All Forum Posts by: Marc Weisi

Hi @Andrew Galeano , PM me. I have a contractor in the area that I've been working with who is reliable, priced well, and gets the job done on time and in budget. 

@Steve Dale   Thank you SO MUCH for that information. I thought that having this license might help me understand the risks of a particular property, but from what you're saying it seems like this wouldn't be the way to go for a part time investor/no-time inspector. Really appreciate the feedback

@Ed Azziz   The high $/hr is definitely what attracted me to this side gig. I'm going to think about how much I really want to pursue/would enjoy this hustle and make a decision soon. Thanks for your guidance!

I agree w/ most of the comments here that the past crash was a once-in-a-lifetime type recession. The excesses that were present in the financial system then are no longer there today due to the increased lending regulations put into place after '08. That being said, you should always be prepared for a correction. The first lines of defense in my mind are (1) buy smartly (emphasis on cash-flow), (2) don't over-leverage yourself, (3) carry a healthy reserve (I typically set aside 6 months of expenses for each property), and (4) only invest in markets that meet your particular risk/reward tolerance. Buffett has a quote something to the effect of, "Risk comes from not knowing what you're doing" and that definitely rings true in the RE investment domain.

@AL-Teef Jones  I'm a local investor in Newark as well and it seems like we may have some similar goals. Would love to touch base with you soon!

Hi @Xiao Xiao , for any area that you're evaluating for the first time, I'd do a few things:

1.) Drive around at all different times of day & night. Visit local businesses and ask owners/employees questions about the area. It sounds like you've already been doing this so kudos to you!

2.)  Talk to property managers in the area. Tell them that you're evaluating the area and, if their guidance on local blocks is accurate/honest, you'll consider them to manage your property. PM's make their money serving other investors in the area and are intimately aware of the quality of tenants in their area.
3.) Go to REIAs/meetup groups in the city/Essex County. There are a couple meetups that come to mind which are very good in the area. Talk to other investors who are active locally and get their feedback on the neighborhoods you're looking at.

4.) Lastly and possibly most importantly, find a quality real estate agent who will guide you as to crime, transportation, schools, tenant quality, job growth, etc. in the area. These people are your eyes and ears in the market and when you find a quality one, they're worth their weight in gold (or bitcoin lol).

These are just the steps that I use to get more familiar w/ certain areas. This is NOT an exhaustive list and you may see many other interesting ways of identifying target areas out there (e.g. the Starbucks or Whole Foods indicator) so stay curious and keep learning!

@Angel Arr I agree with @James Masotti here in that there are more than a hand-full of meetups in North Jersey that meet regularly and are worthwhile. Have you looked on meetup.com? 

@Nyan Reid, North Newark. Along Broadway about 1.5 miles North of Broad Street station.

@Nyan R.  I had an appraisal done on a 2-family in Newark last month and it came in around $600 as well. 

@Lyn Dawson   Rose Mosley also runs a good Newark meetup.com group. 

I'd agree with @Olusola Abitogun on this one. Call a plumber and get them to come out/give you an estimate. Shouldn't take more than a day or two to arrange that--no reason to hold up the deal for the city. City gov't doesn't exactly move quickly to put it mildly.