. I'm scheduled to go get leases signed on Wednesday. My only delimma is a slight language barrier, the tenants primarily speaking Spanish, and me intuition telling me they are not being upfront with how many people are living in this property. In my head, I don't really care how many people live there as long as the rent is paid on time. However, I don't want to leave my self vulnerable to legal action due to violations I am ignorant about in that regard. Looking for any feedback/insight in regards to that. But overall, excited to get my feet wet and share this with the BP community.

I am eager to attend. I have emailed you directly as well. What is the address of the meeting?

My goal right now is strictly to get educated and get in the game. To really avoid any further "analysis paralysis". With that being said, initial capital is my highest hurdle. Has anyone on BP had any success with beginning with a rental SFR through a 100% financing USDA Loan. In Northern NJ, the hopatcong, Mt olive Township, hackettestown, Mendham and moving further west towards PA are eligible "rural" areas. Just looking for insight, feedback, suggestions. Thank you BP community.

Wilson, thank you! 

Chris Babula & Chris Johnson hello and welcome..I'm brand new to BP and live in Morris County as well. I'm a loan originator and looking to start investing myself. My ideal starting location, Morristown. Id be interested in getting together sometime and bouncing not ideas.

Hello Josh, Thank you. Where would you recommend I start my search in our area? And how do you feel about Morristown?