All Forum Posts by: Damian LoBasso

Thanks @Jay Hinrichs @Tanner Thoman and @Sean Reilly.

I think it probably falls into the "it can't hurt to get it" bucket for my particular situation.  Completely understand the networking aspect, and it's a fair point.  Furthering one's education is never a bad thing!

@Nick M., would love to help.  Is this your first dive into RE Investing or just your first property in the area?  Feel free to send me a note to discuss 

I'm currently in the aggressive growth stage of building my portfolio and have extensive experience in real estate (as an investor and a commercial real estate investment banker). I'm wondering if getting my real estate license is even appropriate given the fact that I currently work 70+ hours a week at my full-time job, 15-30 hours a week on building my personal real estate portfolio and trying to nap whenever possible. It's easy to say things like, "you'll get access to the MLS" and "you'll be able to save on commissions", but it's my understanding that I would need to park my license with a registered broker, is that correct? I would also assume that entails having to work and subsequently pay-out part of my commissions to that broker in the event I do close on properties.

Any advice from individuals who have had the same thought would be great.....thanks everyone!

@Sam Solomon just out of curiosity, why the desire to flip up North when you reside in beautiful FL?  There are so many distressed properties in the Newark area, so I would recommend really doing your due diligence before settling on a purchase.  Section 8 housing is also incredibly prevalent so make sure that is something you are comfortable working with should it come up.

Otherwise, try to stay close to all of the universities and the greater downtown area (and areas near the Path Train) if you want to focus on the Newark area.  It is really starting to come alive and I think you're smart to focus on it.

Great to meet you @Jason Yarusi.  Sadly I'm moving out of Westfield to Weehawken in the next few months.  Got a great cash offer on my two family home just off of South Avenue.  Do you invest in town?

Welcome @Alexander Martinez!  There are a couple of issues to consider here:

• The income you received from your tenant is taxable and needs to be filed using Form 1040
• What was the price you paid for the house vs. what you sold it for
• How long did you live in the house
• Did you make any capital improvements to the house

Good luck!

@Yin Choi - I admittedly haven't run the numbers on active listings in a few months, but historically, the numbers have always been positive.  By focusing on the student market, I'll have the ability to rent entire units to pre-determined groups, or rent on a per room basis with individual students.  The larger buildings might in fact attract the standard NYC commuter, so you're absolutely right on that point!

@Account Closed, you're right about towns like Secaucus.  The outskirts of JC are a little rougher in terms of commute, especially when people think JC and random other towns (think East Rutherford) are coming in strong.  I saw a building right across from Met Life stadium this weekend called The Monarch that was absolutely gorgeous.  Full service with every amenity you could think of at prices between $2,000 - $2,500 for a brand spanking new 2 bedroom.  The hot spots closer to the water will definitely run about $1,000 - $1,500 more than that.  

Congrats @Alex Nguyen on the big step.  I would recommend setting yourself up with a budget first and foremost.  When you are first moving out and living on your own, I can promise you you will come across expenses you probably never had to worry about (medicine, dry cleaning, various utilities, etc.).  Taking the first few months to adjust and get a strong handle on what your monthly expenses will be, then utilizing a budgeting tool like mint.com or ynab.com will save you a ton of anxiety down the line.  Try to save at least 10-15% of your salary (either in retirement vehicles or a boring ole' savings account).  Trust me, you'll thank yourself for starting early 10 years from now.

Congrats @Alex Nguyen on the big step.  I would recommend setting yourself up with a budget first and foremost.  When you are first moving out and living on your own, I can promise you you will come across expenses you probably never had to worry about (medicine, dry cleaning, various utilities, etc.).  Taking the first few months to adjust and get a strong handle on what your monthly expenses will be, then utilizing a budgeting tool like mint.com or ynab.com will save you a ton of anxiety down the line.  Try to save at least 10-15% of your salary (either in retirement vehicles or a boring ole' savings account).  Trust me, you'll thank yourself for starting early 10 years from now.