All Forum Posts by: Clayton P.

 Roost.com - haven't seen that site before you and I gotta say that is intriguing... Especially if a person is in an area where space is tight. Nice find! You gave me just another new thing to research down into obsession haha

Speaking of you & your husband looking more into RE, and you're doing Roost... Look up BP episodes / other podcasts with Scott Meyer on the topic of Self Storage. Not endorsing him specifically - he's got a coaching program & I've seen mixed reviews - but he'll introduce the basic concepts of SS. Kevin Bupp has great podcasts on it too.

I gotta say I would sell everything I had & never buy another rental if it meant I could hop into self storage as a result. Check it out it might be a cool direction for you guys to look in to.

Hopefully get my offer accepted / structure something win-win on a 7-unit deal right in my target market. That would be sweeeeeet. Ugh. And - thanks to some advice from some other NJ-BPer's, niche down my marketing to try to ramp up my residential listings & get some decent income off this RE license. 

Good luck errrybody! Clock is ticking...

Originally posted by @JD Martin:

On stairs: hardwood steps with off the roll runner from Lowes overtop. Gives some plushness like carpet, is super cheap and can be pulled out and cleaned and reinstalled or replaced easy, and if the risers are painted they won't get scuffed. Second choice would be individual carpet treads carpet taped into place. Wall to wall carpet on stairs looks disgusting in no time, especially if you plan to hold this rental. If you are going to flip and time is an issue, then you might go again with wall to wall.

 How much does the runner cost you to do an average staircase? Do you bother to pad this or, say if sound control isn't an issue, just put straight carpet?

NJ Landlord Identity Law

Edit: Here's a quick list for other landlord-related laws if it helps. Read carefully because not all laws apply to every single property type, duplex to owner-occ'd 4 unit, etc. 

This is another resource, it's a blog of a NJ RE attorney who covers a few good topics and can help with interpretation.

This is a great resource to have too, I keep it at easy reach on my desk, Every Landlord's Legal Guide by NOLO, it's state specific for all 50 states

Originally posted by @David Dey:

I have bought numerous multi family units from 2 units to 240 units, from block apts to mobile home parks.

Yes I have used realtors and referrals to get the deals but 90 percent of my deals I originated myself using public records.

Every property appraiser in every county has a database of every single property in that Is in that county. This is of course so they know who owes them taxes.

Furthermore, they break down the properties by DOR use code (or property use code) so they know exactly what type of property is based on its use code. (Ex: I have 3224 duplexes in my county)

Since the lists are government lists, I have the right to access them.  I can further break the lists down in my spread sheets to include owners out of state, oldest sales, etc. once I've done that to build my perfect list, I skip trace the owners and call them and very simply ask them if they want to sell.

I've done hundreds of deals from little duplexes to full size apt complexes this way.

Hope this helps!!

 Maaaan that's beautiful. I've been looking for a fresh spin to take on my typical marketing, and this is great. You just might get a PM from me in the near future saying "Hey I just scraped my records, here's what I got so far, this look right to you?". Very cool.

Have you put together all your down payments through wholesaling or do you try to work with partners for the $ down? I'm looking at my first 7-unit deal & if it even comes to fruition, I have a PL lined up to put down the down pymt in return for an interest rate & 1/2 ownership. Not ideal but I'm willing to be generous to build the track record bigger & own more numbers.

PS on topic: This 7-unit came to me the same way I do everything: Driving, writing (address), scraping info, mailing, talking. Nothing unique here.

Jake Thomas great work man. Did you already have a relationship w/ the lender you're planning to refi with or would this be your first bit of business with them? Also, you got a lot of Reno done with a 15k budget... That's impressive. The roof alone must have been at least 40% of that? Were the other components not so extensive?

@Austin Hughes very cool man. I think the real strength of this offer is that it's short-term, so from seller's perspective if things don't work out it's not a marriage, and that regardless of which way it goes - she wins! That's the funny thing. She's going to make out good if it goes left right or diagonal. I'm going to have to view proposed offers through this kind of lens before I make them & see if there's some magic sprinkle I can put on it - by having the seller make out positively regardless of what happens (not to say my offers aren't win-win.. this is more like zero-risk). You're literally doing the exact thing she was adamant that she wouldn't allow you to do. It's pretty cool.

How did you come across this thing? That's a very unique property, is it all one property or are there different lots? Did you have marketing out there she responded to?

Originally posted by @Ned Carey:

I listened to a couple of naysayers and delayed getting into real estate by 15 years. Think of what I could have built with a fifteen year head start. 

When I read your post I wonder if you are hanging out with the wrong people. It's great you are not letting them drag you down!  The circle of friends I have today are all positive and successful people.

 We're the average of the 5 people we spent time with the most right?

Nick, wait till you start pursuing and doing deals, it gets even better! You're entering a field where a large majority of the so-called professionals in this industry will see it COMPLETELY opposite to you, and you'll start hearing things like "Well this offer is half of what it's worth, so clearly, you're still new at this" or "This can't be considered a serious offer" etc, not counting the abuse you get from homeowners who find your offer, or even your marketing or presentation, personally offensive. You'll start saving the best voicemails. 

Just keep your eyes on the prize and learn as much as you can as you go, take your calculated risks when you're ready, and it'll just become white noise that you can brush over. 

tl;dr : I hear you man. Just keep it up.

Chris Larkins nothing but hopes for the best man! Good luck. From where I am, that's a verrrrrry competitive arena right now

Congrats on the purchase! You're nationwide ;) What are the numbers on this one? Given the area I'd think the rent-to-purchase price ratio would be a little tricky.