All Forum Posts by: Felix L.

Hi All. I'm looking to get into my first buy and hold property. Can anyone recommend a reputable REIA in Northern New Jersey? I did some searching on google and from the web sights I find I can't tell if they are the real deal.

Thanks,
Felix

1 Vote

Hi All. I'm looking to get into my first buy and hold property. Can anyone recommend a good Realestate Lawyer in Northern New Jersey?

Regards,

Felix

1 Vote

Hi All. I'm looking to get into my first buy and hold property. From the wrecks I'm seeing on the market right now it looks like it might be a safer play to plan on a complete gut renovation then to expect a moderate fix-up and risk finding more extensive problems then initially estimated. Can anyone recommend a good General Contractor in Northern New Jersey?

(As an alternative what is the best way to find one? Is AngiesList.com any good?)

Thanks in advance,

Felix

0 Votes

Hi @Ned Carey

My question above.

Thanks,

Felix

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Originally posted by @Ned Carey:

I agree with @Dawn Anastasi , it can be done and I tend to do even better than 2%. I also do it in a little higher price ranges. $40-50K rent for $1200-1300.

The 2% rule is a great rule of thumb. It seems the detractors don't understand what "Rule of Thumb" means. No one should ever buy based on such a crude formula and no one is actually suggesting that. It is only a quick screening tool to see if you are in the ballpark.

Depending on your goals, resources and financial position you can adjust that 2% number. If you are a high income earner, want the depreciation, don't care about cash flow and are buying for appreciation then perhaps you may choose to use 1%.

Because of these variables the 2% rule is less valuable than the 50% rule.

Good luck - Ned

Hi Ned,

What kind of neighborhoods are you investing in? (low/high income? safe/dangerous? would you live there yourself?) It seems in my area to find numbers like those I need to go into a bad neighborhood.

Regards,

Felix

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Thanks @Kenneth B.

Have you worked with him?

Regards,

Felix

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Hi All.

I'm looking for my first buy and hold investment property. Can anyone recommend a good Investor-friendly Agent in Northern NJ?

Regards,

Felix

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@Jeff Stewart you are a brave man. Good luck on your venture. You have deffinetely come to te right place for help.

Regards,

Felix

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Hi @Jonathan K. . Are there any good areas in Jersey with better numbers that you can recomment to look at?

Regards,

Felix

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Hi @Ian F. . I read a copule of realestste books but most of the info there is just fluff. The podcasts here on BP are a weath of practical information on the other hand. I would deffinetely recommend starting with those.

Regards,

Felix

0 Votes

All Forum Posts by: Felix L.

Felix L. has started 8 posts and replied 27 times.

Post: REIA in Northern New Jersey?

Post: Realesate Lawyer in Northern New Jersey

Post: General Contractor Recommendation in Northern New Jersey?

Post: 2% rule

Post: 2% rule

Post: Investor-friendly Realestate Agent in Northern NJ?

Post: Investor-friendly Realestate Agent in Northern NJ?

Post: Diving right in here in northern NJ

Post: nyc properties

Post: Beginner looking for good landlord books