All Forum Posts by: Damion Smith

@David Vitarelli, its far away. Your in south Jersey and Budd Lake is up North.

Investment Info:

Small multi-family (2-4 units) buy & hold investment in Newark.

Purchase price: $230,000
Cash invested: $39,000

3 Family house in Newark, NJ

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

Wanted a property that can provide Cash Flow.

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

Purchased through a wholesaler that I purchased from previously.

How did you finance this deal?

Hard Money and Cash

How did you add value to the deal?

Currently renovating the property.

Lessons learned? Challenges?

Currently looking for lenders to refi. It's been a little challenging to get a lender that can give me the LTV I was looking for. A lesson learned is to talk with lenders before getting into the deal.

Anyone here that owns or operates an Assisted Living Facility in the states of New Jersey or New York?

Investment Info:

Single-family residence fix & flip investment in Budd Lake.

Purchase price: $250,000
Cash invested: $60,000

Extra Large single family home in Budd Lake New Jersey.

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

From the numbers, it was a good deal and it was a beautiful house.

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

Purchased it from a wholesaler

How did you finance this deal?

Hard Money and Cash

How did you add value to the deal?

Updated the entire house. Paint, new floors, new kitchen, new bath and new hvac.

What was the outcome?

Property is listed for sale.

Lessons learned? Challenges?

The biggest challenge was getting a new septic install. It was my first time purchasing a home with a septic system and I learned that I should have done a septic inspection before purchasing.

The 56K included downpayment, closing cost and carrying cost. One great thing about the deal was there was    a small lot next to the property that was taxed separately so we able to get separate deeds and sold as a package.  

Investment Info:

Small multi-family (2-4 units) fix & flip investment in Mount Vernon.

Purchase price: $118,000
Cash invested: $56,000
Sale price: $335,000

That was my first project. Two family home with basement, spent 80,000 on renovation.

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

There was a nice spread and I wanted to get into my first deal.

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

I had a relationship with a appraiser that knew about the deal and told me about it.

How did you finance this deal?

Hard money and with partners

How did you add value to the deal?

complete upgrade of the house

What was the outcome?

The deal worked out well. I was able to pay off hard money and myself and my partners saw a profit.

Lessons learned? Challenges?

Pulling proper permits are very important and also understanding the rules and regulations of the township. We also learn that it's a good idea to use local electricians and Plummer's who knows the township and understand the rules. We made a mistake and had the contractor do some plumbing for and had to get a lot of the work corrected.

Anyone here doing owns or Operates assisted living facility in the NJ area?

Does any one want to partner or coach me on assisted living facilities in the New Jersey area? I have a large 6 bedroom property that I am looking to possible set up a assisted living facility. Please share comments or lets connect to discuss. Thank you

Does anyone know a lender that will lend on a SRO property?

Hello, 

 My opinion on this question comes from been a real estate agent in New York as well as been a owner of rental units. I lean towards using a real estate agent and I will explain below.

Pros:

-The Real estate agent generally charges the tenant so there is little or no cost to you. 

-You save your self from answering so many calls and talking to so many different people. Some  applicants will call at all different hours of the day and night which can get annoying. 

- In most cases you will get the place rented quicker.

Cons

- Not all agents/brokers have your interest at hand. So I urge all owners to have agents submit application, income and credit paperwork for interested tenants to you for review. Once you have identified a client(s) that you feel are qualified based on what you are looking, ask to meet with them prior to accepting.