All Forum Posts by: Michael Ash

Congrats @Peter Tverdov! That's gotta be one hell of a feeling. I hope you continue to grow man, good luck!

@Danilo A. @Kunal Kapur @Andrew Wenman I'm also currently living in Hoboken. New investor looking for my first deal at the moment. If you guys are interested, we should all meet up to just see what all of us are looking for. Never know if we could help each other out or partner on any deals.

Thanks @John M. and @Bobby Faiges for the insight. The mortgage payment is $3,530. I have all of the debt services listed in my spreadsheet, I was just trying to give a little overview. My plan is to manage the property myself for a little while, but I like to put that number in there because down the road I will be using a property manager for it. I want to make sure the numbers still make sense at that point. 

Hi BP! I'm looking at a 4 family property in NJ, all 2 bed 1 bath, and I just wanted to throw the numbers out there that I came up with to make sure it sounds like I'm on the right track. Probably looking at a 203k loan at 3.5% down including reno costs. Let me know what you all think!

Total rental income - 8400

Vacancy - 420

Prop Mgt - 840

R&M - 420

Taxes - 848

HOI (maybe flood also) - 400

Cap ex - 800

Utilities - 200

Purchase price - 500,000

Reno - 150,000

Cash flow - 842

ROI - 26%

Even running numbers more modestly, I'm coming up with a 480 cash flow and 15% ROI. Am I missing something or is this a decent 1st deal???

Hey all, I'm looking for my first property which I will be house hacking. I've been looking in Essex, Bergen and Passaic counties, but I am open to other areas. I need to be close to a train station that's within 30-40 min to NYC not only for investment purposes, but also for my wife's commute to work. I'm currently working with an agent who's sending me MLS stuff, but I wanted to branch out and add more options to my funnel to move this along. I have been going to some local meet ups and haven't had any luck yet that way. If there are any really good wholesalers out there that I can get on there list or even just other opinions about how I can get more potential deals to come my way, I'd appreciate it. Thanks!

Thanks @James Masotti for the response. I'm open to any recommendations if they work in the area, I appreciate it.

Hey BP community! I'm a newbie in NJ and I'm starting to go out to see multi-family properties for long term buy and holds. I'm looking for some recommendations on reliable and quality contractors that will walk properties with me to give me numbers. They have to work with 203k loans since that is most likely the route I'm going to go because my first property will be a house hack. I'm looking at properties in Passaic, Bergen and Essex counties. I have some in mind, but always checking recommendations from the BP community is a great reference. Thanks for any help!

@Chrissy Parsons where do you find those stats from on absentee home owners?

Thanks @Jack Butala! 

@Odie Ayaga @Alina Trigub thank you both!