All Forum Posts by: John Rodriguez

Hello, I'm closing on my first rooming house this coming week in NJ. It has been running for 22 years. It was closed by the state about 1.5 months ago after the current owner didn't address all the cosmetic violations. It's a gorgeous Victorian prewar property. Can be turned into a legal 6 family building. Plus, it comes with a buildable lot. I'm looking to connect with someone who is willing to provide some advice, and guidance on getting it back up, and fully registered in business, particularly looking for VA guest. Any help would be appreciated. Thank you.

Can anyone please advise me or connect me with someone who has experience, runs, has worked with, or has any type of general information to private equity structuring ? 

Aurus, 

For the most part you area accurate. I was you at 19 when I purchased my first investment property through creative financing. By 22 I had 6 rental properties. I just turned 31 I own a couple of hundred rental doors in A & B locations, from Hoboken,NJ to Brooklyn, and through all of Norther NJ. In our norther real estate market, $3k monthly can be accomplish on your first year. Stay humble, discipline. I do all things real estate in NYC and NNJ. My real estate company is Estates Prime Realty. Im in the process of opening another two, one in Jersey City, and another in Ironbound, section of Newark. Email me with any major concerns you may have. I did like to pay it forward. 

Through your most recent experience with C-21, Re-max, or Coldwell banker or any other major realty. Do you feel comfortable to say these top franchises provide an accurate, and smooth sailing experience when buying real estate for you ? If not, what would you recommend to be added, what field do you think is the most in need of improvement for these companies to further develop. Your response is greatly appreciate it.

You are dealing with a FHA fannie or freddie funded, even when the bank gives you a verbal approval and then tell you give me 3-8 weeks to send out the WRITTEN approval, this usually means the real amount they will take has to be approved by whoever the investor is fannie or freddie. Is safe to say that when you get ( we need approval from the investor ) is when you should start praying. Is very typical of this kind of loans. Im waiting for investor approval on 4 s.s. at the moment. Good luck with yours.

J.N.R.

Hey Shea,

I had a good invesment brownstone in downtown JC . 273 4th st . I jsut closed on this, sold for $700k , is to my understanding that the buyer will flip it. The estimate came in at $125k , after repairs value should be around $950k-1.1M. The beauty is that these flips sale very quick in this area. Be careful where you position yourself, there is JC areas that will be hard to move , and then there is others where they dont even lt you put the sign up as long as you do the right job and work to the flips. I'm a broker in NJ and NY, but I flip mostly NJ because of the margain, well any concerns I'm just a message away.

Good luck !
John,

Im both, a broker and a wholeseller. I find it that as long as you do the right thing, and give out the right disclosures the license doesnt really affect you much as many people would contradict. In fact, as long as you do right by others it helps lots to have a license in the business. I get constant business from referrals, and great leads. Often times my listings, and own investment are sold to repeat clients or leads from them. Having the right stragedy, and clean/fair business mind im this people to people field helps a ton.

John,

Rich,

This is a very interesting topic, I actually have 3 parcel of land right n Newark,NJ in the north side area, much decent than the rest of Newark. I have had them for about 2 years now, and I keep on trying to find the right developer but the numbers dont make sense. It has come down to pretty much cutting them out and taking things into my own hands. I would really like some advise, and experience sharing, if you could please.

Wish you and yours well,
John Rod.

Congrats,

Just seeing the picture, looks good. Hope the sale goes smooth and you can get to hold that profit check very soon, that makes it all worth it.

Good Luck !

John

James Park hit it right on the nail. This is pretty much my same experience, funny how I just got a call from a city Judge that just dismissed one of my evictions that was schedule for tomorrow to get one of my worst tenants out, because stupid filling mistakes from the city part !!!!! Smh, and my day was going well knowing that I was getting rid of that dead weight. Bad tenant are hard to find in the high end market place* If you can stick to it.