All Forum Posts by: Ken Dayal

@Account Closed We have different goals Bob!

@Jagrut Desai & @Charles Reed Agreed! Deals are few and far between. However, if you work with the right wholesalers, and can buy with cash or private financing, you could get higher cap rates and cash flow. 

Even in Jersey City and all of Hudson & Bergen counties. Cash is king :)

@Alexandra Preziosi Its great you're doing your due diligence! Savvy investors buy for cash flow, not speculation of price appreciation.

@Michael Brown You can present a LOI (letter of intent) with various scenarios - 10 % owner financed for 10 years @ 8-10 % / 20% owner financed 15 years @ 6-8% e.t.c

An understandable doc with amortized worksheet and schedule of payments to seller.

How many units is your building? Are you looking for investors to JV or syndication for longer term? Feel free to DM me if you'd like to share details.

@Sandy H. I have a good contractor reference. DM me for info.

HI @EDWARD M., I'd agree with @Ryan Cheung & @Nick Intrieri. Its a highly competitive market. You have to try to find off-market deals. We have off-market wholesale deals in Union City, Jersey City that are snapped up pretty fast. Feel free to DM me if you wish to be added to our cash buyers list. 

On a different note, various investors I have spoken to believe a correction is in order. Some predict this to be within 12-18 months. 

If you follow Grant Cardone, his take on our current market can be found here  > https://www.biggerpockets.com/renewsblog/2016/05/1...

Separately, trophy buys , or very high end sales in NYC have shown a slow-down in sales and dropping prices. This doesn't affect the middle or lower end of the market, but is indicative of prices leveling off at some point across the board. Add to this the Brexit mess, stagnant wages and Chinese crackdown on money flowing out of their country. 

http://www.nytimes.com/2016/07/12/realestate/luxur...

@Rez Cury , @Burak Arikan We have wholesale deals that come up in these areas - Union City, West NY, North Bergen. I can send you info. SF, Multi Fam, Condos 

@Antonio Cucciniello Welcome! RE books I read recently, both great reads - Millionaire Real Estate Agent - Gary Keller, The Dip - Seth Godin

As a newbie, house hacking would be a great way for you to start - buy a multi-fam house, live in 1 part, rent out other(s).

All the best!

@David Smith PM me, I can fwd you info of some investor friendly agents. Also, if you have cash or private financing, you should consider connecting with wholesalers in these towns where you're looking to invest, Union City, Jersey City. 

@Tavaria Adegbite Keen to connect with you. Agents who work with us can earn their own commissions on wholesale deals, would be happy to add you to our list.

@Onaney Barrino 

Looks like youve got a lemon, or maybe a diamond in the rough. It sounds like a huge project for a new investor, but it would give you a lot of experience in rehabbing. Assuming you know the ARV (after repair value) of the house based on comps and your research, work backwards and see if this deal is worth it for you. At the estimated rehab price, would this lease you with equity in the house once its done?

We dealt with a house in Jersey City with issues with the 'bones' and I can say from experience that the bill with structural issues adds up fast.

Are you able to renegotiate the price with seller based on info you have now or is this from sheriff's sale?

PM me if you'd like to discuss further. I can pull up comparables so you have a good ARV to work with. I also have a good attorney's contact who might be able to help you recover a deposit in such a situation. Plus a local contractor reference from Hudson County for a project this size. There is also the option to sell it fwd if this is something you can not take up.

@Onaney Barrino Shoot away, whats the question? There are lots of West New York investors who could help.