All Forum Posts by: Marc Celestin

North Jersey is a high-priced and competitive market for the most part.  My business partner invests in Hudson County, and he paid $60k over the asking price for a 2 family ($800K).  Converted the attic and basement (illegal), then placed tenants in them.  Thats remotely the only way to cash flow in the market.  As some suggested, maybe look into other markets in Central/South Jersey.  I picked up a 3 family in Ewing for $250k that cash flows nicely and a 2-bedroom condo in Cherry Hill.  It takes some patience.  Good luck.  

Can you convert the units to electric baseboards?  I'm in the process of doing that in Ewing on a 3 family.

I have a property under contract, since November and I've been hit with multiple excuses and kicking the ball down the road. It's but so many times you can use Covid as an excuse. The buyer I believe is trying to wait me out to cancel the contract, especially since the market is appreciating.  I'm thinking I should file a memorandum to purchase at the courthouse, in the event, he attempts to circumvent me.  In addition, he has a hard money lender, so I'm not sure how that will even affect the court filing.  Any suggestions or advice? 

Justin,

Are you a realtor?  That contract is specifically for realtors.  You can contact an attorney who works with investors in NJ and pay for a contract.  That usually runs about $500.  Or you can provide them with a contract, have them review it, and have them update it with the necessary disclosures, contingencies, etc.  

Cape Cod, 4/2, deck, full unfinished basement and vacant. ARV $210K, Rehab $65k, asking $76,000. Send email address for more info.

@Wayne Snell  Thanks for the information and insight.  

@Ellis San Jose  would a loan mod include deeding the property over?

@Ellis San Jose

Im not living in the house, my ex-wife "assumed" responsibility, against my better judgment.  She's moving now, so if the terms are favorable, I would definitely move back in.  I have a 3 family I occupy, now I can collect rent in the other unit.  

Thanks Ellis.  

I have a property under foreclosure, that my ex-wife failed to pay.  I was contacted by Kajaine Capital and the informed me they did have the note to this property.  They offered to loan mod or deeding the property over to them to terminate the mortgage.  I have a couple of questions - Does anyone have experience with this type of situation?  Are they legitimate and how do I confirm they have the mortgage? 

Thanks,

Marc

@Eric D. there are still opportunities in NJ, but IMO you need to head further south - Central/South Jersey.  For example, you can find cash flowing properties in Hamilton/Ewing area in Mercer County.  It does take some patience and properties will be less than stellar.  Network with other investors and realtors.  There are pockets of opportunities all over the state.