All Forum Posts by: Joel S.

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

Greetings please DM me I might be very interested in this.

I do construction and investing in Jersey City.

First of all why would you want to own that bldg’ the biggest target in the world? And then you already own it. You and your brethren can evict its habitants once every 4 years. Another reason it isn’t the beat rental in the world. Joel

I’m still trying to figure out how to PM. 

I work on the iPhone with the  BPP app.

Johnathan Boyle Maybe I can be of help should you so choose. Message me. Joel Silberstein

Greetings Mike I am from New York City as well Brooklyn to be exact. If you get an answer elsewhere about any meet ups in our area please do let me know as I am interested myself. Anyway welcome aboard, this is a great place to mingle and gain a lot of knowledge Wishing you much success JOEL

Welcome aboard Boris, Its Great that you choose the Buy and Hold strategy especially that you are not currently in need of any additional income. With regards to your question about partnering up, First be clear about why you would need a partner in the first place. Many people partner up due to-a specific need either start up capital or full funding. Many people would partner up per deal basis as it is in my case. And some don’t have the time to do it all on their own, so they need an active partner to look for deals analyze negotiate & operate them while they take a passive position. By Looking at your own needs would answer most of your questions about partnering up with someone. With regards to your 2nd Question about area, If I understand you correctly you don’t have issue with credit or funding only I guess, startup capital and that might be your mental barrier to investing in your area. I think your 2nd questions answers you first in some regard, here is where you might need a partner. Remember you’re not gonna buy a deal which makes no sense regardless if it’s in your area or elsewhere. A deal that make sense for yor buy and hold strategy is which positively cash flow’s. And if the only block to investing in your area is start up capital there is where you might need a partner or borrow money from friends and family for your start up capital So you can invest in your area. I keep on stressing the point about your area because that’s where you know best or you think you know best, but you have a much better chance of learning it a whole lot faster than starting in a new area entirely. With regards to your 3rd question about some other areas,this is something that you have to research on your own Based on solid real estate principles I.E where there is employment and there is a demand for Rentals. Now employment could be near a hospital, school, even in a weaker area or town And if you have solid transportation go little farther in to the respective city since your prospective tenants will most likely travel back-and-forth. But you definitely need to have those factors 1) Employment and A need for rental. If most people in the area owns their house, you have a much lesser chance Employing you’re buy& hold strategy in an area where most people are buying to live in it, as well as it will most likely be inflated and not make financial sense for you as an investor. Interesting you mention in Cleveland Ohio I had two friends travel down there Recently And they mentioned to me that there’s a bunch of good rental income in the area for reasonable Rates compared to our neck of the woods like Long Island New York or Brooklyn New York. I sincerely hope I was of some help, Wishing you much success. Joel Silberstein

Good Morning, First of all congratulations on your success thus far, and the 6 Figure Income can propel you into real wealth where you will be able to make 6 Figures from real estate and be able to devote as much or as little time as you want. On your 1st Question, As for Now, Stay away from anything that needs extensive renovations. Focus on Makeup/ Tlc (tender Loving Care ) only. I.e paint Job, shrubs that hides the structure and ugly kitchen cabinets and bad carpeting. 2) With regards to hiring a property management company, I would only do so once you bought a few deals. Since you would be vulnerable to property management schemes as well. 3) With regards to what entity you would need; Ask your accountant. Don’t try and figure this out on your own. They do help you save you much from your existing income don’t they? Ask for their advice. 4) With regards to your last statement about Keeping away from down-rotten and Luxury; Thats Very true, keep away from both extremes. You want the biggest market to he your customers I.E average consumer until you learn the ropes and niches available to you in your market. I would take a job with someone who is doing this all the time and learn it this way. However this is not feasible for you since you already gotten your golden hand cuffs somewhere else. Therefore, see if you can be someones money partner in your area where your partner acts as the is operator and you as his money partner, spending your time 5-10 hours a week checking up and meeting with your team. With Much Success to you, Joel

Originally posted by @Drew Slew:

If anyone still follows this thread, i got two offers atm accepted, need to decide quick:

- Ocean and Wilkinson - 2 family, 6 bed 2 bath, turnkey, offer at 395k. quite big, small attached garage, big 2 floors 3 bedrooms in each. basement not finished. area as previous people said - war zone in some way - but then again i could probably take it for a while. WOOD. only has washer dryer hookups. backyard.

- Palisade and 60th st in West New York - BRICK 2 family, 3 bed 3 bath - each floor has a 1 bedroom 1 bath unit. Almost half the size of the greenville one, BUT much nicer area, closeby to lightrail and BRICK. no parking though... needs a little renovation in the second floor kitchen and painting, but overall turnkey also.has washer dryer. backyard garden and shed.

returns are somewhat similar although if i am realistic can squeeze out quite a lot from the west new york one. not so sure about the greenville one. 

IMO renting a 3 bedroom 1 bath seesm quite tough, and fetches same as a 1 bed 1 bath in west new york area - which is full of businesses, people. 

on the other hand, greenville is on fire and the property is nice, brand new, could be big appreciation in 5 yrs or so?

Any ideas welcome

 On the Greenvile side, How does your numbers look compared to the the property in the heights?

I don't believe in 5 years projection of Appreciation, especially if its on fire now. Fires tend to tame after a year or so unless any major factor comes into play like Employers or Jobs etc.

Greeting Fellow BP Member's,

I Am rehabbing In Jersey City a Multi unit Building and my Sub removed the old plaster from the Sticks and Left it clean without Re- framing. Does anyone have any experience in the local Market Code/ Inspections to advise How i can insulate those spots with ripping all out and re-framing?