All Forum Posts by: Scott Weaner

I agree with @Adam Smith. I would look for a side-by-side duplex, live in one and rent the other. 

I have set up a separate checking account for rent/expenses, and savings account for security deposits. At this point, with only 2 tenants, they are mailing the checks, and I deposit them from my phone with the bank app.

New Dryer: 

Start with the 1% rule, then try to put actual numbers into one of the calculators. I like this one: Real Estate Analysis Free

I too am investing in NJ, and the biggest hurdle is the high property taxes that can kill cash flow.

You may actually be better off. Now you can vet your own tenants. I looked at a couple of properties recently, and the tenants should probably be in a state hospital.

Are you sure that your home will make a good rental property? How much will it rent for? How much is your mortgage payment now?

You may be better off doing a refi to get money out of the house, then using some of the profit to buy a rental that will cash-flow well.

@Bob E. "turmoil imaging camera"

If only one could get one of those! Could save us from quite a bit of stress.

I pay the water bill, then bill the tenants. This way I know that it is paid. 

Aren't roaches a protected class?

Can you post the details of the property? Vacancy is not truly an expense, but needs to be calculated in somewhere.