All Forum Posts by: Michael Lee

Hi @Stefano Grottoli , Yes it is still profitable, I work with many people who are flipping in the counties you've mentioned and are very successful. The harder part is getting to deals at a good price. As @Patrice Penda mentioned, since the areas listed are hot markets, you're competing with a lot of other investors who are also looking for great deals. Anything that comes up on the MLS, you can almost guarantee there are multiple investors eyeing it.

It all comes down to getting the deal at the right price! Best of Luck!

Hi @Diana Tian, as @Patrice Penda has mentioned, some of the obvious, such as better schools, new developments will play a role in the prices of the neighborhood. The underlining factor that determines a neighborhood's price is demand and sales (comps), which happens over a longer period of time. 

As more people are willing to buy into an area, and more investors force appreciates the properties value by rehabbing and improving, this raises the overall value of other homes. This process repeats, more commercial investors see the trend, also buys into it, etc., which in turns makes the neighborhoods even better. 

And then a Starbucks opens up and the neighborhood is set.. lol

70% LTV for a cash out refi is pretty typical in NJ. I know some lenders require no seasoning, some 3-6 months. @Drew Walls can you give some insight?

Hi @Hoai T.

The ability for a mother-daughter unit to legalized as a separate unit is also dependents on the zoning of the property. For example, if a property is on a lot zoned for up to 2 family, and you wanted to convert the 3rd unit into a legal 3 family, you may also need to get the zoning changed or a variance, which would require board approvals from city planning. 

Some towns are more flexible then others. We have a property in Lyndhurst, NJ. I am almost for certain that they will not allow 3 families in the town, no properties are zoned for that. Which is also why most 3 family and up are so hard to find in Northern NJ!

Hey Austin, great post, good luck!

Hey Danielle,

You should try to reach out to the owner and find out more about the situation. You can try to leave your contact info in by their door for them to contact you. You can check the city assessor's website and see if they have a different mailing address you can send a letter to. If you know their names, you can even try a skip trace to find their phone number. Hope this helps!

Hey @Jamal Barnwell welcome to BP!

I am mainly in Hudson and Bergen Counties, but if you like I can send you mls listings so you can search for deals. Feel free to reach out to me, good luck!

Hey @David Michael can you send me more details on that property? What kind of return does it get? Thanks!

Hey @June Veenstra , I am interested in talking with other investors as well, I will be picking up my first multifamily property at the end of the month (fingers crossed nothing goes wrong), and I would love to participate if you do set something up! 

Hey JP, welcome! 

Im an investor from north/central Jersey. 

So, what investment strategy are you looking at? You plan on buying a single family to live or rent?

I love to chat real estate, if your interested, feel free to reach out to me!