All Forum Posts by: Jairo Paredes

@Tony R Fox What are your other reasons for wanting to improve the space? You mentioned improving their living experience. Do you plan on raising the rent following completion?
As others mentioned, renovating during occupancy is not ideal. You can make some touch-ups, IE paint, new backsplash, glaze bathtub or bathroom tile, deep clean the entire apartment..

Hello, 
I am a local investor with most of my projects in the North Bergen area. Always looking to connect with other investors/RE professionals. Feel free to reach out.

I am in the North Bergen area. Always looking to network and do meetups with other investors. Feel free to DM me @Tomy Nguyen

@Eugene Sims sorry for late response. Steven Serna ESQ. is in your neck of the woods.

sernalegal.com

Some deals call for cash. Depending on the market, a cash offer with little to no contingencies and quick closing can sweeten your offer. I have done several of these cash closings but if you can, leverage a lender. 

Use the money saved to scale your portfolio. 

Investment Info:

Condo buy & hold investment in North Bergen.

Purchase price: $165,000

1 bedroom apartment in upper North Bergen. Next to the county park and located on the corner of Bergenline. Restaurants, shopping, and public transportation right outside the door.  

Paid cash at closing and now working on refinancing. CoC Return should be in the teens following the refinance.

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

The area. I love the area and the building is centrally located to everything a person would need.

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

MLS. Made an offer same day it was listed.

How did you finance this deal?

Cash at closing. Working on refinancing.

How did you add value to the deal?

Upgraded electrical per code. Added new tenant.

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

My broker, Derek Gomez from Remax Villa Realty.
Evelyn Ortiz/mortgage broker.
Jose from K&C Electric & Security - Electrical Contractor
Michael - Liberty Mutual - Insurance
Israel Paint - Great local Benjamin & Moore paint & supplies store

Investment Info:

Condo buy & hold investment in North Bergen.

Purchase price: $158,000
Cash invested: $50,000

1 bedroom condo in upper North Bergen. Tenant in place with good payment history. Rent covers all expenses. 9.6% cash on cash (CoC) return.

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

On the MLS. Made on offer over asking price on day 1 of listing. The numbers made sense.

How did you finance this deal?

Paid cash at closing. Refinance in progress.

Lessons learned? Challenges?

Offer was made right before the state shutdown happened. I offered over asking price b/c the numbers were good because of the high rent. Going forward, I will add a contingency for pandemic like changes on society that may or may not sway the RE market. Something that would allow flexibility to renegotiate should the market decline while under contract.
Add a contingency with the rights to assign contract to my spouse in the unlikelihood of death or decline in my health/mental capacity.

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

Derek Gomez from ReMax Villa in North Bergen, NJ.

@Justin Kanipe

Yes, have 1 under contract.

Investment Info:

Single-family residence other investment in North Bergen.

Purchase price: $330,000

Purchased a fixer upper in North Bergen's doctors row.

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

Live in the area and have always been interested in this particular house. It went into foreclosure and the bank won it back.

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

Got it on Xome.

How did you add value to the deal?

Tenants moved out last month and now moving forward with the next phase. Had it on the market while it was occupied and received 3 offers. Took it off the market and now reviewing options.

What was the outcome?

Still in progress. However, the market value in this particular block is good. So this should sell quickly once renovated. It could also sell as an As Is property.

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

Although I got this via Xome, I used Derek Gomez as my broker. He is my RE agent for all my sales.

Hello everyone,

I had a full-time job when I first started investing. Needed a way to support my family and fund my projects. Was also made it easier to secure a loan.

I am now a full-time investor. This was not an overnight thing but I’m glad that I am doing it this way. The big difference is I don’t have that weekly check from work. So this motivates me to look for leads and finish projects within budget and on time.