All Forum Posts by: Joe San

Crazy the price appreciation that has occurred in the city the last 5 years. Does anyone have any neighborhoods that they see value in still?  I have been monitoring the following zip codes because I feel they have the best potential but they are just hot hot hot. Prices running away from me and Im not willing to chase.

43004

43081

43240

43235

43026

43040

43015

Anyone ever purchase mobile homes and put them in the section 8 program?  In a high cost of living state in the northeast I have to think that the section 8 program is in high demand and for the cost of these mobile home even though they depreciate in a different manor than traditional housing I still think the return would be fantastic.

Is there a high demand for section 8 properties and has anyone done anything similar to this? 

Thanks in advance

Thank you Patti, I may call to check if it’s different in New Jersey but I appreciate the feedback 

A trailer came on the market near me in a 55+ trailer park in a rather HCOL area. Asking 25k with a $590 lot cost, I would guess that section 8 pays at least $1000 a month but I am not sure if they allow trailers or if they are treated differently. It would be a pretty good CoC return if that I could get that rent for it.

Anyone ever have a similar situation? 

Has anyone had any experience appealing to local government, or even starting a non profit organization that caters to afterschool/community center, etc.?

One of my business partners has a commercial property that he is mismanaging and it is set off the road some and there is a couple thousand sq ft of mixed use that he simply is leaving empty, this is in a HCOL area and there has to be a better use for this than being empty (of course).  

Because of this space being off the road some and needing some maintenance it simply doesn't have the appeal to any businesses in the area, the one thing the area could really use though is a community center/after school program or just somewhere for kids to go to .  

I was wondering if anyone has ever had a situation like this and have they ever formed some sort of non profit and spoken to the local government about funding to put empty retail space to use? 

Any stories or insight is appreciated, thanks!

Hey man.my deal fell through. Good link with yours. 

Thanks Rob, great information and something I will definitely keep in mind as I go forward.  

Thanks Greg, thats good information for me to know.  Appreciate your help!

Hello all, 

Looking currently at an off market deal that seems to be priced right for the area its in.  The only catch is that the current owner is running the triplex with 3 separate section 8 tenants.  I believe that renovating the units would be the right move to maximize the property so I would need to get all the current tenants out when their leases run out.

I am assuming this will not be easy, and maybe wont even be possible due to the strict rules that I am sure that HUD has in place. Has anyone gone through a similar situation and what was your experience?

Thank you for any insight .  

Thanks for your response. I am in hunterdon county. $100-$125 would be awesome! Lol. 

Originally posted by @Kevin Blanchard:

@Joe San where are you in NJ? I am not sure I would go that route only because there is also the possibility that you could be denied, have to go for variances or even have the NIMBY (Not In My Back Yard) crew come out at the town meetings. Don't forget the amount of time it takes for the whole process...you may be better off just sticking it out with what you have. It will most likely be less headaches. In terms of construction you could be looking at $100-$125 sq.ft. easily.