All Forum Posts by: Michael Lee

Hi @Guangli H. welcome to BP! I'm an investor from Harrison, investing in the NNJ area as well. Feel free to reach out to me. 

Hey @Odie Ayaga , thanks for the welcome! I'll check it out :)

@Johnathan Boyle, @Suril Dalal & @W. Alex Benitez Nice to meet you all!

Yea the Red Bulls Arena is right across from me, and it gets quite busy here during game days! Alex thanks for the tips, I ll definitely be joining some meetups and real estate groups in the area. Thanks!

Hi @Suril Dalal

You mentioned getting the cost down to 200k and rehabbing it yourself, how did you come up with that number? 

There's 2 numbers you definitely need to know before you can put in any offer price or evaluate if a deal is good or not - ARV and Repair Cost. Whether the property needs just paint, minor fix-ups or a total rehab, there's a cost associated, be it $1k or $50k.

Have you seen the property yourself? How much work does it need to bring it up to market value?

Hi All! I'm looking to meet with investors from around the area to talk real estate investing with. I am interested in rehabs and wholesaling. If anyone from around the area would like to meet up and talk real estate, feel free to reach out to me!

Hello all! I am new to BP. I lived in Bensonhurst Brooklyn for 10 years, and a year and a half ago I moved to NJ. As Naum mention, Brooklyn is definitely overpriced, and if you follow the 1% rule, I don't think any properties in Brooklyn (or NYC for that matter) will meet that criteria. Most properties are .5% or lower. If you look in Jersey such as Union City or West New York, you can find some properties that will meet or exceed 1%, but they go very fast. I saw a property in Jersey just today that was a 4 family for around $350k, rent roll around 5k, with potentials to go up to 6k after improvements. That property listed for 1 day already had multiple offers, above asking. 

I'm looking to build my network as well, and if anyone is interested in connecting in NJ, feel free to contact me. Im in the Harrison area.