All Forum Posts by: David Wrenn

Down, however geo-specific.

Once the moratorium ends the state is expecting around 300k evictions which may take 2 years to unwind.  

30k new homeless in Newark alone.

The state's population is moving south along with high taxes likely will lead to lower prices.

Hey Joseph, I represent developers all over NJ(primary market is JC) so I'm happy to help. The challenge with Northern NJ is typically taxes. I've seen people mention Montclair(there's so few 2/fams) which is where I live, great town however it's in Essex County which means your taxes are very high(top 5 in the Continental 48) so rather than your purchase price defining your barrier to entry taxes in Northern NJ are just high in general. It really comes down more so to your carrying costs to establish the metrics you'll need to identify your Cap rate, ROI/ROE. Bergen County same thing with crazy taxes but good schools.

When Identifying train lines or PATH lines which should be your #1 priority period in NJ, be sure to check ad see if they have to switch at Secaucus Junction.  It's not a big deal but good to know.

How far out are you willing to look from a commute standpoint?  Once I have this I can make numerous suggestions.

If you need an agent who doesn't limit his or his teams territory and would like an agent with a literal PHD in organic chemistry among so many accomplishments prior to getting into real estate let me know.  He has a knack in the off market community as well and is one of only a few agents in the state I would recommend.

Does anyone know of any advocacy groups in NJ or nationally?  The moratorium while necessary initially in my opinion is criminal at this point.  Bigger Pockets users should unite and have their collective voices heard. 

He's right my uncle is one of the biggest construction suppliers of stick and other products on the east coast.  He supplies the big national builders and local developers as well.  I just talked to him about this, I was trying to source stick for one of clients for 137 unit residential rental community.  He said not only is it a major challenge to source the materials they are constantly being renegotiated numerous times even after contracts are signed.

I hope you invested my friend. 

The digital assets sector significantly outpaced all other REIT sectors. Its continued growth is inevitable and will likely out perform most residential real estate REIT's. With many REITs trading at low multiples of FFO and liquidating assets at close to if not all time highs so they have the ability to buy into new real estate assets at a much lower buy in it bodes well for future growth long term.

The question I have is with close to 7 trillion dollars of freshly minted phantom dollars propping up the economy. In addition to the well over 250k evictions expected in just NJ when the moratorium ends do you identify geo-specific "apartment" REITs and bet against them or buy in?

What's the address? I maybe able to tell you if there's planned development/community initiatives etc for the surrounding area. 

The owner bought the building 50 years ago or so because he originally paid $36k for it.  There' practically no comps for a 4 family in that area so myself and my friend(agent) comped it somewhere in the 800k's.  The property needs new windows, some kitchen and bath updates etc. The owner has dementia and occupies the basement unit.  My colleagues daughter lives on the second floor and takes care of him.  The other two units are occupied and under priced. First floor is paying $1,300/m and top floor is paying $1,700/m.  Rents should be closer to the $1,700-$1,900/m range

My colleague wants to move her family to NC, provide care for her father and also buy her daughter a home.  

The property was assessed at $625,800 in 2016 - taxes around $12,000/y.  I think it appraises much higher.  As is, the owner is rent rolling $2,000/m with just 2 units occupied and paying rent.

She wants to hold on to the property and make capital improvements over time.  The property is owned free and clear.

I told her if she wanted to hold on to it that she should get it appraised and could refi it or get a HELOC. She does not want to refi it for what ever reason. She said she would consider a HELOC. I've never used a HELOC before, it's my understanding that banks will lend on up to 70% of the appraised valueif it's owner occupied, and the owners credit? Is that correct and what other creative options would she have if she wants to hold onto the property but pull out a big chunk out for her families relocation?

Thanks!



  

Which neighborhood is your search focused in?  What are the properties consisting of (ie. number of bedroom/baths per unit etc)?