All Forum Posts by: Jared Joseph

Welcome Matt!

I’m an investor and agent myself working in New Jersey. Happy to connect and help you out anyway I can! 

Investment Info:

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

Purchase price: $335,000
Cash invested: $100,000

4 Unit Multi-family property. Using a construction loan to lump in the cost of repairs to renovate all units. One unit currently rented. Raised capital for this deal. Appraised very high as well so extremely happy about this one!
Considering renting the other units as STRs. It would be my first time but I believe it would yield a better ROI for myself and investors.

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

My team and mentors buy/hold/sell multifamily properties very often. I'm learning a lot through them and continued education/connections.

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

Found through my mentor who offered to me to purchase. Didn't negotiate much. Happy with the terms and price I received for it! Always aiming for a win win situation with all deals.

How did you finance this deal?

Raised private investor capital for this one.

How did you add value to the deal?

I plan on installing units for laundry in between all units. If I use as an Airbnb, it will make it easier and more desirable for the cleaning crew and guests. There is a room that currently hasn't been in use at all that used to be a laundry room.

What was the outcome?

Still currently in the deal. I will know more as time progresses.

Lessons learned? Challenges?

Getting a system down on how to contact, speak with, and smoothly transfer tenant information over. This is referring mainly to changing the form of payment, questions to ask the tenant to clarify any current lease in place or new leases to come; Etc.

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

If someone is looking to invest or purchase in Atlantic City reach out to me! My team and I are made up of a lot of agents as well with experience so I'd recommend anyone within my team to assist.

Investment Info:

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

Purchase price: $169,000
Cash invested: $11,000

My first property / First house hack / First Eviction / First rental assistance / First everything! Great property I acquired through my partners and mentors. I've already learned so much from this gem.

2 units - one tenant inherited - Not in Denver.

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

Bigger pockets and my mentors and partners.

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

Found through my mentor and negotiated with him.

How did you finance this deal?

Family gave a gift to get started. Sellers concession also helped.

How did you add value to the deal?

Renovated parts of the vacant unit and a bit of landscaping done. No big value add here.

What was the outcome?

Rented and successful first multi under my belt.

Lessons learned? Challenges?

When someone is behind on rent, start the eviction process immediately. It depends on the state that you're in, but the sooner the better. I went 6 months without the inherited tenant paying rent. They are now up to date on payments and everything is current.

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

Yes my partners as well as myself. I'm a Keller Williams Team Realty agent in Clifton NJ. One of the few brokerages I know that has an entire investment division that focuses on helping people acquire investment properties.

Hey everyone,

This may not be the correct thread and place to ask, but I'm looking to make connections with anyone with capital between 25k-65k who is looking to invest in real estate. What my team and I usually do are buy & hold 2-4 multi-families. My mentors have been investing for 20 years and buy/hold/sell 100+ properties a year. I'm still fairly new to the game; yet I've achieved 6 properties, self-owned and through JV/Partnerships, in less than a year. My challenge now is I'm at that point where deals pop-up and I've yet to build a large enough buyers pool to close these fantastic deals.

I want to eventually grow into larger commercial family residences in the near future, so I'll be looking to make connections in that realm as well. So if you're an investor with capital or someone who works with large family dwellings, don't hesitate to reach out! I don't bite :).

Thanks!

 Hey Clare! I may have a property locked down already but please feel free to send what you have my way! I don’t mind checking it out. Where in south jersey are you primarily BRRRRing?

Thanks Drew. I plan on doing some out of state investing in the future so I will definitely check it out!

 Hey John! I know my poor post was sitting there waiting for attention haha, so thank you for responding!

I used to live in South Jersey myself in Mount Holly and Burlington but I haven't really studied the area much in terms of investments so I wanted to get others opinions on areas they were considering. You're absolutely right though with anything around 20 miles or less of Philadelphia. I know Cherry Hill is definitely up there price-wise now but South Jersey still seems to be significantly cheaper and more affordable than parts of North Jersey close to the city. I had to quickly realize that South Jersey may be more in my lane haha.

Absolutely; I'll shoot you a private message and we can exchange contacts and chat a bit to see if we can help each other in any way.

Hey BP Family!

I haven't posted in awhile since I was going through a long process of attempting to purchase property in North Jersey (Newark). Due to the higher costs and my current financial position attempting to acquire an FHA for my first property/investment, I wasn't able to procure something in that area. Since I'm dying to get started ASAP especially after a few months of trying, I've shifted my position to South Jersey where the market is a bit more affordable.

To get a better idea of my current goals, here they are listed below:

-Aquire 50 units in 5 years. (Most likely a combination of in state and out of state properties down the line.)

-House hack the first property and purchase using FHA 30 year mortgage.

-Cash Flow on the first few would be nice for security but since I'm buying and holding I'm going more for the appreciation game. 

With that said, can anyone recommend any South Jersey markets worth checking out so I can focus my research a bit before deciding where to invest? 

Thanks!

Quick question that I can't seem to find or understand 100%. There is a multifamily triplex that I saw is a short sale and states that it is occupied as well. This posed a question that I wanted to know and wasn't sure about:

If I purchased the property and found out the tenants were paying rent well below the current market price, as a NEW OWNER am I allowed to bring the rent to market price with the new lease at the end of the tenants' previous leases, or do I still have to follow the 4% max rent increase (NJ)?

Hey @Shawn Mcenteer thanks for the welcome! I’m super excited to get things rolling, even though I know it’ll take me a little bit of time while I’m still in the educational phase of things. To this day BP has certainly changed my life and I can’t wait to see what other changes come as well.