All Forum Posts by: Paul S.

A dock and a boat launch nearby.

I understand everyone's sentiment about putting as little cash down as possible, but if it's a hot area, you might find yourself with competing bids on the property and your offer with 20% or less down will get beat by all cash or a higher down payment. If in a multi-bid situation, your higher down payment has a better chance of winning out. If that's the case, you have to be happy with the cash on cash return you are getting on that 40% down. 

1. You're never bonkers for trying to get a good deal. 

2. The seller may be a little out of touch, but they hold the cards.  I see so many multi-family homes sell at numbers that don't make sense right now, unless you're paying all cash...

3. Absolutely. 

4. The market will dictate that. If you can't find a deal, you can't find a deal and will have to pivot. 

5. Not an awful idea if you are going to live in one of the units. 

We're at an all-time high in the market, coupled with all-time low in inventory. Save as much money as you can and wait for the market to turn and more opportunities to come up. It is VERY hard to find cash flowing deals in good areas of NJ right now unless you're paying all cash--and even then, you're paying too much. 

Congrats! Are you able to share any more numbers, such as expenses and cash flow?

How many days notice must a tenant give you if they plan on not renewing their lease? My lease says 60 days, but I read online in NJ it is 30? Is that true? 

Contact a local realtor and have them run comps. Maybe offer them some cash or a gift card or something? 

It costs money to sue people, so even if you had an agreement and he changed his mind, you don't have much recourse--you can't force someone to sell to you.  If you agree to his new price then get a contract signed to show that you're serious as well. 

 Nice house. Keep us posted. 

If it can comfortably fit a family of 4, then have at it.  I vacation on Lake Champlain every year with my wife and son. We only need two bedrooms and a bathroom.  You won't be able to cater to large families or groups, but who cares. And if you live close enough you can use it yourself sometimes.