All Forum Posts by: Deep Patel

Also to add, his credit score is great (above 700).

Currently in a very sticky situation. We are in a contract to sell a two family in North Jersey and should free up about $525k for a 1031. However, currently my father, who owns the property, has been unemployed for about 2 years. Is there a way to still get a loan from somewhere with basically no income? Would getting a commercial loan be easier? Willing to put high down in this scenario obviously. He is in the home stretch of his work life so want to get the best possible deal with cash flow to help his retirement.

@Lane Kawaoka Thanks for the response! Any specific markets you are keeping an eye out for at the moment for such properties? Getting ready to do a 1031 exchange at some point this year...

Stephen Kappre Where are you finding deals and at what price points? Number of units?

Parts of Deptford can be great, but there is not much residential around the mall or big shops, so most of it is a B/C neighborhood I would say. Almost all of Woodbury is a C class neighborhood and is relatively safe (father operated business here for few years and was fine, although he got a few crazy customers). There are occasional violent crimes in the area though; not somewhere you would want to roam alone late at night. I know an investor that is doing well in the town with Section 8 tenants. I do not personally see much appreciation occurring in Woodbury, especially with the staple Inspria hospital to be moved to Glassboro soon. 

Has anyone been able to find good value-add multifamily opportunities in South Jersey or NJ in general? Any price range is fine, but especially interested in apartment buildings around 1.5M.

Rich Weese That’s incredible. That’s a huge chunk going to IRS which stinks, but I’d take the trade off of being in a position where I had to pay such huge taxes! I guess you win some and lose some. As long as the outcome is income...

Nick B. Where are you finding these deals? MLS or off market? Looking to get a multi family in TX this year...

Don’t know about laws in the city or OH but we have six bedrooms in Philadelphia get filled all the time. The landlord owns almost the whole street and he rents by room, so usually a group of two or three come in and rent and then he always finds another group or even singular students sometimes. Try that strategy because in college it may be hard to find six students wanting to room together especially if their parents do not allow mixed genders in one house. Plus you will probably make a little more money.

I don’t really have information on the closing process in Georgia, but had a question. What do you plan on doing with the land? Just holding and hoping for appreciation?