All Forum Posts by: John M.

@Jessica Zolotorofe, I'm curious about Harrison.  Are you referring to the new condos going up on Frank E Rodgers BLVD? Or are you referring to any opportunities in the older parts of town? 

Hi Will - Welcome to BP!

These are two very different markets and if you're just starting out, I'd focus on NJ. It's closer, likely more familiar, and easier for you to access the properties/investors/support etc.  A lot of people are looking in Hoboken/Jersey City - but these markets are very saturated. I'd push out slightly further to find multi-family properties in Hudson.  

If you're looking for some off market deals, let's connect.  I can also refer you to some solid real estate agents in the area.

Thanks and GL!

Originally posted by @Tanuja A.:

Thank you @Ashley Childers and @Vincent Pace.

@Shamir Arzeno are you active in New Jersey? Jersey City has a lot of desirable properties for rentals but I'm having trouble connecting with a good local agent who can guide as well as transact. Any suggestions?

@Justin Fraser thank you. Looking forward to it. 

Thank you for the welcome and introductions, good to meet you all!

 Hi Tanuja and welcome!

I'm relatively new myself but am very familiar with Jersey City.  Unfortunately, everything in that market seems to sell for a steep premium and deals are very, very difficult to come by.  Not to say that it can't (or won't) happen, but it might be best to start with neighboring towns that are somehow connect to public transportation.

Is there one tank or two? If there are two, it's easy to make them responsible for filling it and paying the oil company direct.

I don't agree with your sentiment that people are moving out of state. There are a tremendous amount of jobs in the ny metro area that can't be replicated elsewhere. And it is a densely packed state. Just don't go buying in the rural parts of the state and you'll be fine. If anything, higher average income paired with increasing desire to rent is a recipe for a successful buy and hold. Taxes will be paid for by the remnant rent. If you can't cover that expense the property isn't worth it imo

Good morning -

Hope everyone is doing well.  I'm interested in learning the art/science of wholesaling and am searching for a local wholesaling guru (and seasoned real estate professional) who's looking to take on a protege, student, or 'intern'.    Is anyone interested?  I wouldn't mind working/paying for your time, or bartering services (re: accounting, finance, advertising, other support efforts).

A little about me: Early 30s, father/husband, life-long NJ resident, 10+ years as a financial professional, 5+ years digital advertising, versed in rentals and renovations.  I'm looking to make the switch into the real estate market.  I've been reading all I can about this area of real estate for 6 months, but would like to mirror/shadow someone to see how the day-to-day works.

Please let me know! And thanks in advance,

John

Hi everyone,

I'm trying to get a sense of what construction costs in NJ.  I know this is a loaded question, but if someone can share 'round' numbers it'd be appreciated.

Hypothetical - let's say a moderately attractive house, similar in style to what might result from a fix and flip.  Let's go with 2000 sqft and 4 beds, 2 baths. Slab, no dug in basement.  Utility hookup at the curb,  but will need to be wired/plumbed into house.  

I can't comment on the auction but am confident on the market value. I have seen the property from the outside and the listing pictures which went with the auction.

After the initial posting, I had an exchange of emails with the agent at 21st.  They did some work in the house and will be listing at market value, so no tremendous value to be had here.

Thanks @Moshe H. for the response.

Hi guys - There was a foreclosure auction on this specific property several months ago. It didn't sell and got bundled with a few others which was purchased by 21st Mortgage Corp. I've reached out to them to buy it and they said they would evaluate it and get back to me before it's listed on MLS.

I'm not sure what to offer on the property.  Here's what I know:

I can see the original (foreclosed) mortgage was for $220k over 30 years. Assuming minimum payments for a few years, I'm going to assume the balance was around $200k.  The assessed value is approximately $220k.  And the market value is around $300k.

The last bit of paper I found on the property said it switched hands for $1k. 

Understanding that the property did not sell at auction when it was listed (assumed $200k), what should I offer here to entice them to sell?

Hi guys - I'm hoping someone can advice on whether or not I should refinance my single-family rental:

• Purchased for $160k w/ 20% cash down.
• Interest = 4.625%
• 30 year fixed rate
• Netting about $400-600/mo
• Zillow estimates the property is worth around $325k.  I feel that the local market will continue to appreciate.

I need some help running the numbers. If I were to pull out the cash, I'd invest it into another property.

What are your thoughts? What would you do?