All Forum Posts by: Joel Burt

Hi All,

  So I've finally purchased my first investment property and am starting the reno process. My plan is to live in the property for a year and then move out and keep it as a rental. The property is a single family home. One of the necessary reno projects is updating the kitchen. How much should I spend? Specifically, should I splurge on higher quality all wood cabinets, or buy plywood box cabinets with MDF doors to save money? Where is the line between junk that wont survive the first tenant, and material  too nice for a rental?

Thanks!

All,

  I'm working on my first home/rental purchase in NJ and I need some help. My plan is to buy a suitable single family rental property, live in it for 1-2 years and then move out and rent it. I currently am married without kids. I've identified a good opportunity, but am hesitant on account of the school district. The school district is Woodlynne NJ, on the lower end (5/10) on Zillows. Rents in the surrounding area are $800-1400 for 1 bedroom apartments, and $1000-1400 for a small old townhouse. I'd be renting the 1450 sqft single-family home for $1200. My question to all of you is: Does it matter? Do lower-income tenants care about the school district? 

Thanks! 

west Chester is a very strong rental market.

The units have not been updated for 12+ years.

Both units have been rented for 25 years

2 bed 1 bath : $675/mo a month (below market rate)

4 bed 1 bath : $1050/mo (below market rate)

Thanks! 

All,

  My name is Joel and I am BRAND NEW to real estate. I'm looking to purchase my first property and need some serious help.

1. Should I form an LLC prior to purchasing a property?

-I've heard that the tax benefits make it worthwhile and that i can run a number of expenses related to my property through the LLC as tax deductions (phone bills, miles, etc).

2. How do I know its a DEAL?

-I'm interested in buying a multi-family home to use as a primary residence and rental. Should I buy a "condemned" property or are they too far gone?

How to I gauge the strength of a rental market? 

Thanks!