All Forum Posts by: Michael Fiducia

I agree with all the areas previously mentioned in NJ. There are great long term hold options in East Orange, Orange, Irvington, and certain neighborhoods of Newark. 

Most of the people on this thread seem to live in North Jersey. I'd love to get a meetup together. In either Union County or Morristown. 

Who'd be interested? 

I agree with @Joshua Meehan. Not so easy peasy refacing. 

Thank you, Brian!

Hi All, 

My girlfriend's father has a multi unit property in a nearby city that he has been looking to dump for quite some time. Market value is around 160k. There is a mortgage of about 100k on the property. He gave me first crack at it a while ago but I politely declined. Now that I have run the numbers, I see it can cash flow pretty nicely. 

However, I am looking to obtain a mortgage on a primary residence in the next 6 months or so. I don't want to drain my cash reserves in a big down payment that can go towards my primary residence. 

I wanted to offer him an option of selling the property to me via creative seller financing. Can anyone offer advice as to what has worked for them in the past w real figures? How much down? What interest rate did you obtain? etc. 

Thank you in advance!

Mike

If anyone in the North NJ region is in need of reliable, high quality work done on time and in budget or knows anyone looking please reach out. From handyman services to gut rehab, I would love to talk about your projects. 

General Contractors, Electrical, Plumbing, Carpentry, Masonry, Painting

@Sabrina Shaw

A good place to start understanding remodeling prices is Home Wyse. You are able to input different scopes of work, square footage, etc. and plugin your area code to find the low, average and high prices local contractors typically charge. It is by no means 100% accurate but it will give you a pretty footing on what repairs should cost so you can analyze a potential investment. Good luck!

I think Hoboken is pretty much topped out. Same goes for Newport, Hamilton Park, Paulus Hook, etc. There may be a few opportunities left in the Heights but the competition is stiff. Definitely some deals in Greenville but is a long term hold strategy to see real appreciation. There's still a good amount of opportunity in McGinley Square and Bergen-Lafayette. But like the Heights, they're heating up. 

What's up BP!

I am looking to coordinate a networking event sometime early October in Morristown. It will be a very informal, casual event with a great opportunity to meet local investors, brokers, attorneys, accountants, lenders, and so on. I am looking to get a general consensus on the amount of interest from the BP community before I start getting this all together so I can choose the right venue. 

Respond to this thread or shoot me a message if you are interested. Hoping for a great turnout!!!

Hi Angel,

Definitely get on the webinars! I also suggest the podcasts. It's a great alternative to listening to the same music over and over. 

If I get to organizing a meetup soon I will definitely reach out. 

Looking forward to meeting soon!