All Forum Posts by: Joel S.

@Ruchi Patel Greetings: Ill second  what Allen Wrote above, A good Contractor will be able to tell you what needs to be Avoided. 

I did quite a few projects in JC as GC and as an owner operator as well. You can reach out to me if you'd like, I can swing by to see the property if you have a lockbox. Snap some photos, and have a phone conversation with. But to answer you question, 

For now figure Interior renovation $80 psf. 

@Juan Cabrera I just completed this one...  

@Allan Szlafrok Not easy at all. 
However that's the game we need to continue to play...  Nice connecting with you. 

Investment Info:

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

Purchase price: $157,000
Cash invested: $45,000

This was a Short-sale worked out a deal with the Owner, bought him out renovated and filled up with tenants.
Sort of a BRRR Strategy.

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

The Allure of Maximizing return.

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

A Partner Brought it to me he is an Real Estate Agent.

How did you finance this deal?

Partner Put up 170K .
+ Life Insurance Line of Credit.

How did you add value to the deal?

Based on Rents. the 1% Factor,

What was the outcome?

The outcome was i refinanced 300k out of this deal no money in it, Stayed with Case in my pocket.

Lessons learned? Challenges?

Buy as low as possible because that's when you set the whole deal up to win or fail. If you buy low enough, you get to the leisure of making a mistake.

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

Sure, Partner Agent Brought the deal. Partner Put up the Money. Real estate Professionals helped me Rent out the place.

@Jay Hinrichs

Good Morning: I can attest Having a construction company servicing Jersey City.

Its almost impossible to make money on these small jobs.

Joel

@Sam Grooms Thank you for answering this question in detail. I was looking for a in on syndicates and you so eloquently explained it from your experience. To reitirate, if i where to sponser a deal, i should take myself out of the cashflow projection only deal finder fee, management fee, and exit fee? Joel S

@Nicole Heasley So what are you suggesting? That the fear is overstated? Also interesting your saying about the area your from which didnt yet recover. I this the civeted cleavelend ohio market? And why hasnt it recovered? What is the driving force of the conomy in the area?

@Shanae Williams I have the same issue, especially whenbi am looking for deals then then I HAVE TO LOOK FOR THE finance foR it. What I think keeps me fOCUSED IS the podcasts, a GOOD Partner, and constant deal flow which force me to look at them again. I also do construction for-other investors that arouses iN ME AN apetite to continue to look forward and continue the journey. PARDON MY cAPS ITS A GLITCH IN THE APP.

@Llewelyn A. You have a solid point for furure value investing and where patient money and or a capital call is possible. However, couple the Fact Of low cap rates with rent stabilization where increase in rental income is slow its not for your average investor.

@Randall Cornelison Interest only if you can. I.e non amortizing at all.