All Forum Posts by: Jack Schwartz

Thanks! Take it slow, and you’ll do great. Best of luck!

Hi Ella, welcome aboard,

Your post about your real estate ambitions, encompassing the purchase, renovation, and sale of properties, as well as the ownership of Airbnb rentals, is indeed an exciting endeavor.

You have indicated a need for assistance with the Fix & Flip or BRRRR strategies. These methods involve securing financing, identifying suitable properties, and overseeing renovations. The BRRRR strategy, which stands for Buy, Rehab, Rent, Refinance, Repeat, focuses on long-term investment, while the Fix & Flip approach involves purchasing, renovating, and selling properties for a profit.

Investing in Airbnb rentals presents a distinct set of challenges, requiring active management and a thorough understanding of local regulations, but it also has the potential for higher returns.

Here is a concise overview of the advantages and disadvantages of each method:

Fix & Flip:

Pros.

- Potential for quick profits - Enhances property value - - Adaptable to market trends

Cons.

- High risk - Time-intensive - Requires substantial capital

BRRRR:

Pros.

- Builds long-term wealth - Generates rental income - Increases equity

Cons.

- Complex process - Requires financing - Dependent on market conditions

Airbnb:

Pros.

- Potential for higher returns - Flexible pricing - Short-term commitment

Cons.

- Requires active management - Subject to regulatory risks - Income can vary seasonally

I wish you the best in your new venture. Your proactive approach in seeking advice demonstrates a commendable level of preparedness. Good luck!

Before buying or renting in an unfamiliar neighborhood, you should check the following two sites: SpotCrime, AreaVibes,

These sites provide valuable information, including Livability Scores, which cover aspects such as crime rates, employment, health, housing, schools, shopping, and more.

well, anything can happen anywhere. If violence occurs in a place, it doesn’t necessarily mean you should start worrying (if it’s rare). However, it’s essential to do some homework beforehand. 

Thanks Jon,

Can you still find good deals there? for fix and rental projects or for fix and flips?

Hi Garry,

To ensure your safety, it is highly recommended to visit areavibes.com and select the "See more crime data" option. This will provide you with detailed information about the area's crime statistics, helping you determine whether an incident is an isolated event or indicative of broader neighborhood safety concerns,

Take a moment to check it out, and you'll feel more at ease knowing the facts,

Welcome aboard. This is yet another tale of a building inspector who feels the need to assert his authority by constantly reminding everyone, "I am the Inspector." Seeking attention and validation, he expects everyone to look up to him. Some residents even suggest he find a new job. Unfortunately, this is a common scenario with building inspectors. Once it was approved, you should have no problem or issue.

Yes Guramrinder, that’s correct. 

However, it’s important to ensure the area is safe. in those areas I would recommend checking local crime statistics on SpotCrime. you can use this link for an example,
to get detailed information: https://spotcrime.com/map?lat=43.1688001618486&lon=-77.6159378282709 

I’d also suggest considering whether you live or work nearby, so you can stay informed about any developments. 

Good luck on your journey!

Yes Mike, that’s correct. However, it’s important to ensure the area is safe. I recommend checking local crime statistics on SpotCrime. For example, you can use this link to get detailed information,
https://spotcrime.com/map?lat=43.1688001618486&lon=-77.6159378282709 

I’d also suggest considering whether you live or work nearby, so you can stay informed about any developments. 

Good luck on your journey!

Pros and Cons of Off-Market Deals

Let’s break it into pieces, How to Find Them, Advantages, Risks, and Tips,

How to Find Them:

• Being proactive involves driving around, knocking on doors (sometimes engaging with people who aren’t in the best mood...), making cold calls, and sending mailers.
• These methods help you find owners who might sell but haven't listed their properties yet.

Advantages:

• Owners might not consider selling until you make an attractive offer.
• Avoid competition and bidding wars.
• You can request to be the sole seller, ensuring no one else shows the property.

Risks:

1. Limited Transparency: Less public scrutiny and detailed information.
2. Higher Fraud Risk: More susceptible to fraud or scams; verify seller's identity and property ownership.
3. Reduced Market Visibility: Fewer potential buyers, possibly leading to lower offers.
4. Negotiation Challenges: Risk of under-the-table deals with other buyers.

Tips:

• Be aware of these risks and take steps to mitigate them.
• Having a list of trusted investors can help you navigate off-market deals more effectively.

Are you limited to NJ?