All Forum Posts by: Jane Orlando

Hi Kyle!!

You are my neighbor!  I live on the lower section of the hill.  I have a genuinely nice view of the mountains and can see the golf course.  No one cares about the golf course.... just the smoky mountain view.  Mostly, when we visit, we just comment on people playing golf in the winter and how cold it looks ;)

Jane

Hi @Stephen Beckwith!! I live in downtown Jersey City, have an AirBNB rental in the apartment in my house and I am a real estate agent in town. I can always appreciate a beautiful older home, as I am living in one. That said, I agree with the above comments. You will not be able to rent it as a STR unless you live here. I went through a lot of red tape to keep mine as a STR. BTW....I was fully booked in the upcoming months, but now everyone has cancelled thru the summer due to Covid19.

If you feel comfortable giving me the address, I could check things out for you over here.  Not sure if you saw it in person.  Sounds like it's in the Heights.  

Happy Wednesday!

Jane

Investment Info:

Small multi-family (2-4 units) buy & hold investment in Jersey City.

Purchase price: $1,500,000
Cash invested: $650,000

Lovely two family brick townhouse, built in 1895, located within a ten minute walk to Path trains into Manhattan.

What made you interested in investing in this type of deal?

I wanted to own a multi property in downtown and have a large chunk of mortgage offset by a rental unit.

How did you find this deal and how did you negotiate it?

On the MLS. I negotiated the price down $95k.

How did you finance this deal?

Cash and Mortgage

How did you add value to the deal?

Working on some renovations and making it a turn key investment.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

I was the agent on the buy side.

Thanks! MLS. Single Families around here are going for less than 1.1 now. Can probably even get lower since property is sitting now.

Are you looking for single or multi?

Investment Info:

Small multi-family (2-4 units) buy & hold investment in Jersey City.

Purchase price: $1,500,000
Cash invested: $650,000

Lovely two family brick townhouse, built in 1895, located ten minutes (walk) to Path trains to Manhattan.

What made you interested in investing in this type of deal?

I live in the downstairs unit and AirBNB the top floor.

How did you find this deal and how did you negotiate it?

I am a licensed NJ real estate agent, so I brokered the deal. I negotiated the asking price down from $1,595,000.

How did you finance this deal?

Cash and mortgage.

How did you add value to the deal?

Doing some light renovations on the property to make it turn key.

I'm in downtown Jersey City.  The prices are ticked up more toward Brooklyn prices.  $200k would cover a down payment for sure.  Take a look at Bayonne, NJ.  Cute two family homes under $500k with direct rail access to NYC.  I've been looking in this area for myself and clients.  

Thanks so much!  Work took about about 4 plus months.

Yes, Fred!  I would like to do a buy and hold in Asbury Park ;)

Investment Info:

Single-family residence fix and flip investment.

Purchased a run down single family home in McGinley Square/Journal Square area. Renovated and sold.

What made you interested in investing in this type of deal?

I was interested in restoring this home to it's former glory. It needed a lot of love.

How did you find this deal and how did you negotiate it?

My agent found it, knowing what I was looking for. Price was too high for condition of home, so negotiated it down.

How did you finance this deal?

100% cash

How did you add value to the deal?

Full renovation, plus paving stones and updated yard.

What was the outcome?

For a first flip, I pocketed a nice sum, plus my contractor did well. All in all, a successful flip.

Lessons learned? Challenges?

I negotiated the price down by $45k, but should have gone even lower, as it needed over $100k in renovations. I did well, but if something went wrong, it might not have turned out successfully.

Investment Info:

Single-family residence fix & flip investment in Asbury Park.

This was my second fix and flip. Total renovation of an old home that someone chopped up into a two family rental. It was restored to a single family home.

What made you interested in investing in this type of deal?

I love Asbury Park and making the old homes new again.

How did you find this deal and how did you negotiate it?

I work as my own agent, so I negotiated the price to a realistic number. It took many months of back and forth, plus oil tank removal needed to be remedied before I purchased.

How did you finance this deal?

100% my own cash.

How did you add value to the deal?

We brought back the charm of the home and essentially made everything new. Added central A/C, added a full bathroom. Turned a second kitchen upstairs into a large en suite master bath.

What was the outcome?

I sold the property after receiving two offers. 100k selling price over anything else in the area.

Lessons learned? Challenges?

Originally planned on keeping it as a two family, but when walls came down, I knew it had to be restored to it's original purpose. With the two family in mind, I poured cement for multiple parking spaces. Would have skipped that and laid down grass instead. Unnecessary expense.