All Forum Posts by: Jonathan Rivera

Quote from @Matthew Morrow:

Quote from @Jonathan Rivera:

Quote from @Matthew Morrow:

Quote from @Jonathan Rivera:

Hey guys, I needed some advice on new construction here in NJ.

Me & my wife want to purchase a second home as our primary home but prices on houses are super over priced and just not worth it especially with inventory being so low & the market just all twisted.

My thought was to maybe pick the town I want to live in and potentially see if I can get vacant land to build on obviously.

I wonder if maybe it will cheaper to do this strategy instead of getting a loan for 600-700K home that still needs work and I’m not happy about it..

thoughts?

 Hey! It’s a challenging market in NJ. Building a new home could be a smart move, especially given the high prices for existing properties and low inventory. Exploring vacant land in suburbs or up-and-coming neighborhoods could offer you cheaper build costs and potentially lower taxes as well. Our team see this frequently state wide.  

Just keep in mind that construction costs can add up and timelines for building can vary. If you're considering this as an investment property, it's also important to analyze the potential return on investment and rental market in those areas. Ultimately, if you find the right land and feel confident in the building process, it could be a great way to create a space that meets your needs. Good luck!

Thank you! This will specifically be my primary home if we move forward with this 

Primary homes are a great way to start.  Just a suggestion- if it’ll eventually be a rental- build it as such.  Don’t go over the top on anything you won’t be long term living in yourself.  Save that for your forever home. 🍻

Thanks brother, I sent you a connect message.

Quote from @Matthew Morrow:

Quote from @Jonathan Rivera:

Hey guys, I needed some advice on new construction here in NJ.

Me & my wife want to purchase a second home as our primary home but prices on houses are super over priced and just not worth it especially with inventory being so low & the market just all twisted.

My thought was to maybe pick the town I want to live in and potentially see if I can get vacant land to build on obviously.

I wonder if maybe it will cheaper to do this strategy instead of getting a loan for 600-700K home that still needs work and I’m not happy about it..

thoughts?

 Hey! It’s a challenging market in NJ. Building a new home could be a smart move, especially given the high prices for existing properties and low inventory. Exploring vacant land in suburbs or up-and-coming neighborhoods could offer you cheaper build costs and potentially lower taxes as well. Our team see this frequently state wide.  

Just keep in mind that construction costs can add up and timelines for building can vary. If you're considering this as an investment property, it's also important to analyze the potential return on investment and rental market in those areas. Ultimately, if you find the right land and feel confident in the building process, it could be a great way to create a space that meets your needs. Good luck!

Thank you! This will specifically be my primary home if we move forward with this 

Quote from @Jonathan Greene:

You said you stopped wholesaling because it interfered with your 9-to-5 too much and you want to flip in-state or out-of-state? Honestly, that is silly and a horrendous idea. Flipping is 10x the time that wholesaling is, in or out of state, and if you don't pay attention you will lose and lose on contractors.

A first flip will take you 2-3x longer than you think, cost 2-3x more than you think, and one contractor will walk with your money at least.

What you are trying to do is to create a side hustle in real estate, but you are biting off things that you don't have time for. Other people will tell you go, go, go, but do not do that. You aren't ready based on what you said.

NJ is one of the toughest flip market in the country now (Northern) because the prices to buy the dumps is high because inventory is low so the spread is too little for new flippers.

 Appreciate the response. What would be a better alternative based on your experience than? I’m open to hearing ideas 

Hey guys, I needed some advice on new construction here in NJ.

Me & my wife want to purchase a second home as our primary home but prices on houses are super over priced and just not worth it especially with inventory being so low & the market just all twisted.

My thought was to maybe pick the town I want to live in and potentially see if I can get vacant land to build on obviously.

I wonder if maybe it will cheaper to do this strategy instead of getting a loan for 600-700K home that still needs work and I’m not happy about it..

thoughts?

lately, I’ve been thinking about many different strategies regarding real estate.

I originally did wholesaling for a few months but ended up stopping bc it just took up too much of my time especially with my full time job.

second, I thought of having rentals but I was hesitant bc I live in NJ & the rental laws here aren’t the greatest and it’s hardly any deals that can justify for the rent to cover the mortage in this expensive market.

Right now ive been thinking about possibly flipping properties in my own back yard NJ or possibly out of state where home prices are much lower in certain markets.

Anyone have advice if I should possibly flip properties where I live in NJ (blue state) or possibly go into another market and flip virtually..?

my goal is always to have passive income from rental properties but right now I’m thinking more of being able to pocket cash and later make plans on rentals.

Quote from @Levi Herman:

why is that? Other than the higher price points 

 Why is what? Regarding if jersey is bad?

If that’s the question, everyone knows blue states are great for flipping and not renting.

Tenant laws are terrible here and don’t favor the landlord.

Quote from @Christian Rodriguez:

Still working on finding my first deal but luckily have found my market ! Now i have been tasked with helping my mom invest the money in her 401k account, I was wondering if there was a way to be able to take out 100% of the accounts balance to buy property with it . I'm not too familiar with this form of financing would love some advice on how to capitalize on it !!

 Most companies only allow you to take out 50% only.

Unless you’re switching jobs or it’s a hardship than you can take out all your money but I will pay a huge tax I believe a total of like 30%..

But if you use the 401K into a primary home, it gets taxed way different which is a good thing if your mom wanted a property and investment.

You can also borrow a loan agains the 401K and would just have to get the money taken out her checks until the loan is repaid back. Typically it’s like 10% on the money. So if she took out like $25,000. Weekly would be like $98 a week taken out. Which isn’t bad for a asset investment and she doesn’t have to pay taxes on that part of the strategy 

Hey guys, I’m located in NJ & I wanted some feedback regarding to flipping properties in this state as an investor.

I come to the conclusion that NJ is terrible to be a landlord in, especially with the process to evict someone.

I spoke to a few people who mentioned NJ is great for flipping but I wanted more feedback from others who are familiar with the process here or flipping in general in a state compared to NJ.

thanks 

Quote from @Justin Goodin:

Here’s why many investors switch to commercial multifamily  👇

Let's say your rental property makes $200/month in cashflow.

Which is $2,400 annually.

This will WIPE OUT your cash flow:

❌ HVAC repairs

❌ Turnover costs

❌ Roof Repairs

Not to mention, you will most likely need 20% down to buy a rental.

$200K is a starter home these days.

→ How many rentals could you buy each year?

→ How many rentals would it take to replace your W2 income?

This is why many investors switch to multifamily investing.

Your typical new investor isn’t going to start off in commercial multi family because they can’t afford it or it’s hard for them to raise money for a 30-50 unit building. So if it comes to starting out like you said, I do believe single family 1-4 units is the way to go until they can eventually build up to get to multi family.

Hey guys, 

I know most of the time it’s important to buy in a landlord friendly state so this way you’re protected in case of an eviction & it’s in favor for you, the investor.

My whole strategy has been to have tenants that have vouchers to section 8 bc of payments being guaranteed depending if tenant needs a lot of assistance.

My only issue is that I am in a tenant friendly state here in NJ. I originally wanted to invest out of state but part of me wants to be near where I invest. So the next state over that’s more affordable than here is PA.

My question is, although both states aren’t landlord friendly, the fact that I want section 8 tenants instead of normal tenants, do I have an advantage over the eviction process?

Being that section 8 tenants average time in a property is 7-8 years, they are under the housing authority, they also wouldn’t want to lose their voucher, especially if they waited years to get in and much more.

Am I safe investing with this method in a tenant friendly state?