All Forum Posts by: Erik Pedersen

@Isaac L.

 9 properties in 10 months is a lot!  Are you buying and holding them for cashflow?

@Darren Sager

 Thats interesting, so you're saying since nj prices, taxes, etc are high in general, the little guy even though they want to cant break into RE game easily.  I guess that's true but I never thought of it like that.

Any advice to break the barrier?  

"Now my question is do you think North Jersey is a better investment option. I am hoping to have at least over 5K from rent."

It might be... this question is very broad. Ill start by saying with your budget you can do a lot.

Ill tell what I tell everyone with a real general question like this.  Do some research, find an area, get a realtor, tell them what you want to do, and go out and find houses - incorporate your knowledge from here / your personal education for due diligence.

The only way to figure this out is to go out and look, come back with a focused question and people will be happy to help you.

C of O's, from what Ive experienced, are not very difficult to get.  Basically just as long as everything checks out from what you see, all parts of the house are functioning and in livable condition, they will give it to you.  

If youre lawyer is telling you to not do seller financing, whats his reasoning.  Is it because he has never done it before?  In that case you might want to find another lawyer.  

Hey Welcome.  Hows your marketing going?

I saw this - but it says its for couples (Thats what it says in the news) that will make it their primary residence for 5 years?

Not sure I know many couples looking in the newar k area that have money to build a house - or as you are saying, able to get construction loans...

Let me know what you find out about this.

Do you have access to the house?  Start by showing investors the place and take in what they say and understand what they're looking for.

If its a deal, people will be interested.

How does the realtor fit into all of this?  Is it still listed with her?  May complicate things..

3. How can a get lending for a project without having to put no money down?

This doesnt make sense.

Welcome to the board.  I see youre in Newark, so am I -- start with much more specific questions than what you are asking.  Get a strategy and a focus, and go from there.  Much better served.  Im an amateur in every sense when it comes to RE BUT:  

1.An llc(or any entity) is good to have to start your business, but get business period before you worry about protecting assets.

2. Yes i think so

@Peter Fokas @Steve Wilcox 

Steve, you probably already know there's rent control ordinances in Newark regarding rent increases.  I was very interested in finding out about that when buying my house so I called the rent control office in town hall -- number listed on their directory on their site - and just asked if my address was 'registered' there (not sure what that means - but anything that might be documented there would be of use).  It wasnt so I could charge market rent.  I've also talked to Newark RE veterans like @Ibrahim Hughes about rent control and he's never really come across problems with it (Ill let him reply if anything has changed!) - however always good just to check and see - best case you save yourself, worst case you learn something.

Thats it -- Fix that stove Peter! =)

@John Schick I know this is your first post but for future reference, that question is totally broad, and no one is going to like to answer it.  There's lots of resources for getting wholesale leads if you read the sticky and browse the forums and articles.  

Good luck!