All Forum Posts by: Drew Slew

might be true, but my 10% caprate right now looks pretty good - so need to get another spot in greenville next year. yea, some people got shot on the streets, but it wasnt me..yet

again, try getting a multifamily where even rooms can rent for 4 digits 25mins from NYC. just take a car drive from greenville unto the 78... its RIGHT THERE, super convenience w a nice NYC skyline. so close.

have to say way better to commute from than my union city places.

Yes am W2, but my 401k is paltry, still in 4 digits. Id need at least a magnitude of 50-100k to really start moving in heavy w some 2-3 families. 

I would be curious to know from people who own multiple properties, have a solid day job w the W2 how to get the next deal under wraps, when you just got one. I'd like to replicate the current cashflow i got w a 2 family on south Jersey City, and know the market is red hot.. each month im missing out on opportunities that are better than the one I got.. and that was good. 

Down on savings now, and already have multiple mortgages.

Partner financing? - i dont know anyone who id trust or discuss money matters with

Private lending? wouldnt go above 3-5% since mortgage rates for my 30yr fixed are those..

what other ways are there? 

Cash out refi of other properties? - probably wouldnt touch my current mortgages

for a 400-500k multifamily id be able to throw down 10-20k atm myself and would need help with the rest. 

THANKS

if anyone knows a plumber thats good, id need some contacts. that wouldnt charge for a consultation, need to inspect the sewage in the basement

@Brandon Arce yea good analogy. At the end of the day its all opinions. Greenville is a tiny area and that is literally the last untouched/still C/D area that is surrounded by expensive neighborhoods on all sides besides bayonne, and NYC only 30mins. When i bought a few years ago in union city i thought that was a pretty bad neighbordhood, and now that small condo almost DOUBLED in value since 2016..unreal. 

Of course, greenville is def a different vibe than union city, but coming from chelsea/manhattan where i paid ridiculous rent and would have never owned anything so its all good. 

To me, its a no brainer and it seems like to most hasidic jews its already been a no brainer to buy in greenville since a few years. https://www.nytimes.com/2017/08/02/nyregion/ultra-...hasidim-new-jersey.html

I see the new developments already being finished around ocean ave where i just closed on, and the corner deli is being torned down as we speak. It def has a long way to go, but something is in the air..

it is def rough still, but ive been able to get a 4 digit rental sum for just 1 of the rooms so far from the 6beds i am renting. 

maybe idk what im talking about but i was first considering newark, as it is even cheaper but its so big and the ironbound section is pricy now, and its still so far out. in greenville a nice big 2 family w garden, brand new central AC, parking etc under 300-400k while union city is now 700-800k and then hoboken/JC downtown is millions. In union city on 15th st and central ave area a new single family with a 2 ping pong table sized garden just went up for 850k+. come on, who in their right mind would buy that, ridiculous prices. 

from my greenville house the lightrail is literally 5-10min walk, can almost see the WTC from the windows. Money is/will be pouring in already, and the base premise is: the area could not be worse, so it will only get better. simple as that.

@robert soto @yahav ben-shoan i am about to close on a multifamily in the greenville section of JC, around ocean ave. i see a lot of negative comments, and its def not for the faint of heart. Ive been hunting for almost half a year, owning a few in union city this is the last place that really made sense. Looked in newark for a while too. Returns are pretty good, although finding tenants has been quite tought, but it will work out. I hear some people say this 2 family might double or triple within a few years, talked with the neighbor about the hasidic jewish community moving in in large amounts all around greenville, this week started to see a big container on the ocean ave corner - taking down the corner deli most likely. IDK tough to say, there definitely police cars on my corner almost 24/7, but im ok to walk around alone. 

to me it just seems like everything around greenville is now 2-3x priced for the same 2 families, around 2500-3000sqft w parking, garden. While there are still 350k-ish 2 families here, Union City is now around 600k for a new multifamily, Heights probably around 700k and JSQ 550-650k ish. So Greenville 2 families in my mind should trend around that 500k psychological price very quickly. Give it 5-10years, who knows. I mean there is just no other place 30-40mins to NYC this close still this affordable. 

But maybe i am missing something and this area is a disaster to invest in? :)

i recently got a 2 fam in greenville, right around wilkinson and ocean ave. talking w the neighbor, the house in front is now selling for 475k!! almost 100k more than mine was and the corner deli/bodega has been bought and neighbor said they will tear it down and build a condo or shops there. 

going in towards MLK from ocean is definitely not for the faint of heart, and even the area I got has some people cooking out on the streets/music banging loud etc, but just over the avenue 100ft away everything is quiet.

coming from the heights/union city, this is the last remaining few blocks where large 2600sqft+ multifamilies are still under 350-400k totally remodeled. a mile north its all 650-700k. 

money must pour in just like water. literally everything surrounding greenville at this point is 100-200k more expensive.

on the greenville one - i choose not to have inspection contingency

on the west new york - i have inspection

on the greenville one - i choose not to have inspection contingency

on the west new york - i have inspection

Appreciate all the BP expert advices! i got two offers atm accepted, need to decide quick:

- Ocean and Bayview ave- 2 family, 6 bed 2 bath, turnkey, offer at 395k. quite big, small attached garage, big 2 floors 3 bedrooms in each. basement not finished. area as previous people said - war zone in some way - but then again i could probably take it for a while. WOOD. only has washer dryer hookups. backyard.

- Palisade and 60th st in West New York - BRICK 2 family, 3 bed 3 bath offer at 376k - each floor has a 1 bedroom 1 bath unit. Almost half the size of the greenville one, BUT much nicer area, closeby to lightrail and BRICK. no parking though... needs a little renovation in the second floor kitchen and painting, but overall turnkey also.has washer dryer. backyard garden and shed.

returns are somewhat similar although if i am realistic can squeeze out quite a lot from the west new york one. not so sure about the greenville one - havent been there myself much.

IMO renting a 3 bedroom 1 bath seesm quite tough, and fetches same as a 1 bed 1 bath in west new york area - which is full of businesses, people.

on the other hand, greenville is on fire and the property is nice, brand new, could be big appreciation in 5 yrs or so?

Any ideas welcome