All Forum Posts by: Marc Weisi

@David Weintraub Thanks for sending this along. This looks like a great event, but I unfortunately can't make it due to work scheduling. Do these types of events happen on a recurring basis or is this the only one of its kind? This subject matter is one that I'm keenly interested in especially since every property I see on the MLS already has a hand-full of offers on the table by the time I see them.

@Colette B. In my honest opinion it's a fool's errand to try to time any market. The best investors in the world have a poor track record of doing this. With that in mind, I believe that Journal Square is seeing a lot of investment with the tallest residential buildings in NJ soon to be built in the area (similar to the newly-constructed "Journal Squared" building). For me, this means more gainfully employed people moving to the area in the coming years. I wouldn't write a particular location off because it has already appreciated. I'd ask yourself what is going to bring people to the area in the next 5, 10, 20 years. In my mind, being that the station is the last stop on the Path before Harrison/Newark and is still relatively affordable for a 30-40 minute commute to the city, I'd say there's still room to go. Again though, I wouldn't base your purchase SOLELY on perceived/hoped-for appreciation. Try running the numbers on the property as if you were renting it out and see if they make sense. 

Thanks @MIchael G.  I'm going to try that software and I appreciate your thoughts on the matter. Good luck and keep fighting the good fight!

@MIchael G.  I too am sorry to hear about your fiasco w/ the squatter. While this hasn't happened to me, I've certainly had my share of problem tenants. Just curious what you learned from this debacle and how you would prevent this from happening going forward? I only ask in hopes that anyone viewing this post could learn from your experience.

@Vincent Villani I own one condo in JC Heights which I house hack and another in nearby North Bergen. My tenants' rents in both properties cover my mortgage, taxes, HOA fees, and provide $250-450 of cash-flow every month. All that is to say that a condo can work in some situations if you know the risks/benefits and you pay the right price. As others have said, the big down-side with condos is that some of the decision-making is largely out of your hands. If the condo association wants to do some aesthetic work in the building's garden, you and everyone else in the building are on the hook for the tab. This can obviously hurt an investor's bottom-line as these changes don't always boost the property's value (higher expenses w/o the correspondingly higher rent/market value that any good investor demands). That being said, if you're okay losing some authority/control, don't shy away from condos especially if you're looking for a low-risk entry into real estate. I say low-risk because the main benefit of the condo structure in my mind is that costs are shared. If the roof suddenly needs to be replaced, that cost is spread across the apartments instead of just yourself as it would be with a single or multi-family. PM me for any further area-specific questions.

I'm looking to have my HVAC system looked at and looking for any good recommendations if someone knows a specialist in Hudson County, NJ. The building is a condo building, but I'll only need the HVAC professional to look at one apartment's system. Any help is much appreciated!

@Lucas Polski , sorry for the late response but I unfortunately don't know that exact block. More generally, what I would do to understand any neighborhood is travel there during different times. Take a trip at night, during the day, during the work-week if you can and see what kinds of activity is going on in the area. In certain areas, simply observing the neighborhood when your agent shows you the house is not sufficient in my opinion.

@Lucas Polski , IMHO I'd say choose selectively in Lower Vailsburg. Having grown up very close to it and having family in the area still to this day, some of these streets are hit or miss. The closer to South Orange the better in my opinion.

@Na Parsons , you should definitely check for BP or Meetup events in the area as I know that there are at least 1-2 events in this area every week. You can use these events to network w/ fellow investors and possibly make contact w/ a few wholesalers. While you certainly can try the MLS for this area, as I'm sure you've already found, this area is pretty heavily-followed and you'll have to be quite tenacious/persistent if you go w/ that strategy. PM me if any further questions.

Hi @Shawn Chaconas , I'd love to speak to you regarding this property when you have time. My number is (908) 319-4351. Thank you.