All Forum Posts by: Mark Gee

@Dustin S.

I have been in a similar situation in the past and the best advice I can give you is the 2P's -- Patience and Persistence!  In my experience as long as the seller knows you are interested at a fair price, you have have to wait and let them get sick of dealing with the negative cash flow and hassle of trying to managing the property. That's the patience part.  

As far as the persistence part, I'd send them a yellow-letter or postcard every 90 days or so, reminding them that they could call you at any moment and take the 'problem' off their hands.

@Nicholas Salvia  I think the Heights are a very good place to invest if you stay on the better parts of town.  My cousin just moved into the area closest to Hoboken; there's actually an elevator at the top of the cliff that takes you down to the Light Rail. It'd definitely a cool spot.

Thanks very much @Jessica Zolotorofe  You are a wealth of knowledge and I appreciate it.  That 34% ratio makes a lot of sense, and makes me feel a lot better about paying so far over the assessed value.  You are a BIG help - I will email you now for the ordinance.

Hey BP!

I'm venturing into a new town in Hudson County for my next project, and I'm wondering if we have any WNY pro's to point me in the right direction.  I'm looking at a duplex with two 2 bed 1 bath apartments.  The house needs tons of work and the price reflects it.  I have many questions but I would really appreciate an answer to these below to understand the picture better.

1) Does WNY have rent control?  Can anyone give me color on the details of how it works?

2) The town assessment values are really low.  I realize this isn't necessarily telling, but I'm wondering if there's a reason many duplexes are assessed at between 100k - 125k. 

Thanks very much for any answers.  I'm really liking this area for investment.

@Ross Bernard Hey Ross, happy thanksgiving!  Thanks for the tip above, are you still having success with this? I'm trying to figure out a code to buy a new ladder using your method but the old code isn't working for me. Cheers, thanks again!

@Raymond Lopez  I've owned in town for almost two years and I've had no vacancy in my Keansburg properties - there's good tenants out there. The town just keeps improving.  I have one development property which I've listed for sale in the BP marketplace (for $500) as I'm applying all my resources to cash flow properties right now.

@Daniel Smith  Congrats in getting interested in this sort of thing early in your 20's.  It's well worth it. I may be able to owner finance something in Monmouth County for you when you're ready.  I have units in Oceanport and Highlands that I wouldn't mind selling in the next year or two... and I'm always looking in the area. 

@Christopher Stover Hi Chris, If you go back to considering a condo in Hoboken, let me know.  I'm considering a 'rent to own' model for my current 1 bedroom carriage house. Cheers!

@Carlos Rodrigues I have some rentals in Keansburg that are working out very well.  I think there's a fair amount of upside for those who have the knowledge & patience to remodel/repair.  The amusement park there is actually kind of nice & the beach has NYC views. 

I would recommend looking at some properties in town and finding the right situation.  My guess is that Keansburg is the least expensive cost per sq ft in all of Monmouth County, perhaps in all of New Jersey.  But it only works for a patient investor as there's still a lot of work to be done.

Hi guys - I'm looking at homes in Essex County NJ - particularly Clifton.  Are there any high quality realtors that the BP community can recommend to me?  Thanks very much!