All Forum Posts by: Ken Dayal

@Sunny K. Best way to start investing in real estate is to house hack - live in 1/2 and rent out the other. Do you own your own home? After this step, you can look into an investment property, with some savings for down payment. Obviously, look for below market deals that you can bring value to. 

I would suggest to start in your local market right here in Hudson County - Jersey City, Bayonne, Newark, Harrison, Kearny, Union City etc. As a new investor, you'll find that investing out of state in a new market is a huge risk. Although lots of savvy investors do this very well. G luck!

@John Errico There is also a Hudson County Flippers meetup this Thursday May 19 at Zeppelin Hall Jersey City, looking forward to meeting area investors. 

http://www.meetup.com/Hudson-County-Flippers-and-F...

@Calvin Kwock Besides real estate agents (who mostly source deals from MLS), wholesalers could be a good resource for you,if you have cash or private funding. You can also qualify for full-commitment mortgage financing with a speedy closing if you have a good mortgage agent. I have several good mortgage references, PM me for info.

Wholesale deals are off market deals and you would save a bunch.

We wholesale in North New Jersey - Hudson and Bergen counties and welcome any cash buyers to join our network for deals in Jersey City, North Bergen, Union City, Teaneck, Tenafly, Millford to name a few.

Vincent, Connect with Anthony Curty from Liberty Realty. There are also some great deals on off market condos and houses in the area from various wholesalers- Jersey city, Union City. PM me for more info. 

@Gurpal Cheema The agent's contract to list with the owner is exclusive. If it is still in effect, then going to owner directly would not be advisable. However, I think since the agent has been unresponsive to your repeated requests, they are shirking their fiduciary responsibility to the client. So, by all means, contact the owner directly. At worse, the owner can fwd your info to the agent and ask them to follow up with you, which works in your favor. All the best!

Centrally Located Bayonne 2 Bedroom-1 Bath Condo

2 Blocks from Light rail station, minutes to Route 440. Walking to all shopping including shops on Broadway.

Well-laid out, hardwood floors, sunlit south facing unit. 

Private laundry and storage in basement.

Building allows use of common backyard.

Quiet neighborhood.

Cap Rate is 9% - Unit is rented out bringing in $1,000 per month. Market rent is $1,200 per month. Great for buy and hold or flip with cosmetic updates to kitchen and bath.

Location is perfect for commute to NYC, Jersey City, Hoboken, North Bergen, Union City and surrounding towns, Bergen, Hudson and Essex counties.

Asking: $85,000. Cash Buyers preferred. 

HOA dues: 185/mo

Taxes 3,900 / year

Link and photos coming soon. Get this before it hits the MLS!

Call Kanishk (908)208-8606

The best way is to run comps on MLS with same criteria - sales in same building, neighborhood. Condos with similar square footage, amenities etc. There are many Realtors you can connect with who'd be happy to run comps, when the time comes to rent or sell, pay it forward.

You could also see recent similar sales on Zillow and RedFin. All the best!

Darren, Great idea for a north NJ meetup. I've tax season and working Saturdays but hope to make it for the next one. Will you be setting up a meet up group? Regards Kanishk

Congratulations on your pending purchase. I have a two family in journal square. Both apartments are 2br, 1 bath. Rents are 1500 & 1600, with larger one getting the higher rent. You could also request a realtor to give rent estimates for your house. Water & sewage for the house average $250-300 per quarter, there are 4 residents total.

All the best!

Hello all. I invest in Union City as well, I have done a few rehabs - houses & condos. I also wholesale properties in Union City and surrounding towns. These are properties that I can not rehab myself. If you PM me your info, I can add you to my buyers list after an initial screening. You need cash or private financing pre-approval to qualify. 

Separately, I am looking for contractor references for upcoming projects, if anyone has any good contractor reference, please send them my way, would be much appreciated.