All Forum Posts by: Account Closed

Hello, I've initiated the process with Engelo and his company and am looking forward to sharing the results as well. 

Percentages are great for math purposes. But absolute numbers are important for real world purposes. I've noticed a lot of successful people on the podcast mention a minimum absolute number (at least $500/door, at least 35k per flip).

@Julie Verardi Looks ok, that last 5th floor in August with groceries is killer tho; I've been there.  A deal of a lifetime comes by every week.  Condo.com shows a gang of condos under 900.

I'd have to also agree with @John Hickey .  Only question is, if you can ride the coming wave and come out the other side unscathed.

Good luck, big fan of Saikai and Employees Only.

Born and raised NYC here.  If you're not looking to be a real estate investor for this one, great area. I don't see any questions, so...

You need to live in NYC.  Why?  Or is it that you really want to live in NYC?  Is there a benefit other than you can tell others you live in Wvillage?  Manhattan doesn't have the social cache it once did.

I'd go with your gut and get your cash flow up.  Don't want to be sucked into the geography trap unless that geography really adds to your life.  Manhattan's a bit of a city under glass nowadays, super-rich echo chamber with few real neighborhoods left.  Chinatown and Harlem come to mind as being places with real, rooted people, as opposed to a constant swirl of 3 year transients.

@Sunny Suh Great progress, please let me know if you organize a JC meetup

@Sarah G. I'm currently an investor in New Jersey, originally from New York, but my research and personal contacts are pointing me in the Buffalo direction.  There is a university there with a lot of international students, from what I hear, but I was/am trepidatious about investing so far away.  Seeing your story now has emboldened me; the ROIs are definitely better up there than here.

Red Bank is an awesome, funky, and now, somewhat rich town that I haven't had the pleasure of visiting.  Your comments have given me a kick in the pants, it's only an hour away from me, I'll be sure to check it out and report back soon!

@Sarah G. That's incredible that you are able to manage your property from such a great distance!  Good for you, no sarcasm.  How did you go about initially purchasing the property, I'm assuming it was in person?

I'm an investor in Jersey City.  No one will understand your pain better than I can.  I would expect about a 6-9 month period from application to approval WITH an expeditor.  Without an expeditor, expect 12-24 months.  I've only done commercial RE renos with a 'plugged-in' architect and 'connected' expeditors.

Even though it's under the clean image of Fulop, the muscle memory and the seedy institutions that make it the most corrupt city in the history of the United States live on indefinitely.  See 'Five Finger Discount' by Helene Stapinski.

I would NEVER recommend this...but many do even GUT renos without permits (read: most.)  Otherwise they will drain you as long as they can.  If not, 1. Architect that has worked in Jersey City SPECIFICALLY for >20 years.  They know all the right people to grease and talk to.  2.  Expeditor recommended by said architect.  This town it's not what you know (Bigger Pockets knowledge), it's who you know.  Good luck, you will learn a LOT.

Welcome!  Up in the heights as well.

Originally posted by @Sunny Suh:

@Account Closed, have you moved into JC heights? if so, welcome and hope to meet someday.

 Yes, I'm in and out.  I had originally planned to live here for 2 years to 'season' the house, if you will; I'm moving on to another town, only 6 months in.  I am keeping the multi for tenants and to possibly sell this coming spring.

Also, yes, please let me know where this real estate investment group is and I'll come and check it out.