All Forum Posts by: Paul Camuto

I agree with Grant if numbers make sense are shouldn't matter. Curious why you are going multi family on your first deal. You must have significant capital you are sitting on to get that big of unit in NJ. Curious why you didn' buy 1 unit to get in landlord rental game.

Josh on a 50k after repair value bank will only lend you up to 40k assuming you owe nothing on it. If you only have 35% equity you can only get up to 7,500 out of it. A local community bank or the bank you might have financed the deal thru you dont have to wait 6 months. They can waive that. I use the heloc for emergency or unforeseen expenses. Make sure you have a safety net.

I am interested to see across the country who has the best deal for a 2 bed unit. I am talking about the purchase price and cap rate. The unit has to be updated and in a good area. I am not interested in cash flow in run down areas. The unit can be part of a multi, condo, single family. Looking for the lowest price with the highest cap rate for a unit in a top area that is modern. I have a 135K purchase price for Mt Laurel NJ which I can rent at 1400 for around a 7/8 cap rate.

I just got my first review on Amazon from Mark Gabriel on the forum. Very exciting to get feedback from other investors.

I would be concerned about your exit strategy down the line.

Venmo for all my tenants. No confusion of payments being late because of lost in mail. No processing fees.

Single family homes will allow you to scale from one investment to the next. Any type of property with equity or rental income will get you in the right direction. Every investment is a grind. Multi-family homes are not accessible for everyone in every market and are not the perfect solution regardless of how "hungry" you are.

2 month security might not be legal in your state. Have you considered a co signer or to just make the 2 other tenants jointly liable for the other?

Congrats on purchase. This is a big success buying a multi unit as your first. Any photos to share? As you get more comfortable you fill find attorneys can be done without. Build a relationship with your agent if you want to work together again, they can even give you some rebates for partnering together. I be curious to know the cash flow and cap rate, I didn't see much on the financials.

Lewis why wouldn't you want to start with a single unit? Why did you jump right to a multi unit building?