All Forum Posts by: Drew Slew

@Ben Sosa id need the contractor contact for newark you got, i have a 2 family i need help with

@John D. and others, im in the area sunday and monday in palm springs to look for potential investment properties, more condo around 150-250k range, w potentially a $500/m net monthly cashflow. happy to see any good properties someone can show me

it seems my bank upped me to around 250k for condo/single family. Hows that now for NJ or Phoenix? Id say most growth is in Newark, Jersey City areas in NJ that I see, lot of new buildings.

Thanks for all the answers so far, appreciate it!

Would be interested in this too for Jersey City area (rental income etc)

Broad question, but eager to hear people's opinions who know these markets: 

IDEA:

i have a condo deal in Jersey City area I bought in 2016 for below 150k, small 2bed 1bath, where each room rents around $900/m, cashflowing net monthly $500-700. Would like to replicate this, or find something similar in a decent area, this time open to a minor rehab too.

I am looking at the BRRRR strategy primarily and hear that as a condo investment putting down 20% is enough via conventional lets say 30yr fixed financing (plus i cant afford more than a 150-200k condo atm).

- have about 30-40k to put down so id be good for up to 200 maybe 250k properties in Q1-Q2 2019.

- a 2bed 1bath would be most suitable so if need be i can come by and stay in 1 room.

- would like to cashflow around $500/m net, ideally more

OPTIONS im considering, would be happy to hear what people think:

- NJ Hudson county - jersey city etc areas which i already know, albeit prices are creeping up, not much realistically under 200k in terms of even a 1bed condo at this point. Not sure i want to go out further like Bloomfield, Newark etc.

- Palm Springs - see that many things are super cheap - vacation rentals, Coachella etc etc. but also hear when markets go down, this area tanks bad. Reason i like it is its somewhat close to LA which I like. Something under 200k might be possible here.

- Phoenix/Scottsdale - hear quite affordable too, lot of tech firms moving to scottsdale Old Town area, might be realistic to get something around 150k.

- South Carolina / North Carolina - Columbia, Raleigh areas - i hear good college towns, super cheap real estate compared to NY area

In particular, would love to know any good tax reasons or any local benefits, local developments in these markets that would make it worthwhile to seriously consider them. NJ and Journal Sq Jersey City stuff I know.

wow thats crazy low prices.. even a downpayment wouldnt cut it in Bergen/Hudson county in NJ for that, and thats considered super cheap for NYC area. Although i do get 1 room rented in a condo or multifam for 1000/m but still. The returns are not bad.

Ill message you @Karam A Tascoe

There has been some posts on JC house hacking, I'd need some more in depth answer, particularly around this ordinance - rooms and dwelling units https://law.justia.com/codes/new-jersey/2013/title...

also rooming law https://library.municode.com/nj/jersey_city/codes/code_of_ordinances?nodeId=CH254PRMA_ARTVIIMISPUSEGRE_S254-36NAOCCEDWROUNLI

- can you rent out 2 rooms in unit in a 2 family in jersey city as the owner, while living in one room? its a 2 family house, 1st floor would be rented out fully as a 3bed 1 bath unit, 2nd floor rooms would be rented w owner living in 1 room. 

- this isnt a boarding house that requires licenses right? 

anything else such an owner occupied landlord should think of when signing leases to protect themselves? 

Need handymen for a multifamily in south Jersey City asap, please send contact/PM me:

- paint wooden ceiling in basement - 1000sqft or so

- change/update current garage door

- plumbers - change plumbing main stock line

Also looking for any property manager who is able to add 1 unit to their maintenance requests lists - someone tenants can call w issues.

Thanks

id need one too > changing garage door, painting basement wooden ceiling, changing locks etc.