All Forum Posts by: Joseph Kaiser

Jonella Construction in Kearny

Hi @Roger Johnson - I'm in a similar boat, currently a real estate agent and working towards getting my arch. license. I'm in Westfield, let me know if you want to meet up and chat.

Joe

Hey @Chantal Manning - I'm also an aspiring architect and investor, welcome to the forums and best of luck! 

@Omar Cotes the best thing would be to check it out - Newark is a huge place and of course you want to feel comfortable, but it's very neighborhood based. Look into Elizabeth too, a bigger city with a lot of neighborhoods that may work for you. (If you're looking for a newer, 2 family house)

Hey @Omar Cotes - University Heights, Downtown and Ironbound are the places to be - even a little North of downtown. University heights it would have to be something student oriented though, so within walking distance of the schools or closer to downtown. Anything between Norfolk down to Broad, and then from Central to South Orange would *probably* be okay

are you thinking of a 2 family or single fam / condo? 

Hey @Michael Enriquez - I assume these are multi-families? 

Hey @Gil Swenson - welcome to Bigger Pockets. Have you been to any REIA meetings yet? There's one in Newark that meets the first Tuesday of every month, its a $10 cover charge and there's people from all over North Jersey.

http://www.meetup.com/NJREIGroup/about/

Do you know what you'd like to get into - as far as rehabbing, rentals, etc?

@Gerold Koch Hi! thank you. I bought my condo in North Plainfield, which is in Somerset County. 

@David D'Ambrosio my mortgage amount includes the property taxes and homeowner's insurance.  So of that $350, I would need to cover my repairs and vacancies. 

After I spoke to Eric and out of curiosity, I used the BP calculator, added in vacancy/repairs, and also included 8% for property management - still resulted with $170/mo cash flow.  I personally think it would be higher than that because a lot of the maintenance is covered by the association (plumbing for heat and hot water, building/exterior, etc.)

Hey Eric - welcome to BP. I think it's definitely possible to find a buy and hold in your area, especially down closer to your area. I just bought my first in North Jersey (that I'm living in for a bit) but it will rent for 350+ what my mortgage and HOA is. I didn't factor in repairs vacancies and all those costs into that number but its just about buying smart and doing lots of homework on it. Feel free to reach out with questions or to chat more

Joe