All Forum Posts by: Max Cordova

What would you do with a $100k in 2022?

I have a family member right now that will need to reinvest the $100k gained from a sale in NJ. They were told that they have about six months to do a 1031 exchange to avoid capital gains tax. Here's some background, they are located in Central Jersey and are looking for something easy that isn't too hard to manage given their age. I heard about triple net leases but I'm not too sure about them. Could this be used for a cannabis dispensary? (just thinking outside the box) Also, could they put this $100k in REITS? What are their options?

Looking for feedback and seeing what can be done with this $100k.

Thanks

That building in KC would be the ideal property for me but sadly it's not in the NYC area. That school would be perfect!

I just got back from Upstate NY this weekend and saw so many cool and fun fixer-uppers project buildings. Got very inspired and made me read and learn more about doing these types of projects. I found this property one hour away from Kansas City and it looks amazing. Does anyone have first-hand experience with these types of projects? I've always wanted to get my hands dirty and dive into something like this. This is realistic? Maybe making one of these properties into an Airbnb/co-working/creating space away from the city is what I'm looking to do but in the NYC area. I saw this Kansas City property as the ideal building. 

https://www.oldhousedreams.com...
https://www.realtor.com/reales...

Thanks for all the advice! I really appreciate it. 

I guess I should be a bit more specific. (Sorry!)

I can afford to buy in Central Jersey now but I'm not looking to move there (Just Invest). I'm debating if should buy in Central Jersey now and get some cash flow to offset my rent because my lease ends in December of 2021 or wait to buy multifamily in Hudson County (Jersey City) after my lease ends (by then I should have enough time/money to buy a property where I currently rent.)

I forgot to mention that my lease end in December of 2021. Should I just start making investments now or wait until I can get the better location? 

Is it better to cashflow $900 a month and it pays half your rent (while you save up money to invest) or house hack (live in one of the units and renter lives in the other unit and pays you) but you still pay an extra $500 towards the mortgage in a very desirable area? 

I'm thinking it might be better long term to invest and pay and extra $500 in the Hudson County area because rent will go up and the property can appreciate overtime. 

But the barrier of entry is high.

The other option will be that appreciation in central jersey won't be much of a factor but rents will be strong and rise overtime. Also it is much cheaper to get started here. 

This is all based on my own research. 

I live in Hudson County, NJ (near NYC). 

The cashflowing property is in Central Jersey.

Since I've been away on my camping trip, this property is under contract.

https://www.zillow.com/homedetails/201-03-Johnston-Ave-Plainfield-NJ-07062/2080295898_zpid/

@Jaysen Medhurst So ARV, ($600k) but kind of hard to gauge because there isn't much to compare it with.

@Ned Carey Plainfield, NJ is growing in population, I would say this property is a C but could be a B because of its proximity to another development in the area that's charging 1800 for 1bd/1ba (Similar to an Avalon). Under a 10 Min walk to train station that can go to NYC (1 Hour).

@Romeo E. Plainfield, NJ

I appreciate the input.

Anyone is familiar with the New Jersey Form-125-4/17?

I'm currently looking at rentals for this year before I start investing. 

This contract seems very lopsided.

The owner of the property is looking to sell the home and the terms of the contract don't seem to line up with what the law states which says I would have up to 60 days after my lease is up to move, not just 60 days after the 'new owner' buys the property. 

This is what is on the contract:

Also, the realtor represents them in the rental/sale of the home. It seems like this might be a conflict of interest.

Looking forward to your comments. 

Currently looking at a multi-family property in the Central Jersey area.

They are asking for $425k for the property. 

It has 4 units (2 bd/1 ba)

Each unit can rent out for a minimum of $1200/month.

PROBLEM: Asbestos, mold, and lead in the building. Going to look at it this weekend and knowing this ahead of time and got a few documents from the relator about the condition of the home and it seems like it's in okay condition.

Knowing what I know, what is a good offer for this property? I will need to to a rehab into 20-40k range plus the asbestos, mold and lead., plus underground oil tank, too.

I would love to hear opinions and feedback.

Thanks! But, wouldn't appreciation be a factor in this?
If you're able to maintain the original ($800k) property plus the other properties you invest in with the cash-out refinance money, I think appreciation would outweigh this? Thus making this worth it?