All Forum Posts by: Jorge Mendez

@Oleg Shalumov Central and North Jersey. If you have suggestions on areas let me know

Hi BP,

After many years procrastinating to buy my next deal I'm ready to do it though I don't know where to invest. I live in North Jersey, I've invested before in Orland FL, Binghamton NY, and south Jersey. I'm ready this time for the big one, commercial multi family but do need some guidance. I've thought about buying a directory and doing some mail marketing to get something off market if I do something in NJ since RE is so experience with very low CAP rates. Looking for someone with some experience to guide me and possibly join me in the investments. I'm looking ideally for 15 to 30 unit apartment building hopefully under 3m.

@Naeem Boucher is investigating in a multi family building in paterson worth the risk...given the high crime rate?

@Lesley Resnick believe it or not I live 3 miles away from Harold's Deli in Lyndhurst.  I've never gone there before but i'll try this weekend and report back.  :)  

You make very good points about rental markets and location, all which I've tried considering.  Currently I'm evaluating two 50+ unit buildings in Jacksonville going for 2.3M I could use some local expert in looking passed the numbers before moving passed the analysis phase.  I'll message you my number in a bit.

@Stephanie Jacobson, the student rental market was what I was after when I purchased my two family home in Binghamton mostly because at the time SUNY was planning on expanding the University by 2,000 students.   My mistake in Binghamton like I mentioned before was of poor management and scale.  In the 5 years I owned my rental, I had a mortgage of $500 per month including taxes and collected rents of $1,300.  The problem year after year was cost of repairs after a student lease was up and vandalism.  Perhaps if i had purchased a 20 or 30 unit building things would be different.  I actually have a friend how started investing in Binghamton when I started 10+ years ago and he is going great.  He owns about 8 multi family houses.       

@Chris Grenzig I no longer have properties in Binghamton nor do I plan on investing there in the near future.  My plan as of know is to look at three places.  

Jacksonville FL: Seems to have the most potential long term and as you indicated a good amount of Class C properties.

Allentown PA: has a good amount of development in the last few years and I like because of proximity

Cranbury Township NJ: Amazon and other companies have invested quite a bit in this area

I would greatly appreciate if you could help me connect with a few brokers in the Jacksonville area

Thanks @Andrew Ashby Orlando is another market I've research a bit some weeks back which seems great.  I would love to know more about what you are currently working on or RE plans for the near future perhaps we can help one another or partner up on a deal or two.

Thanks @Chris Grenzig I like your tips.  :)  

Your first tip has proven to be very successful for me other the last few years, I still own the 3 of 5 properties which are closes to me.  Unfortunately NJ is a bit expensive for multi-family, just the other day I was looking at a 12 unit apartment building for 1.8M with a 6.8 Cap Rate and no upside.  

I've made my share of mistakes because I did not consider #2, I was attracted to Binghamton NY a few years back because of the high Cap rate but poor property management and my lack of visiting the area cost me a lot of money.

At this stage in my life i'm so what financially stable that I can make the time to drive or fly to visit and manage the managers of remote properties.  I'm definitely interested in partnering with either someone or a group who has done a few deals to avoid costly mistakes.    

Hi BP,

Early this year I made my self the commitment that buy a multi family property but so far the biggest problem I had is committing to an area to farm.  I'm from North NJ and have looked at places like Allentown PA, Pittsburgh, Orlando, parts of NJ, Jacksonville FL, plus a few others and now I'm overwhelmed and lost.  What I like to invest in is a Class C multi family building with less than 50 units with some upside.  I'm happy to partner up with a more experience investor help find properties and also find private investors depending on the size of the deal.

Hi Tyler,

Curious, what type of properties are you investing in Newark.  I'm from the area also looking for commercial RE deals but was considering looking FL because of the high cost in this area.

Hi @Mark Gallagher,

I'm a bit confused by your comments, do you mean Allentown is a good place to invest?  I'm interested in buying my first commercial residential building and thought Allentown would be a good place to start because of the proximity to where I live.  If you have time to chat, I love to pick your brain a bit

Could you provide a cross streets or MLS number. I would greatly appreciate any additional info on the property or seller, and property. I like to see if there is upside if improvements are made.

Hi Jeraldine,

Why invest in NY when FL is a really hot market, specially Orlando and Daytona?  Curious since I've been looking for a few weeks at these two markets

Regards,

JM

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