All Forum Posts by: Mark Langdon

I just went through this last year and did a 15 month so it ends during the late spring period. Go for the longer lease if you can versus 6 month.

No contractor's license required. Get 3 quotes while also doing your due diligence on insurance/workers comp. etc.

Lower it slightly and advertise; advertise; advertise now. Nov./Dec. is tough with the holidays as no one typically wants to move. 

Just be careful. People who want to prepay the rent sometimes do that for a quick acceptance before you do your due diligence and you find out later they have previous tenant issues. There is nothing wrong with pre-paying rent as it is not called a security deposit. I have done that in the past for the same situation but as I mentioned be careful to really scrutinize their ability to pay after that meaning good W-2 type/paystubs income etc. Take it slow and vet them out properly with proper tenant screening.

Sorry; you have to fix the drain line. That is the only correct solution. Anything else is not per code and temporary at best. Draining it into the sump pump pit is not good. You may be able to call a Roto Rooter type guy with a camera and you can see what the issue is and then hopefully snake it especially if it worked previously.

Its all about knowing your numbers. Comp's in the area; How much will it cost to fix it; What kind of Rent's will you get; how will you finance it; then use the BP calculators to figure out your potential cash flow in your renting it if you don't have your own.  You can find alot of info on the web to get what 3-Families sold recently in the area; what rents they get etc. Go call a realtor if your not using one now to help you. Knowledge is power. The hardest and often most underestimated number for new folks is the rehab costs so get contractors to walk the home with you to get real estimates. Good Luck !

Welcome to BP Anthony. Ask away your questions. We are here to help. Good Luck !

Yes; send a seperate letter right away this time and next time put it in the lease. That's what I always do.

No but I highly recommend it. Do not fill it with sand. When you sell it someday buyers will shy away. Just yank it out and put that in your repair costs/purchase price when you crunch the numbers. Make sure you test the area around the piping to make sure that did not leak. Have an out clause if you find oil so you are not stuck with it. No one likes oil tanks.

Nice Job Arary!  Don't stop now. This takes time. Anything ever comes up for in Morris County, NJ; I am very interested.