All Forum Posts by: Allan Szlafrok

No i dont want to see millions of people thrown out of work and hear stories about people killing themselves and their families because they cant support them just so i can pick up a few properties cheaper than i would otherwise. People forget about the human toll of financial downturns which many families struggle to recover from for years and years after the GDP readings say the recession is over. And a lot of people here who were too scared to buy after the last downturn will probably be too scared next time around too so i don't understand the folks cheering for our nations economy to collapse. Theres money to be made in real estate in every stage of the economic cycle and in every corner of the country. Maybe find another strategy if its come to the point where you need an economic collapse in order to make money. If you cant make money in this stage of the cycle go find another job this might not be for you. 

P.S. Not coming after anyone directly over here but in general the people rooting for a recession need to do some soul searching. The world is way bigger than your wallet. Dont forget that.

@Johnson Joseph Yes I do it all the time but you won’t get those low rates offered to regular home buyers and most loans offered will be commercial loans with a 5,7,or 10 year term. That being said it’s still worth it and talk to local community banks when you are ready to do so I find them much easier to deal with as they take the time to understand my business.

@Christian Sifuentes You can do it yourself through the their website.

https://www.state.nj.us/treasury/revenue/gettingregistered.shtml

You will also need to get an EIN from the IRS. The whole process for all of that takes 20 minutes. That being said maybe talk to an attorney to make sure it’s the right business structure for you.

@Lady Cerezo I actually live on Long Island as it happens. Happy to talk just reach out.

@Lady Cerezo I own a few properties in Newark and was actually there this morning. It’s a city on the upswing but you definitely need to know where you want to be over there and have a good grasp of the various neighborhoods and their pros and cons. Then again you can say that for pretty much anywhere. Prices in Newark have also risen a lot in the last few years but it’s cheaper than Jersey City and some if the surrounding areas. There are other areas to consider as well along the rail lines that could make sense for you. If your planning on living in the property there’s a lot more to consider then just the numbers like schools, safety, amenities and overall lifestyle. I’m pretty well versed in these town and I’ll be happy to share what I know with you.

@Lady Cerezo Keep Jersey City in mind too its way cheaper than NYC with some really nice neighborhoods that have a lot of the amenities of the city and you’re only a quick train ride away from Manhattan. That’s where I’ve been investing and in addition to huge amounts of appreciation over the last few years I’m getting a lot of applications from tenants who work in NYC but don’t want to pay the crazy rents anymore. I think there’s still some upside to Jersey City and much of Hudson county like Bayonne and West New York etc.

@Lady Cerezo I’m a big fan of house hacking for beginners. Great way to get your feet wet. Look for a 2 or 3 family which I admit is pricey over here in the NY metro area but if you can pull it off it’s the best way to get started in my opinion.

@Derek Gomez I’d be interested in Hudson county

@Ryan Saulle David Flamholz from Rubin & Dombeck

Good guy I’ve worked with him before

@Ryan Rush Sometimes it goes like that. I have good months and bad months but as long as it all averages out to a place where I am happy and doing well I’ve learned to take the good with the bad. That’s the key here. Some months I’m 100% occupied no issues come up and sometimes I have 5 people not lying at once and repairs to make. But when I look back at the year I find that it all worked out so I keep on trucking. Take a long view of the business and don’t focus on short term problems. Good luck.