All Forum Posts by: Nicholas Sheridan, Jr.

@David Weintraub That is a good point. I don't want to put myself in harms way every time I have to collect. 

@Ray Reed Thanks for the response! I was going to start looking at property near NJ transit in those areas. 

Hello BP community!

I have been a member for a year or so but thought it was necessary to redo my intro post due to my relocating to NJ. I just started my full time position a few months ago and have narrowed down my REI options to Multifamily Rentals and Low Income House Flipping.

I was originally interested in purchasing a multifamily house (triplex/quad etc.) and occupying a unit while renting out the rest. However, I was wondering if others have had much success with multifamily housing in NJ despite the ridiculously high property taxes. 

I have read through the Ultimate Beginners Guide and am about 1/4 the way through the BP podcasts.

Thanks

John Jacobus thanks! I will check them out for sure

That is a good summary @John Leavelle . I have not heard of the 1% rule yet but it seems to compliment the 2% rule well as a minimum since 2% is difficult to achieve. 

Thanks ! 

Thanks Sam. What you said makes a lot of sense. The market norms change depending on the location. Once I start evaluating properties I will deffinetly take your advice and get the averages based on the area.

Hello BP community,

It has been a while since I have been able to get back on my RE learning track (due to just graduating) but I am finally back! I am new to RE and interested in the strategy of buying and holding a small multifamily property. As I go through the Ultimate Beginner's Guide I have a question that I can't find the answer to that is related to the 2%, 50% and 70% quick rules of thumb. After checking out a couple forums it seems as though the 70% rule would be used mostly for house flipping. What are some quick rules that you would suggest help evaluate small multifamily properties?   

Thank you

I must be the only person who thought that Rich Dad wasn't all its hyped up to be. The book could be summed up in 1/4 of the pages. Some books on my list are:

Hopping over the rabbit hole

The Richest Man Who Ever Lived: King Solomon's Secrets to Success...

Sounds like a great way to expand your network

@Joe Villeneuve Okay as in every time I fix up any part of a house it will be an expense.