All Forum Posts by: Joseph Chacko vellukunnel

Hi @Leon Jamison,

I can recommend my contractor. my project was $420K, 7months, funded through 203K. we went slightly over schedule (10months),mainly due to a few failed/ repeat inspections, but we were able ton finish under budget.

TBH, Im actually doing a second multi family reno project in the heights, New York Ave with the same contractor beginning March 2025.

Anyways, you're bound to have issues when working with any contractor. I'd recommend a project manager or architect if your budget can afford one.

@William Kwong- it's been a while. we should grab coffee again.

fellow NJ investor here, I've been looking on expanding my portfolio.. researched columbus for a couple of months, but couldn't find "great" deals, unless it was in class C or lower neighborhoods.  This didn't make sense to me since I don't have a good property management team in there already.

I live in the jersey city area, it's hard to cash flow here even at 25% down, trying to network and see what other good opportunities exist. Might even look at private lending and get some truly 'passive' income.

@Monica Edwards, do you do buy and hold? i am looking to invest in a long term multiple family near downtown.. the prices are much better than north jersey ( where i live) , but I'm not sure about the rental markets and typical cap rate. 

let me know if you're open to discussing further

thanks for the note everyone, I am getting on the phone with the local credit Unions.

On a side note, does this mean that I have limited exit options once I want to pullout of this investment?

Hi BP,

I am looking to finance a relatively small deal.  its a 4  unit mobile home park, all POH, 100% occupancy with slightly undermarket rents  separate sceptic and a single well.

At the asking price of $240K, there is 12% cap rate. Two of the homes are over 25yrs old, and offer the upside potential to renovate and increase rents to market once the current tenants move.

Question to this community is, are there any recommendations for lenders in this deal size and in this area?

side note, I am new to MHP investing, and I'm also thinking that working with a lender will make sure my sure diligence is thorough.

thanks

joseph

I'm on a similar boat. H1B, with passive rental investments, which my CPA recommended that I can offset against my W2 income. Although, I'm not fully convinced since my CPA is not a qualified immigration professional.  

anyone else here able to find a good answer? Or do you have a good recommendation for CPA/immigration combo ?

Hi BP- I'm considering an OOS investment in Augusta, GA.  Please share any good recommendations for OOS investor friendly realtors or Property Managers.

-Joe

thank you for the responses. decided to stay with my current PM, they've been a big help with apartment turnarounds and especially with planning lease extensions.  Their understanding of the local market is definitely helps.

Hi BP,

I'm a rookie OOS investor looking for a stable rental property investment in this market (ha ha). Bought a few properties a couple of years back in NJ, and things have been good so far (osituve cashflow, appreciation). I've been reading up on the EV factory boom in Ohio, and homes in Colombus seem to fit in my budget, and also offer good upside potential in the 5yr+ time horizon.  wanted to come to BP and see if others with more experience have good wisdom to share around this topic.

1.Does anyone have any tips for out of state investing in Columbus?

2. Any thoughts on investing around factory/ industry boom cycles ( types of Housing, distance to plant, budget range, etc)?

3. Any other factors that I should consider in my scenario planning/ estimates? 

cheers!

jc

hi @Chris Connery, did you go through with the purchase? I'm currently evaluating a mixed use property in jersey city, ground floor commercial + 2 upper floors with apartments. 

I have experience managing multifamily properties, but mixed use is new. would love to know what you ended up doing and if it was a good investment.

joseph