All Forum Posts by: Marc Celestin

@Nick Intrieri before you do anything, head down to the zoning or planning board in Jersey City.  You can review the master plans and zoning for the area.  You can talk to officials there to advise you on a variance, if necessary.  Pull comps in the area for 3-4 family new construction to give you an idea if your proposed plan is feasible.  

Thanks for the inspirational success story.  In hindsight, we all have this aha-moment that propels us forward.  If you're anything like me, you're kicking yourself, thinking why'd I take so long.  Congratulations.  

Hey Jamel,

Although I invest in Mercer County, I live in Vailsburg and Im very familiar with Newarks market.  PM me, let me know what you need.

Hey Ryan,

Cheaper and less desirable do not necessarily go hand and hand.  You're objective is to look for a "deal".  You have the choice of searching for a deal in your identified market or pick an alternative market that would fit your criteria.  Be patient and persistent. 

Good luck. 

Patrick is absolutely right.  Regardless, the new owner is responsible for the security deposit and interest once the title transfers.  The new owner has to give notice to the tenant within 30 days of buying the property addressing the security deposit.   

If you're hoping to buy and hold, but your credit is jacked up, then it's going to be very difficult.  Not impossible, but very difficult.  You may think 2-3 years is a long time, but it's not.  Begin by getting the required education on BP and local real estate investing clubs, while getting your credit in order. Portfolio lenders will require credit check.  Private lender -  do you have friends or family willing to partner on a deal or loan you the money?  There are a lot of creative strategies, but for the most part you will need decent credit and/or cash.  

Of course you can offer them a lease. What you have to do is provide in writing a notice ending their month-to-month lease and a request to enter into a new lease accepting any changes. You will not be able to offer them a new lease with a $300 increase thought, because that would be considered “unreasonable”, even if it is market rent. That written notice has to be provided at least 30 days prior, but I’ve always given 90-day notice.  

I hope you're not lax with the yearly update on their security deposit to meet NJ guidelines.   That was the 1st thing that came to mind when you said you were relaxed and you've had the property for 2 years.  

William,

You definitely dont need to leave FL to do deals.  FL has several metro areas with over 500k people and now consider all the sub-markets and suburbs within those areas?  You've done your research now what is your niche?  What's your budget? Have you built your team?  In other words, you've done your research, whats your next step? You have to take action. 

I agree with @Elizabeth Sylvince, NY, CA and throw in NJ are not the optimal places for newbies.  There's opportunity in those place, but it can be very challenging.  

Best of luck.

Marc

@Clint Okayama It all depends.  I like Mercer County because of its central location, transportation (NJT line), and accessibility.  It's unique, in the sense that its a metro of both NYC and Philadelphia, but has enough employment centers to not rely on those 2 cities.  Housing is a bit more affordable and there is less congestion.  Again it all depends.  

@Michael Roundtree the HML requires you to JV on a deal, because you have no experience. You can volunteer with a local rehabber and get the experience. You can network and keep a list of possible JV partners. Start looking for deals. Once you have a deal, you can really start playing ball.