All Forum Posts by: Drew Slew

great thread, im actually here right now on calle 7 and 14, La Velata area thats booming. Imagine this: dirt roads with massive potholes, jungle on one side and im paying almost $100/night and barely any hot water, the water in general is dangerous.. but foreigner yuppies like me everywhere walking on the road.. breakfast place La Paleta or sthing is full of ppl and theres dogs trying to chip away at your food, other side of the road major contruction happening 2 large condotels/apartments are being built. And this is Tulum proper, the actual beach area.. forget it, La Zebra, Be Tulum etc $500-1000/night, had a dinner at Rosa Negra $200 easy and that was just a quick treat. 

Overall the air is full of potential and I asked my airbnb host to buy his place, its a larger lot w 2 buildings, hes renting essentially 4 rooms/studios out some without kitchen and theres a room for the 247 cleaner lady and a pool (tiny) in the middle, 2 parking spots, 450k. Idk, i can buy 2 condos in miami for that..

I talked w locals, the problem is the infrastructure. Tulum hasnt developed the water.sewage, roads in a long time, and thats my fear. Buying something for 70-100k a condo or sthing that yea i can rent for maybe $80/night high season, but as more people come the area get polluted. It takes 1hr to get down to the beach, bumper to bumper traffic. I mean its cool and all but really? im here in mexico and have to literally pay more to party and vacay than in miami almost with dirt roads and manual shift tiny cars renting $60-80/day, the quad rental is $50/day.. 

obv this is high season, but i thought due to covid everything will be basically free. well, it isnt. but overall there is huge developments, i just dont know if the real investors already moved in 5-10yrs ago here and are cashing out and now its just mainstream folks coming to the new developments. 

happy to hear ideas, i was considering maybe a 50-150k condo w pool or just empty land 30-40k?

@rob Moogan I got a unit vacant that I'm renting out now for jan 1. 3bed 1bath for 1800/m w garage, backyard, storage, dm me

do you still need help, i am an investor/agent from there

@David G Aburto yes, its a 3.5-5% FHA down you are talking about, im doing this right now for my 3rd property. been in a few bidding wars in bloomfield, north arlington and lost out.. one deal was listed 499k and i put 515k, and someone was at 550k. cant compete w that. im even to the point in thinking ill buy a single family and create a unit for myself in the basement (off the books). just couldnt swing it probably w FHA.

i got a 2fam in jersey city greenville section went up so much in 2yrs insane, even though its as bad as its ever been if not worse just total warzone. my logic is since its work from home world forever now w technology, is to not be close to NYC that much. Hudson county for me lost the appeal, its too much. Id rather have a 2 family w a backyard and 2 car garage shed, still cashflowing and being able to have space, than having my tenants constantly ramble about no parking spaces anywhere in jersey city.. 

so if anyone has a good 2fam around 400-500k cashflowing, unfinished basement w toilet etc lmk im ready to buy

you do raise an interesting point as im planning to do this w a 2family. basement is semi-finished but as far as i heard renting them out is not legal. being the owner living there? would your tenants rat on you that you personally as the owner live in illegal zoning? highly doubt it, but could happen. so as long as there is eagress, windows and a door to go out, i could see swinging it for a year for the FHA. but most likely not legal per se

i got two properties here in hudson and buying another 2 fam in Bloomfield. all house hacked, never paid rent just profit. i still live in my 1 bedroom that i rent out the room for more than the mortgage in union city. other place i do have some shootings every week or so, but area is cleaning up in jersey city. 800k is a lot, id buy 2 multifamilies for that, but as someone said, if u care how the neighborhood is and cant wait out appreciation, than yes, go for nicer areas

looking in this area too, is this listing in an ok area? im trying to beat my 2family's numbers that is in south Jersey City, was 395k 2yrs ago, now worth 480-500k, piti is 2200/m and rents 3500/m, so over 1k/m cashflow

https://www.redfin.com/CT/Bridgeport/116-Eaton-St-06604/home/107045970

im looking for the next 2-3family investment and trying to beat the one i got in 2018 in jercey city greenville, that was 395k 6/2 and rents at 3600, total monthly PITI is 2300-2500, essentially 1000 CF/m.

Looking in JC or Bayonne, Oranges more west, any pointers ok. Would be an FHA purchase 5% down, id live in 1 room and rent everything out so not looking for that much cf, 200-500/m is enough while i live there.

saw some in east orange, taxes seemed high. Greenville has appreciated too much but area is still real bad. hard to say if 2018 days are past w prices.

yea you are right, the numbers dont look all that good. yes id be FHA 5%down, and living in 1 room or sthing, so goal would be to cashflow overall just a few hundred, and when FHA and i move out it can reach over 500-1000/m net CF.

having a hard time finding something i got in greenville in 2018 that was a 6/2 at 395k, 20% down at 4.5% and still cashflows net 1k, rented 1700 and 1900 and before rented much more when i was renting individual rooms. 

any ideas, im ready to get on something

anyone has thoughts on this unit im looking at? https://www.redfin.com/NJ/East-Orange/185-N-Park-St-07017/home/36157696