All Forum Posts by: Kyle Webster

Very helpful @Angel Hohlakis! Just submitted a request to join the group!

Yes @Tyler Psenicska, looking to grow here in NJ as well. I mainly focus on Essex, Union, Passaic and Atlantic Counties. 

If you have anything I should look at in those markets that meet my investment criteria (2-10 unit livable condition) - let me know.

Hi BP Family,

My name is Kyle Webster, I am an investor based out of Northern New Jersey. I specialize in acquiring 2-10 unit distressed properties (livable condition) predominantly in C markets. I have a trip scheduled to Cleveland the first week in March and I am hoping to tour the market and available inventory but also make connections with agents, wholesalers, property managers and contractors. I am actively looking to expand my network in the Cleveland market. 

I would love to connect! 

Investment Info:

Large multi-family (5+ units) buy & hold investment in Newark.

Purchase price: $274,000
Cash invested: $45,000

5 Unit distressed asset purchased in the Westside of Newark.

What made you interested in investing in this type of deal?

The cost basis

How did you find this deal and how did you negotiate it?

Another realtor

How did you finance this deal?

Hard Money

How did you add value to the deal?

Rehab

What was the outcome?

Property appreciated nearly 2x

Lessons learned? Challenges?

Tenants in C/D markets present unique challenges.

Post Office certified money order - I have plenty of elderly tenants in a similar situation who pay via money order. 

On a related note, most people have smart-phones have you explored - Zelle, Venmo or CashApp?

Laxman, 

For the refi check out Freedom Mortgage. On the new commercial loan I would use Fidelity Residential - NJ based lender.

Hope this helps!

Rosaria, congrats on the new duplex! I am an investor here in Northern New Jersey as well. 

I have found success "prescreening" tenants through realtors in addition to using very specific application criteria explicitly stated in your listing. Once a potential tenant applies I do a full background and credit check via NTN. I look into past evictions, call previous landlord(s) and confirm they are employed and in good standing at their job. Hope this helps!