All Forum Posts by: Michael Belz

Correction , Current rent is 13,700 per month . 164,400 per year 

Hi Bigger Pocket community ,

I'm seeking feedback on a 6-family property I've underwritten in New York . The purchase price is $1.45M, with a current rent roll of $13K per month (market rent is about $16K). The NOI is $118K without a mortgage. I'm using funds from a 1031 exchange for the deposit.

Can anyone provide insights or guide me on how to refine my underwriting or ask the right questions to ensure my numbers are accurate and this is a solid deal?

Thank you!

Thank you for your feedback; you make a fair point. To clarify, I’m currently leveraging hard money and cash for financing. My approach covers different asset types due to distinct focuses within my network.

For single-family homes, my partner—a developer—targets tear-downs for new construction, particularly when there's additional land involved. On the multi-family side, I’m specifically looking for value-add opportunities that offer strong cash flow, with a focus on Jersey City and Newark.

I appreciate your insights and would still be interested in connecting if you come across anything that aligns with these criteria.

Hi BiggerPockets Community,

I'm actively looking for off-market opportunities in single-family homes (SFH), multi-family, and commercial properties in and around New Jersey. If you have any leads or contacts who specialize in these types of properties, I'd love to connect.

I’m particularly interested in connecting with wholesalers who have deals or know of opportunities that match my criteria. Please feel free to reach out with any relevant information or to establish a connection.

Looking forward to collaborating and exploring new opportunities together!

Thank you,

I’ve never heard of this before, and it sounds really unique! After a quick Google search, I see it’s a full-fledged business. I love learning new things. I’m curious—who are the top companies in the tradeline buying and selling space?

I was impressed by your blog post discussing the success of small cash-flowing real estate deals in Detroit, particularly with smaller houses. It's inspiring to see how overlooked opportunities can yield such positive results. Your story resonates with me and my partners, as we too ventured into Detroit's real estate market, albeit on a larger scale, and have faced some significant challenges.

In the early days of COVID-19, my partners and I invested in land in Detroit's vibrant Corktown neighborhood with the intention of building 42 townhouses and a 72-unit rental building. Our vision was ambitious, and we were optimistic about the potential returns. However, the journey has been anything but smooth, and we are now at a critical crossroads.

Despite securing approval for our 42 townhouses, the soaring construction costs have made the project financially unfeasible. This has left us with significant carrying costs and financial strain. Additionally, we have paused the approval process for the 72-unit rental building due to the current uncertainties and complexities involved.

Our original plan has been disrupted, but we believe in the potential of Corktown—a rapidly developing area with immense promise. We are seeking joint venture opportunities with experienced developers who can see the value in this project and help us navigate these challenging times.

As partners based in NYC, this venture was beyond our usual real estate development experience. Our third partner, who has experience with smaller projects in Detroit, also finds this endeavor overwhelming. He was the one who initially contracted the property and brought us on board as investors.

We are deeply invested in this project and are looking for potential partners who can help us realize the vision we had for Corktown. If you or anyone you know sees this as an opportunity, we would love to discuss how we can collaborate and move forward successfully.

I truly appreciate the insights you've shared about the potential of small-scale investments in Detroit. It's clear there are many paths to success in this market, and I hope our larger-scale project can find a way to contribute to Detroit's growth as well.

Thank you for your time and consideration. We are eager to connect with interested parties and explore how we can turn this situation into a win for all involved.

Feel free to reach out if you have any leads or would like to discuss further. We believe that with the right partnership, this project can still achieve great success.

Thank you.

TY any leads ?

Can you explain the rentals increase ?

Attention Wholesalers!

I’m actively seeking off-market single-family and multi-family properties (2-4 units) in and around the Jersey City and Newark areas. I can close quickly. If you have any opportunities. Msg me for contact info. 

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*This link comes directly from our calculators, based on information input by the member who posted.