All Forum Posts by: Allan Szlafrok

@Melvin Galloway If your numbers are correct its a no brainer to go ahead with the renovations. You could probably do a cash out refi of your current mortgage and get enough money out of that to pay for the renovations.

@Robyn Henderson I know Meridian Capital Group does a ton of deals like that in Brooklyn. They are a broker but the best in the business. I have a contact there it could be right up their alley.

@Jeremy M Danan I can definitely recommend the West Side for house hacking i own a few properties right around the train station and ive done well there. Prices are lower than most of the city and its still a pretty safe area with easy access to NYC. 

@Yosef Katz I’m just a believer that ideally you should be close enough to the properties to either manage them yourself or stay on top of the person managing the property. Plus it’s easier to do acquisitions locally as you can see the properties for yourself and more then once if need be. Weigh the pros and cons of your local market versus one farther away. Things like historical trends and demographic changes as well as how hands on you’d like to be with your investment.

@Yosef Katz I recommend staying local until you are sure it won’t work for you. Being able to stay on top of your properties is a big advantage versus out of state and a lot of people are having success locally so it’s worth trying to make it work closer to home.

@David Michael I own a property tight in the Newark Belleville border great area.

@Yosef Katz A lot of fellow Brooklyn people are investing in Northern NJ especially Jersey City, Bayonne, Newark, Elizabeth, and the Oranges. All great places to consider you can still find good deals that cash flow nicely.

@Andrew Rodriguez Hudson County towns like Jersey City and Bayonne are becoming very popular spots for people to commute into the city from. In a lot of cases it’s a faster commute than I had when I used to take the subway to downtown Manhattan from Brooklyn. I’m getting a lot of applicants for my Jersey City apartments from people who work in the city but are priced out. Those are definitely towns to look at.

@Steve Weber Elizabeth and Hillside are pretty good areas for house hacking I own properties there and have done well. I generally stay away from Irvington but do invest in North Newark and Jersey city as well where I have done well and I think are excellent areas for a house hack. Union and Rahway are nice too but I think you get more bang for your buck (and lower taxes) in the more urban areas as described above.0

@Daniel Herbruger you are liable the second ownership transfers. Realprotect does a great job on insurance for investment properties all over the country. They do policies on non mortgages properties. They are based out of GA just so you call the right guys.