All Forum Posts by: Lafontant Cherilus

Wow! Thanks @Dave Foster .. that' is a good strategy.  I will check out your website as you seem to know alot about 1031.  

@Darren Budahn 

 Thanks!   I think that is the approach. I'll keep searching for a Duplex or Quad in south jersey. If I can't find one then maybe I'll just do a single family (as that is what is prevalent down here).  I'll live in it a few years - if it is profitable to rent I may choose to rent it out when I buy my next home - or I may do a 1031 exhange (and hopefully) use the equity to finance a Quad in Northern NJ when I return up there.  JUST one issue with that.

By that time - my wife and I probably will have children and I know how she feels about living in a Quad.  Starting out (when we don't have children) she doesn't mind but later on when we have a family - may not be the best living situation for our family. 

@Bill Gulley 

 where do you see that I want to be a wholesaler? That's NOT my goal at all. CAN YOU READ? ( I SAID I AM NOT A WHOLESALER).  I don't plan to go to any Guru courses..I don't plan to do SOLELY.  And SECONDLY you act as if I want to do this on a full time basis.  I have a current career that I enjoy and have other business endeavors.  Buying properties and holding on to them to provide QUALITY HOUSING TO WORKING CLASS / MIDDLE INCOME FAMILIES...is one component of my portfolio of business endeavors.   

THAT  is why I'm looking at Newark NJ....my hometown. There is a social impact / socially responsible aspect to my goals. 

You shouldn't make blanket assumptions without first understanding.  Never ever thought about wholesaling. 

@Bill Gulley 

 I definitely hear your point. I've given thought to buying in Philadelphia - but I admit I do have some concerns.  

I'll keep searching for the few multi families (oops Sorry Bill Newbie nomenclature) Quad or Duplex Single Family homes (however Bill wants to call it) here in South Jersey. 

Thank you all for the feedback.  It is the truth and my end goal is to be back up in Northern NJ but right now my career has me working in Philadelphia. 

I have been going back and forth about whether to invest down in south jersey 

1) because I plan to hold on to my properties for a long time 

2) because long term I don't know if I would like to live in South Jersey (there are a number of community and other business ventures that i'm tied to in Northern NJ). 

Every weekend we are up there and our church is up there. Yes I rent down in south jersey because I work in Philadelphia during the week. 

Here's the situation;

1. Not too many multi families in southern NJ (where I reside) and work in Philadelphia.  (goal to get multifamily with positive cash flow after debt servicing, reserves, maintenance, taxes etc) 

2. Was thinking of getting owner occupied financing on a multi family in Northern NJ (about 90 min away) - a 4 unit, in which one of the units would be occupied by me on the weekends.

Was told that this may not be legal because I do not spend most of my days there.  My response is: what about people who travel for work during the week and are only home on the weekend? 

Thank you @Steve Wilcox  and @Ankit Duggal ... very helpful comments indeed. 

When you first got the properties - I understand they send a property inspector from the housing authority?  Were there any major hiccups with timing of inspection, frivolous repairs, things to watch out for to get it up to code? 

This question is for individuals who have successfully found and managed section 8 properties in Newark NJ area.

1. What led to you deciding to offer section 8?

2. Given all of the negative comments about section 8 tenants - what things have you done to keep your property well maintained and avoid some of the "numerous" negative tales we hear about section 8 tenants?

3. Fair market rates for a 1BR, 2BR and 3BR in Newark NJ area? 

Just saw the Realty Trac November Foreclosure report.  Given the job losses / casino closings in Atlantic City - Foreclosure activity jumped y/y in November.  Would you invest there (given shortage of jobs?) 

https://www.youtube.com/watch?v=oCPoCyLIK7s&feature=youtu.be

Hi Steve,  Do you also invest in Irvington?  What about Orange / East Orange?