All Forum Posts by: Jeff Pagano

Thank you everyone.  This has a been a big help. 

Thanks @JD Martin.  I will take a shot and see what happens.  You're right the worst that can happen is no deal.  I won't lose sleep over that but making a bad deal I would lose a lot of sleep.  Thanks for your input!

I am new REI but I went and looked a property this past weekend. I want to make an offer but I'm not sure how low is to low to start out with. It is a 1 bed 1 bath apartment. It is in a good area and I know that the units rent well. The place smelt like smoke, has 1970s style wallpaper, needs new floors and paint, complete bathroom reno, needs new appliances, and new electrical outlets. The place is small enough that I can do the work myself with the exception of the floors in about a months time for around $5,500 or less. It is on the market for 114,900 which is just under market value for a property that is in good shape. They have been selling for around 120,000 in good shape. I run the numbers through the BP calc. and I can make the deal work for me if I am able to get a purchase price of 95,000 or lower. My question is what is a good starting point? I don't want to be ridiculous with my offer but don't want to give away too much either. I also found out that the day before I saw the property it was under attorney review but the deal fell apart. Any advice is appreciated.

@Elijah Moon I haven't personally used any forms yet because I am still new to REI but on the site I know they have many forms of all different kinds. You can find them here https://www.biggerpockets.com/files. Hope this helps a little.

Where in Nj are they finding these deals? 

Thank you everyone.  I will begin to take all of this into account when searching for properties in the future.

Hello everyone, 

I am new to real estate but not to BP. I joined about 3-4 years ago but took a small hiatus to get married, buy my own home, and have a baby. Now that my life is more settled and routine I'm ready to be serious and 100% dedicated to learning about REI and want to purchase my first my first investment within a year. I am a union electrician and have tons of experience fixing up homes in all aspects which is why I am most interested in buy/hold rentals and the BRRRR strategy. Not that I would do all of the rehab work myself, because that would take way to long while working full time, but because I feel I have a good idea of what it takes to complete renovations and different types of projects.

I am looking to meet investors in my area (Jackson NJ, Central NJ) to learn from.  Like most newcomers I have a million and one questions and want to learn as much as I can from as many people as I can. 

I'm looking forward to the future and getting my feet wet in the real estate world. 

Hello everyone, 

Like many on BP, I am new to the real estate world.  I joined bigger pockets about 4 years ago then took a hiatus.  In that time I got married, purchased my own home in NJ, and had a baby so learning about real estate took a back seat.  Now that things have settled down a bit I want to begin learning about the business again.  I'm mainly interested in buy&hold rentals.

One question I'm always wondering about is how are investors selecting areas to buy in?  New Jersey as any resident knows is a tough market and very expensive (it took us over a year to find our house), but I assume that it is relative wherever you may be.  

Are there any tools investors use to select neighborhoods?  If so what are some strategies/things to look for?

What are some things to avoid when looking for areas to buy?   

If anyone can offer any insight or advice I'd appreciate it!  

What is the best/most efficient way to finance a buy and hold property without having a huge down payment? If anyone could assist based on personal knowledge or prior experiences that would be great!

Thanks for the warm welcome!