All Forum Posts by: Kunal Mishra

@Kevin Hill I will PM you my contractors information. I just finished a house with him and I am very happy with his work ethics.

@Judah Farkas Welcome to BP, this is a good place to make contacts, learn and most important motivate yourself to get out there and break your first deal.

I see you are in Lakewood (which is south of NJ ) but you are interested in North Jersey properties, it's fine just wanted to be sure before suggesting any areas. 

I think MFH is the way to start investing in rental properties at least in NJ. 

Cities along the NJ north east corridor line are all good. 

New Brunswick might be closer to you and you can definitely start looking there. 

Up North definitely more inventory in Jersey City , Union City, Bayonne but prices have sky rocketed here.

Elizabeth, Kearny, Rahway are places with low barriers of entry and cash flow. 

Start looking on Zillow, Trulia, Realtor and find the properties that suite your budget , call the listing agent directly as that gets him motivated to sell directly to you. 

Call as many as possible, run numbers after coming home, get yourself pre-approved, decide on the type of financing FHA/Conventional etc.. talk to lenders and see what they are offering.

Basically BP and other places are good places to connect and learn but at the end of the day you need to go and see a lots of properties before you get one in your hand (after putting an offer on a handful and ending up with one in your favor) this is not demotivating you but giving you the facts how properties with good value disappear from the market in a fraction of time. 

Message me if you need to know anything in specific. 

Good Luck!!

@Kartik Papaiya If you come across any property in Morris County which is worthy of a flip then please reach out. Thanks

Hello,

You should be able to list it on the market in 3 to 4 months.. anything more than that means you have over 100k invested in the rehab which meand you are looking at above average returns or this is the first time you are doing this.

Again, you have given absllutely no idea about what kind of rehab are you doing? Roof, exterior work, additions etc...

Hello @Shivam Patel welcome to the BP community

You gave a very broad idea for the neighborhood that you want to get started, If you don't have prior experience then I suggest you stick in the North region (as I see you are in North Bergen) 

You also have not mentioned what price point you are comfortable with? Also if you want to buy & hold or fix and flip. If you make yourself clear on these points then other BP'ers can give more accurate suggestion than just a welcome to the BP community. 

I will still try to give my 2c based on buy and hold which I think should be the way to go for any beginner. 

I say look around Jersey City - 07304 (up and coming and will change in the next 2-3 yrs) & 07305 (don't be scared if anyone tells you not to go to Greenville, drive on a Sat/Sun late afternoon and get a feel for the neighborhood yourself, trust me it will change every two blocks and big difference when you cross avenues) There are blocks where i wont invest but some where I definitely will.

Price points in north jersey (including above)  for a 2 family you are looking at $250-275K, decent livable condition/bank owned (yup its high) - excluding areas like Irvington, Newark, Paterson etc... 

2% rule in North NJ - Sorry you are talking a language that I don't follow.

1% rule - hmmm - it's still a struggle. 

Tax - awesomely high (8k - 10k std.) 

I am not demotivating or scaring you off but letting you know what to expect. 

Lastly, get on your toes start looking at houses, start making offers as you will not get the first one that you absolute love :-)  Then come back here to BP forums and post your questions for accurate advise. 

Hope this helps.

@Kyle Holsey I am interested in getting started either in Detroit or the neighboring suburbs like Dearborn, Westland, Garden City, Southfield etc.. can we talk and see how can we try to make this work. 

Tab, 203k is a great plan to start wit has but it comes with its pros and cons.

Cons: 

1. Lots of stress through the lending process

2. Documentation over documentations that never ends

3. Getting signs from multiple people , all of which you will have to do.

Pros:

1. Allows you to buy a under priced or foreclosed house

2. Construction costs is provided by lender at a good interest rate

3. HUD Consultant hired for the project (only if your rehab cost is above 35k) helps you overlook the contractors work. This can turn into a con if the hud consultant is not cooperative.

You canot sell the house before 12 months. After that there is no one stopping you.

You can also try to do  a investment 203k but you will have to put down minimum 15% and then you can sell with no limitations.

They will not allow you to do work. If your rehab cost is more than 35k then you need a GC if you can then try to keep it under and you will save a few dollars and will not need a hud consultant.

Lastly try to over budget on some things when submitting the contractors estimatell of you are going above 35k.

2 MFH , sold one as a turnkey last year. 

Planning to purchase at least one in Philly and Charlotte by year end 2016. Any thoughts that people might have on these two areas. 

@Omar Ismael Where did you buy in Philly, sent you a message would like to connect. 

@Clint

If you are looking for good cash flow then with that budget look around New Brunswick, North Plainfield, Perth Emboy these would be C type neighborhoods but not really war zones, again I am not well versed with every block there.

Another place you should definitely look for is Bergen/Lafayette neighborhood in Jersey City, it's changing for three good reasons

Next try the Essex countyou njt line. Orange, South Orange are good rental areas.

Newark also but you need to do your research, but with your budget star in North ward ( north broadway, forrest hills) and ironbound.. all good neighborhoodstuff

Thanks

Kunal M.

@Account Closed