All Forum Posts by: David Da Silva

I think you misinterpreted what I wrote, Joseph.

I stated that Staten Island has reasonably low taxes based on their respective values, not that they're higher. 

I'm in the Brooklyn market as well and I can agree with this. If you can foot the high property values and come out with true cash flowing numbers, you'll get away with a pretty solid deal.

Have you looked into Staten Island? I deal with a ton of properties there and the taxes are even lower, not to mention I'm seeing a lot of growth there.

@Michael Blank

The market can be anywhere from $200k to north of 7 figures. Typical values are around $300-$400k avg in North NJ regardless of how many units (1-4). It's not uncommon to see multi families go for less than singles here.

I'm in NJ, taxes are extremely high here. We're usually paying a minimum of $9k+ in taxes on a single family. It's unbelievable. I suggest looking into multifamily if the taxes are hindering deals. More units will split the burden and lessen the risk of going under during a vacancy.

Driving 4 $ is a very involved form of finding properties, but with the right skills it can yield great results. I would make sure you get someone who is very familiar with the area to allow for more successful results. Location knowledge is important especially if the "driver" knows people and networks with people there. You may want to look into a newer wholesaler that's hungry for opportunities and has some familiarity of the location you're in. You also should find a way to track your driver's progress if possible as @Nate Pummel stated.

I live by a college town and I can give you my 2 cents. 

If you can house hack the property and squeeze a reasonable amount of tenants to split the rent, you'll pick up a good amount of cash. I think you can mitigate lots of the college student horror stories with proper screening, and you can cosign the parents in as well for added security. Make sure you sit down all of the involved tenants and let them know that they are held responsible/accountable the entire party, it'll put pressure on each other and they will most likely play by the rules. A few of my friends rented like this in college and they split a 3/2 that was renting for $2500 between 4. 

Renting to college students can net you some awesome cash flow if you're willing to pick/train the right tenant.

Lots of diverse responses here. Here's mine.

I manage account sales for an automotive manufacturing wholesaler that imports/supplies parts to the North East. I work primarily in the NYC region and deal with multiple clients; from small shops to fortune 500 companies such as Advance Auto Parts and Verizon.

With sales being my main occupation, I'm constantly developing new strategies to close deals and prospect for new opportunities. To me, this is imperative to real estate, and I would recommend anyone to try sales if they need to improve their communication skills.

A couple of the benefits my job gives me is the ability to network with a wide variety of contacts which helps me tremendously in both my territory as well as the real estate world. I also have the freedom to explore new territories that I can consider investing in RE while I am doing my normal duties.

With that said, I love the opportunities of real estate and I hope to saturate myself more into this incredible world. Looking forward to meet with more of you guys!

I definitely recommend getting advice or even setting up an internship with a contractor. They'll be able to give you the experience you need and answer all of you questions. I worked with a contractor for a few years as a go getter and I was able learn a lot of useful things like framing/drywall to electrical repairs, just from shadowing him. You would be surprised how quick you'll learn. 

Home depot is also another great venture for advice and so are the J Scott books. I was at J's seminar in NY on Wednesday and I was blown away by the techniques he uses -I picked up both his books. 

Network with others last but not least, everyone has a bit of knowledge on a certain topic and each time you meet another person it's a potential opportunity.

Welcome aboard @Michael D.

Don't forget to put up a profile pic when you can, and check out the podcasts as well as the info other members post on the forums. I'm a newer member here as well, but I quickly became aware of the many experienced investors here that share tons of their experience -feel free to ask questions.

My 2 cents: I think single families will be easier to flip, but multi is better for buy and hold if you are prioritizing cash flow, as the NJ taxes make this difficult with a single.

@Darren Sager, 

Thanks again for hosting the event. The information Jason and Carol gave during the presentation was terrific, I'm looking forward to another!