All Forum Posts by: Ken Dayal

PM me to be added to buyers list for multi-family - Jersey City, Union City, Bayonne & West New York

@Darren Sager I dream of the NJ Transit you allude to, one that is "on schedule to handle the issue with plenty of volume to spare." 

It is no surprise that the NYC metropolitan area, especially New Jersey is suffering from years of neglect of its public transit, roads and bridges. Read Here >> NYT articles on NJ Transit Neglect

You only have to drive the length of Route 1/9 , NJ Turnpike, Parkway, Route 78, Route 3, Lincoln & Holland Tunnels, GW Bridge or any other major roads in North NJ during mornings and evenings to witness paralyzing gridlock. And God-forbid there is an accident or emergency - lines of people at transit terminals and vehicles on roads is mind-boggling. The whole system comes to a complete stop. I know there is research somewhere on number of years we waste waiting - in traffic or in lines for transit that does not function. (NJ transit has taken 5 years of my life)

Our transit system and roads, in its current state is woefully inadequate to handle current demands, much less any growth in numbers. As @Paul Moore pointed out, there is a shift towards living in urban areas. I'm just very unsure of our elected leadership's ability to have a vision towards efficient transit in our urban corridors. What we have instead is Bridgegate, a lethal accident in Hoboken and countless tales of neglect, wasted time and opportunities. 

I might have someone for you. PM me for info

@Scott Pyrcz Off-market deals would be a good place to start. Heres a deal in Newark within your price range.

3-family in good condition 

http://dealflyr.com/shots/39-pricedrop-3-family-in...

@Hannah Canario 

I use www.mysmartmove.com to screen tenants. Tenants pay for credit & background check. The site allows them to securely enter their info without divulging confidential info, such as SSN. Landlord gets a report with recommendation to rent or deny.

Curious to know about your deal as we invest in North Bergen. 2-fam or higher, how much did you pay, how many bedrooms per unit, area of town- closer to Braddock park or 1/9 ? And rents you intend to charge per unit? 

My team is looking to connect with Private Lenders who are flexible. We have numerous private lenders that will only loan to an entity. I understand their point that if they have to foreclose, it is easier etc.

My client (an individual, not an entity) has an approved short sale.

They will likely refinance out in 6 months to conventional

Hudson County New Jersey. 3-family house. Tremendous potential, sizable equity going in.

Appreciate any private lender referrals, that are FLEXIBLE and will MAKE DEALS HAPPEN

@Kukuwa Dawson It's a highly personal decision and you have to weigh all pros and cons. If you do a short sale, it would impact your credit report and subsequently your ability to borrow for your next investment. You should discuss this with a mortgage professional- to see what loans you could possibly qualify for after short sale. FHA guidelines are different than other loans.

I assume the property is cash-flowing negative. If you are able to sustain the expenses, it might make sense to keep the property till it is no longer under-water. Have you considered raising rents and decreasing expenses associated with it? 

Real estate investing could itself involve different activities and you do not need stellar credit for these - Wholesaling is excellent, low cost but highly competitive in this market. 

Rehab & flipping is excellent. You can find deals, pool money with other investors and get hard money loans that are without strict credit requirements, but based on the deal. The numbers on the property must make sense - comparable sales, rehab needed etc. 

All the best!

@Raj G. If you'd want to PM me, I can suggest some great local lenders who will deliver on their word.

Also, as @Russell Brazil noted, rates should not be the only criteria to base your decision. Go with a lender who will CLOSE the deal. Not sure what the swing in rates was in 2-3 weeks, but rate shopping for fractions of points is being penny-wise and pound-foolish!

@Felicia Kurniawati 

In my limited experience with rehabbing older condos, I have found that in older buildings, the units have fabric-insulated wires and fuse sub-panels. And, as you stated, the fuses are over-rated, i.e. they have installed fuses that are higher amps than the load the wires can take. This is a hazard!

If the seller installed a dishwasher, a dedicated line should have been run from the panel, or they may have used the line from the counter-top. They really should have updated the fuses to breakers. It would be best to consult a licensed electrician on this. 

Your electrician should also determine if there is old knob-tube wiring. Do the wall switches look like this --https://goo.gl/images/1ya1SB

If it is indeed old knob-tube wiring, I would strongly suggest to re-wire the place to code, this includes re-wiring, new breakers and electric panel/sub-panels. Old knob-tube wiring brings tremendous risk to you and other residents. It would also be an issue when you go to re-sell down the road. It just is just not worth the 8-12k it would take to re-wire it to code. 

Hi @Michael Wolffs

PM me, I have an attorney who's done 3 successful tax appeals for us.