All Forum Posts by: Alex Cordero

Investment Info:

Small multi-family (2-4 units) buy & hold investment in Paterson.

Purchase price: $425,000

Contributors:
Drew Walls

Corner lot, spacious, and high potential three multifamily home in a prime area of Paterson. Currently house hacking with opportunity for robust cash flow in the near future.
9 Total bedrooms and 4 bathrooms with spacious basement.

What made you interested in investing in this type of deal?

Upside potential with already existing revenue made this a solid deal in my opinion

How did you find this deal and how did you negotiate it?

As a licensed Realtor I have access to the MLS. To which I spend hours at a time combing through the nitty gritty of homes until I uncover perfectly matched criteria "winners". Understanding what will work in terms of profitability and what will not has given me the confidence to "pull the trigger". The negotiation was straight forward. I didn't haggle, the house was priced to generate revenue so I bought at asking.

How did you finance this deal?

My go to guy for lending, Drew Walls , and his company at Millenium Home Mortgage were absolutely vital in this deal.

How did you add value to the deal?

I am currently renovating many areas and plan to add more to the list. I've planned the deal after closing to such detail that I know once my "deadline" time is approaching I should have more than enough finished ; the doors need revamping, the carpets replaced, and the driveways paved and maybe some landscaping and new paint to add curb appeal. The most important thing I want to accomplish is to enjoy making projects of things with my wife.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

In this case, I was the buyer, negotiator, and agent with help from IMO one of the best of lenders.. Drew Walls.

Please add me to your list. Thanks! [email protected]

Hey Jessica! I am mostly looking as of late in the Hudson, Bergen, and Passaic counties but of course of the numbers make sense it is an open commitment. More specifically, I would like to look into Clifton. 

Hey all,

I am looking for a real estate agent in Northern NJ area that can help me find deals on multifamily homes. What qualities make a good agent? What should I look for and what should I avoid? Anyone have someone they'd like to recommend?  

Hi everyone, 

Upon signing up I remembered hearing somewhere that a membership to BiggerPockets is tax deductable because it is business related. Any truth to this?

I am currently seeking to buy my first property which will be multifamily. I live in northern NJ area and would like my first purchase to be close to home so I can manage it a lot quicker and easier. I'd hate to bite off more than I can chew with a long commute in case of trouble. That being said I'm currently looking at loopnet to find a deal. Anyone having success in NJ finding multifamily homes with at a discount ( say 20%) ?. Where can I look to find these great deals? Thanks in advance.