All Forum Posts by: Arthur Soto

I've been investing in real estate in Passaic County and Bergen County over the past 3 years. In the last closing I had, the seller's real estate agent was talking about purchasing tax liens and how he has done pretty well doing that. I wasn't able to get his info in order to call him to get more information but I was intrigued.

Would anyone specifically in Passaic County NJ like to point me in the right direction with regards to investing using tax liens? You can either respond to this post or inbox me directly. Thank you.

AS

Hi @Dylan Wang I'm also a real estate investor living currently in Passaic. I live in the area commonly known as the Passaic Park area which surrounds Veterans' Memorial Park and the train station and have been here for the last 16 years. The area is very very nice and yes property taxes are a bit high but they have been stable in recent years. I also bought a 2 family house last year on Burgess Place.

If you buy in the Passaic Park area, a 2 BR apartment can go in the 1300 to 1500/mo range. If you purchase closer to downtown, you will need to price it lower accordingly.  My best advice is to do the fundamentals of screening tenants well. I have great tenants at the Burgess Place property and I have never had a problem going to the property day or night. 

If you have any other questions, please feel free to inbox me here at BP. 

Arthur Soto

@Account Closed sure. Send me your info via BP inbox and better yet accept my colleague request. Thanks.

@Account Closed Yes, I have a 3 unit house in Wallington and currently pending a contract for a 4 unit in Garfield. Is there a plentiful supply, no. But if you're on the lookout and you have a real estate broker working with you, you will find them.

Hi Mario.

Since you live in Paterson, you probably know the areas you'd like to invest better than most. Keep in mind the tax situation which could eat into your cash flow and also the cost of monthly maintenance. One area I would suggest that is close to Paterson are the neighboring towns in Bergen county such as Garfield, Lodi and Elmwood Park. Hawthorne is also a good area in Passaic County. Good luck!

Hey Dalwin, actually I've been investing in the greater Passaic area for about the same time. Congrats on the newest deal! I'm in the process of closing my 3rd prop (not counting my primary residence) but its in Garfield. I have properties in Wallington and Passaic. And yes, its good to network and share tips and advice via BP.

Hi Dalwin,

I'm a real estate investor from Passaic NJ as well. Good to meet you. In Passaic specifically, there is a rent leveling board. You should call City Hall and get the specifics. I will answer your last question: yes you can raise the rent without any renos done to the house or the apartments. You have the following reasons that you can explain to the tenants: your costs have gone up, the market has heated up,  etc. Good luck and feel free to reach out if you have any other questions.

Arthur Soto

@Rico S. I was very fortunate in that I was able to purchase the multi-family (3 units) house for cash. So, I'm not carrying a mortgage and the cash flow is excellent. I'm saving to be able to purchase another house by next year.

@Account Closed, I sent you a connect request. Please accept and yes let's talk!

Hi everyone,

I recently got involved with real estate by purchasing a multi-unit house in Wallington NJ not far from my house in Passaic. I'm learning little by little about how to deal with tenants, manage costs and organization. My aspirations are to buy another multi-family house by the summer of 2016 and continue purchasing houses 1 per year. Any advise would be greatly appreciated. I'm also open to offers for partnering on a deal.

Arthur