All Forum Posts by: Marc Weisi

@Brittany D.   The areas you mentioned all have viable multi-families in your price range, but it depends on what neighborhoods/quality/conveniences you're looking for. The best piece of advice that I can give you is to find an agent that specializes in one or more of these areas and pick their brain about these communities. Ask them about the rental clientele, prices, areas that are poised for growth, future development, etc. They are literally paid for their expertise in this space, so lean on them to provide you with market color.  The second best piece of advice that I can give you is, when dealing with agents generally, adhere to Reagan's popular quip "trust but verify."  They're in the business of selling so take everything with a grain of salt. Hope that helps.

@David Weintraub  I love that place. It's a cop bar too, so little chance of dealing with rowdiness in there (at least from civilians hehe).

@Mark Lladas , thanks for your input/market insight.  Yes, I'm always interested in meeting with fellow local investors. I'd think a few friends in my circle might also be interested. @Eric Beepat  @Batu H.  @Justin McElroy 

@Ibn Abney   thanks a lot for all of this data. As a fellow numbers guy, I really appreciate this!  Just curious, do you have a program that produced this output? If so, I'd love to talk further in regards to this. Sending you a PM now.

Hello fellow BPers!   I'm a real estate investor in Hudson County, NJ (as difficult as that may be right now) and am starting to look at properties in towns that I'm less familiar with in order to find cash-flowing deals. One multi-family property in particular that I found was in Bayonne. I did some analysis and it looks like it should cash-flow pretty well. Being that I'm less familiar with the area, I wanted to do a sanity check on my rental numbers to make sure I'm not way off. My assumptions are below and are based on scanning website listings and calling other landlords. This property is in pretty decent shape and I plan on updating the kitchens/bathrooms in both units to be market-competitive so assume an average quality apartment for the area. Thank you for taking the time!

2 Bedroom/ 1 Bath:  $ 1,600/month

3 Bedroom/ 1 Bath:  $ 1,750/month

Hello @Thifen Mauger, I've used a guy for the past 2 purchases who has saved me a lot of $$$ long term by pointing out areas that need further attention/remediation. PM me for his contact details; I think the forum has rules about advertising for businesses on here, even though I don't have anything to gain from a simple referral.

@Dave M. , please send me the details if possible (and thanks!).    [email protected]

@Hannah Canario  I have a property in North Bergen as well close to the Jersey City border and I've been able to find good tenants through the sites mentioned above. Definitely make sure you research "tenant vetting" or "tenant screening" and to @Ken Dayal's point, use a service to check criminal, eviction, and credit history. There are a few that can be found online and you can charge the tenant for this cost (usually around $30-40) since they'll be saving so much from not paying the broker fee :)

@Allan Szlafrok   To give you an idea, I had my condo in the Heights (which I house hack) reval'ed and my taxes went up about 25%. While that seems like a lot, to your point, some areas of downtown have seen their tax bills go up much more substantially. @Katie Horgan, I agree with @Jason Lee that Communipaw looks to be transforming into a bustling thoroughfare for many new businesses in the coming years. From my research, it seems like a lot of listings in that area are already pricing in the increased "attention." Good luck!

@Joshua Fu  To your question about high property taxes, yes NJ has among the highest property taxes in the country. However, I would suggest that you run your numbers with the 2018 tax numbers (there was a reval in Jersey City that was completed in the past few months that has affected what owners will be paying in '18) and see if you can cash-flow at these prices. I think it's a pretty safe bet to say that NYC will still be a city in demand over the foreseeable investment horizon and as a result so will the surrounding areas. That being said, you don't want to stake your financial future on pure speculation. Heed a property's cash-flow numbers, of which taxes are just one component (albeit an important one at that).

Hi @Anthony Caleca, like @Thomas Lee I am curious as to how your investment actually panned out vs. your pro-forma numbers. I'm keenly interested in parts of EO and would be interested to know how your property is faring/if there were any surprises (good and bad) that you didn't plan on. Thanks!