All Forum Posts by: Account Closed

Hi @Randall Kates,

Thanks for the input! I factored traditional lending of a conventional loan or FHA LTC because it is a turnkey property. For a BRRR deal I would use Hard money or private lending and then re-finance into traditional lending.

Thanks again for your thoughts,

William Lees Jr

Hi @Rafael Norat,

I'll make those revisions. I have a couple properties that would fall into that category. I'll PM you. As far as seasoning of loans your looking at 6 months to 1 yr. 

Talk soon,

William Lees Jr

Hi @Martin Halligan,

The average rent for a 2br 1 bath is 1,000. If you clean up the unit you could get up to 1,100 probably. Property management companies charge one of two ways usually, a percent of the rent or a flat rate. Either way you are usually in the ball park or 75-100 per unit. Maintenance is an additional cost. 

What do you look for in an investment?

Let me know any other questions you may have,

William Lees Jr

Hi @Rafael Norat,

This property would need some work, but not to have renters into it. To re-preform the property for the higher rent you would need to put in maybe 15,000-20,000. The typical taxes in the area are between 5000-7000. I primarily work with investors, I have built a team around me accordingly that can support anything an investor would need to get the deal done and performing. I have three property management companies that I work with in the area. I base which one I'd recommend off of the deal. As far as lenders go, I have a wide variety that I work with again basing who I refer off the deal and strategy the investor wants to use. I like being a source of information for investors so please ask me any questions you may have.

Talk soon,

William Lees Jr

Hi Everyone,

I wanted to post an analysis of a typical turnkey rental deal in South Jersey. This the average deal I find. There are better ones at times and its always good to run comps on a property so you know what price is good for the town and type of property. 

Duplex in Audubon (both 2br 1 bath):

Purchase Price- 110,000

ARV- 160,000-180,000

Rents Currently- unit 1- 850 Unit 2- 1000

Re-preformed rent- 1000 a unit

Current Monthly rent- 1850

Monthly Expenses- 1513.98

Monthly Cash Flow- 336.02

Cash on Cash ROI- 10.21%

Let me know any other numbers you might want to see,

William Lees Jr

Hi @Nathan Paisley,

That is true! Cesspools too, which are illegal now and need to be removed. Always make sure if your in a town that ahas a lot of septic tanks or oil tanks or cesspools to get an inspection its worth the cash to not have a tank appear later.

William Lees Jr

Hi @Jennifer Vincent,

Welcome to the Real Estate Investing world! It's great to see local investors ready to get deals moving. South Jersey has a lot to offer. It's definitely good to start close to home if you can. If you have any questions please let me know!

William Lees Jr

Hi @Keven Vanegas,

Yeah you were right. I put in the wrong number. Thanks for pointing that out! I updated it.

Thanks!

William Lees Jr