All Forum Posts by: Yavuz Bayram

It does depend on few factors location, price, how the house is positioned behind the other house (too close, doesnt get sun, less privacy etc) From my experience you will rent it out sure, but it will be on the bottom of the list for most tenants. So you will probably get tenants that were turned away elsewhere or have lower qualifications. 

Wow thats a story unfortunately that we hear very often. But its not your fault some contractors overpromise and under deliver and things like this happen. Most honest and good contractors are not going to want to touch someone else's unfinished work because of the responsibility it may bring. But you may be lucky if you keep searching and talking to people. I have a cousin who is a licensed contractor down in Delran which is pretty close to you. If you want get in touch so i can send you his contacts. 

I too think the profit margin is too thin. Are you also taking into account realtor fees? Unless you are doing FSBO that one will be a big one as well.

Welcome and good luck with building out your team. With some networking and patience i think you will be on the right path since you already have set your goal and strategy and access to lot of the resources of our BP community. All thats left is going out onto the field and converting it into practicality! 

Every store has its perks some with convenience some with prices so you have to be on the lookout constantly for discounts and coupons and sometimes you can get some really nice deals. I usually go to Floor and Decor variety and price are things you cant go wrong with. But sometimes with sales going on Lowes and HD can have some deals. The other day at Lowes i saw clearance sale for 6x6 tiles that looked pretty nice and it was only .49 a piece i was like wow wish i had this when i was doing that basement last year. Also the Lowes stores if you use their card will give you 5% off each purchase.  You can use Lumber Liquidators for hardwood competitive pricing, Kuiken Brothers,Allied Building, Ferguson Plumbing for supplies, Feldman Brothers in Paterson for electrical needs and probably many more i missed. 

I dont think tying up that much cash into a property without positive cash flow would make sense. Appreciation can go so much you will also have costs of maintenance, vacancy, and other unexpected issues from time to time and it may become frustrating over time especially if you are not making a profit. When you decide to sell there arises another issue which is prepping the house for sale, realtor fees, transfer tax etc etc. Will the house appreciate enough to cover these costs and your time and effort? 

In NNJ palces like Paterson and Newark may fullfill your requirements i know so as i have clients who have bought 3 family units in Newark with $350 per door even.  You need to work hard to find a deal talk to agents, maybe do direct mail, cold call, door knocking you never know what you can find. 

Thanks for the heada up on this issue. If theyre ok with double closing when you disclose the price that does defeat the purpose so whats the point of even putting it on the table?

You can also run few towns you have in mind by your agent and get the sold listing reports which usually have the payment method types where you can see if its a CASH/ARM/CONVENTIONAL deal which can give you an idea of what kind of buyers you are up against.

New Jersey has the second highest percentage of households that earn more than $150,000 per year but the high incomes are offset with high expenses. Some of the things that make NJ a tough market is the proximity to NYC. Because of this, the demand is high which naturally increases prices as well. Another issue is labor rates are also higher than other parts of the country as well it even differs within the state (North vs South). One of the other issues as you mentioned is the property taxes 560 municipalities in total and they all have school districts. But there are always deals out there if you are patient and have your finances lined up.