All Forum Posts by: James Chung

@Tim Pagano , thanks for the tip regarding rent control legislation. Would you happen to know if property taxes have a cap the way variable mortgage APRs do? Or can it truly skyrocket as deemed necessary from county to county?

Thanks Simcha! I'm a 32 yr old 'dinosaur' who refuses to use (nor do I have time for) social media, so I appreciate the tip :). Please connect and stay in touch!

Hi BP!

My name is James Chung. I live in Bergen County, NJ where I've lived all my life. I am the head of a single-income household of 4, and after accidentally discovering BiggerPockets and Robert Kiyosaki, I've decided to move my family into my in-law's place (from Garfield to Bergenfield) in order to stop paying rent and begin saving serious cash for investing in the near future.

I would like to start off with a duplex/triplex/fourplex as primary residence while collecting decent cashflow. Before pulling any triggers, I'd really love to connect with an experienced investor in the area to show me the ropes. I'm willing to do just about anything to add value in return for knowledge and experience. If you are that person, please let me know! 

Personal stuff - I love spending as much time as possible with my 5 yr old daughter and the rest of my family, I love fitness (generally work out at least 5x a week), and I've recently developed (better late than never) a passion for real estate investing as a means of 'getting out of the rat race' as well as acquiring knowledge in general in order to better myself and share that knowledge to help others.

I haven't uploaded my Pro video yet, but I plan to as soon as I get a moment so my BP peers can get a better feel (beyond the photo) for who I am. 

Talk soon, and have a great day!

I'm sure I could google and do other kinds of research on this topic, but I love BP so I thought I'd post some questions right here and see what my awesome peers have to say on the topic. I always hear (on BP podcast) and read about the importance of understanding the market you wish to operate in, but I've yet to hear an elaboration on 'HOW' that's accomplished (besides the obvious...experience). So here are some Q's I wish to get A's on:

1) What defines a hot vs cold market, or buyer vs seller's market? Is this relative to the buyer vs seller? Is this essentially parallel with inventory? In other words, does high inventory mean great market for buyer's while low inventory means great for sellers?

2) How does one go about (besides asking/trusting a real estate agent) determining whether they are currently investing/selling in a low vs high inventory market?

3) What are some obvious indicators of market trends in general? Are there some static things one can look out for to predict what's coming next? Is it about having the know-how to REACT, or can things be done to always be ahead of the curve and PROACTIVELY know when to hold vs sell?

4) What is the best way to transition into foreign territory once someone is comfortable with their market and ready to scale outside, say, their region of primary residence?

5) I don't know what I don't know...what else should I be asking/knowing to optimize my performance in any given market? 

To experienced REI professionals in the Bergen County, NJ area...

I will be moving my family out of our apartment and into my in-law's home in Bergenfield NJ at the end of October 2016 in order to accomplish the following:

1) Stop paying rent - no more money being put into someone else's pocket!

2) Meet my goal of saving anywhere from 20-40K over the next 1-2 yrs (or more depending how long we decide to tough it out at the in-laws').

3) Learn as much as I can about REI in the process, with a focus on foreclosures and multifamily homes (whether it be buy and hold, flip, or other avenues) while developing a strong understanding of my local market's ebs/flows. I envision my first investment being a foreclosed duplex/triplex/fourplex in order to acquire a true asset that provides a roof and lateral cashflow opportunities simultaneously...then scale from there.

4) Find a local mentor who is willing to take me under their wing in exchange for value that I may be able to provide in return (I have some creative and not-so-creative ideas I'd love to share).

5) Eventually DO...

I am looking for someone to help fulfill #4 above. I work a full-time 8-5 job and am willing to dedicate my nights/wknds towards learning the ropes from a seasoned pro with similar interests. Ideally, I'd love to take you out for a cup of coffee or dinner, maybe demonstrate my likeability as well as my sincere desire to be a strong REI, discuss ways that I can give back without wasting your time, and let the relationship grow organically from there!

Thanks so much in advance for your time and consideration.

Congrats Nathan, that's exactly what I am looking to do for my 1st commitment (live on 1 side, rent the other). I'd love to get more details on the process and numbers if you don't mind sharing.