All Forum Posts by: Jesus Checo

@Shawn M. My original plan would be to rehab the properties to get A class tenants. I just really wanted to stay in or close to my hometown however, yes, I’ll need to consider a location with less taxes.

@Matt Rusk thanks for your input. The average taxes on a multi family property in my area are over 10k a year. While I would like to invest in my area so I can be 10 minutes away from any property, I very well may need to consider looking at areas that pay less taxes. You’re absolutely right.

@Russell Brazil While I haven’t figured out the growth percentage in my area, I can tell you that my town of Bayonne, NJ (where I plan to invest) is 12 miles away from New York City, there are 3 light rail stations, we have a Walmart, we have a new Costco opening this Spring and there are numerous new high end condominium complexes being built around town. You’re absolutely right. Even if my cash flow would be minimal now, there’s huge potential for growth.

@Shawn M. I’m definitely thinking of owner occupying however, at the rate I need to grow, that might only work for my first property.

@Mike Philips completely agree. Either off market or foreclosures are what seem to be the most appealing.

Hi all! I recently began to look into buy and hold/ rental income as a ticket to FI. I’m literally in the process of reading books and binge listening to the BP podcast. I live in Northern NJ and am jealous of the property prices I’m learning exist in other areas of the country. The average 2 family home in my area is around 400K and usually needs work. That being said, my calculations are giving me about a 7% cash on cash when putting down 20% on a property and adding in closing and renovation costs. Also, I’m getting an average of $300 in cash flow per door (this is of course after my initial investment is returned). In order to make my long term goal of 100K per year in passive income through RE, I’ll need to have purchased 28 doors (This is all based on 20% down for all properties). Am I crazy in even considering investing in my area? 

@Justin Windham thanks so much for this info. This will help me big time!

@George Blower thanks so much!

Hi all!  I recently began to look into buy and hold/ rental income as a ticket to FI.  I’m literally in the process of reading books and binge listening to the BP podcast.  I live in Northern NJ and am jealous of the property prices I’m learning exist in other areas of the country.  The average 2 family home in my area is around 400K and usually needs work.  That being said, my calculations are giving me about a 7% cash on cash when putting down 20% on a property and adding in closing and renovation costs.  Also, I’m getting an average of $300 in cash flow per door (this is of course after my initial investment is returned).  In order to make my long term goal of 100K per year in passive income through RE, I’ll need to have purchased 28 doors (This is all based on 20% down for all properties).  Am I crazy in even considering investing in my area?  

I want to thank everyone in advance for reading my post.  Any and all feedback is appreciated.  Thanks again.