All Forum Posts by: Marcin Ferenc

Hi @Aquiles Veras and welcome to BP. Make sure to spend time on the forums and ask many questions. Good luck to you!

@Matthew B.. I think it depends on your market. I see you are in Florida and a pool would seem really appropriate at a property in that area I would imagine. In NJ where I am from I would never install a pool even if a tenant was willing to pay above and beyond what the cost of the pool is. I am terrified of the potential liability and especially if there were children coming over and if there was no supervision it could easily become a disaster. It also does not make sense in NJ because we get about 3 months per year of pool weather. I would say check the comps and what is included. If most rentals have pools and if its very common there than I would consider it.

Thanks @Joshua Dorkin! 

Hi Robert, over by me I look for properties that exceed the 1% rule. I don't use investor funds for any of my rental holdings yet so all down payment is out of pocket for me - typically 25% on multifamily investment properties. I have a $ amount that I like to see for each property after calculating the expenses as well.

Hi Jared and welcome to BP. I flipped my first property and with the proceeds purchased a triplex rental property over in Garfield NJ. Shorty after that I purchased another triplex in Lyndhurst. I would say find a town you feel comfortable in and look for at properties. North Arlington is nice town and you can definitely find something there.

Cool story @Kevin Stolarski! Glad it worked out for you. 

@Richard Vang. You can't really do anything about it as some people will complain just to see where it will get them. Maybe they think that if they write this note you may just drop the increase and now they get away with the same rent for the next year. From their perspective it doesn't hurt to try. If you are so much below market rents though I would not be concerned and would probably raise rent to be in line with the market considering your property condition supports that. However, if throughout the year they are really great tenants who cause no issues I would just keep on increasing at 3% or so per year to cover new expenses such as taxes/water/sewer.

@Alberto Urena. I would not recommend. There is a reason why the properties there are so inexpensive.

Hi @Sunny Suh and welcome to the BP forums!

Hi @Rob B.. Additions without permits are a huge deal. Over by me the town would catch you doing it even if you didn't want to pull a permit. You also want to make a new apartment out of a garage. Will that pass CCO when renting to a new tenant? That doesn't seem like it would be a legal apartment since the city has no knowledge of it. If this property were to catch fire I'm pretty sure your insurance would not cover you. Very risky in my opinion.