All Forum Posts by: Lamont Chen

@Kirsten Milliken

Perhaps a combination of a RE investor savvy financial advisor in combination with a local lender?

The financial adviser can give you a perspective of risks, etc. based on your short and long term goals.

The lender should be able to help you strategize what could be done with the various properties so that you qualify for the new home based on your situation.

I purchased a property all cash so that I could knock it down to build a new house. Putting an all cash offer allowed me to beat 12 other buyers and close in <30 days this year during the crazy bidding wars.

After construction I plan to refinance the deal and rent out one of the units while living in the other. I am expecting to gain over 300k equity in the deal so one of the best purchases I have made so far.

@Sebastien Lindenmayer

Both are good choices although competitive. I have lived in Hudson County for over 20 years and have seen many positive changes thus appreciation has been nice. Depending on the location relative to NYC bus and size of the units your pricing would be impacted.

Feel free to DM me. Happy to discuss more.

I am guessing the language for "primary residence of the owner" could mean that for STR you can rent out a room if SFH or unit if multiple. Since you are in a condo situation may not be 100% ideal.

For distressed SFH properties you can try:

1. Local investor friendly realtor in the area you are interested in

2. Wholesaler

3. Cold calling. door knocking. mailers to distressed homes you see - This method could yield the best deal but more work.

@Adam Melon

Not bad! Only thing I am thinking about would be whether or not turning the basement into an additional unit would be legal. If it is not legal the unit could be tough if you need to evict.

@Jeremy Gonzalez

Congratz on the journey so far. You should check with the HOA and town to see if STR is allowed.

For your next property it depends what you may want to do but many options:

1. Single family - Purchase distressed single family to renovate and live in for a year then move to next deal or BRRRR.

2. 2-4 unit Multifamily - Purchase below market rented units to renovate and increase rent. Live in one unit and rent the rest out.

@Matthew Murray

Congrats on graduating! I purchase my first multi family almost out of college and I have lived in NY and North NJ all my life. For some of my clients, depending on their current and future career or family goals I tend to tailor homes in North, NJ suitable for them.

Feel free to DM me and I can provide additional insight based on your situation.

@Darren Anderson

Sometimes establishing a long term relationship with a local bank may help financing future deals. If the lender is licensed to serve the area you can always go with one of the national providers as well so it depends on the rate, closing costs, and terms.

@Adam Jaggers

"But the Zestimate says it is worth $###."

Right on Adam sometimes off market deals may or may not be great. Always need to do your own due diligence with each property.

@Kavin Kuykendall

Today I learned of a town named Walla Walla.

Congratz on the deal and keep it going! Definitely going in on a deal with someone experienced helps with the learning curve.