All Forum Posts by: Nick Russo

@Basit Siddiqi

Good to know! I will keep an eye on that. Thank you

Hello!

My family operates a home building business in South Jersey. My brother and I are starting to invest on the side ourselves, and from all the podcasts we've been listening to, we want to make sure we are doing things the right way to take advantage of any tax incentives. We are looking for guidance with that. Does anyone have recommendations for someone who may help with that in South Jersey? I see the BP list of CPA's but they are based all around the country. I was hoping for someone more local. Thank you!

@Percy N. Thanks! Do you have any specific ones you would recommend?

@Mordy Chaimovitz

No worries I appreciate any input. I'll definitely be looking into some of these possible buildings in my area, great idea.

Thanks for the replies!

@Taylor L. I have listened to a few audiobooks on syndications at this point so I have a general knowledge of it, and I agree that seems to be a good way to go. I'd love to meet someone that is knowledgeable in syndications in my area to see if we may be able to help each other out a bit. I'll have to do some networking.

@Mordy Chaimovitz That's a really good idea. Any suggestions on where to find available buildings like that? 

Hello All,

I am currently part of a home building and commercial general contracting family business that has been going strong for over 35 years. While we are consistently growing, but are open to pivoting into a specific niche. One thing we are very interested in is apartment building construction and ownership. The owner of the company has very deep knowledge in land flipping and all facets of construction. We own a couple of larger lots that could be good candidates for a medium sized apartment complex. Our issue of course is the finding the funding and the overall know-how of taking advantage of state tax credits and breaking into this market of build and hold. We also have a very good knowledge of the Southern NJ area in terms of local municipalities, current land owners, etc.

I wanted to create this post to see if we may connect with anyone that is in need of our knowledge and expertise in the area, or that may benefit from a further conversation as this is of course just the tip of the ice berg! 

Thank you

Thank you all for the info! I am surprised to hear that a Chattel loan may still be a good option. I'm having trouble actually finding a lender to purchase the manufactured home and for land improvements, so i figured anyone I look to sell the home to would also be limited to select lenders. Another thing i thought of was that this land is zoned for Trailer Park, so i'm not sure i can re-classify the manufactured home? I have a call in to zoning, hopefully they can answer that question. In the meantime i will do some research on who handles the titling and re-titling of manufactured homes in my area and pick their brain as well. Thank you again!

Hi All,

My brother and I have purchased a small piece of land in NJ. The neighboring lots all have manufactured/mobile homes on them. We are looking into purchasing a manufactured home and placing it on our plot of land for resale. The numbers seem to work, although we're having one major issue. These homes come with a title. Does anyone have experience converting this titled home to a deeded home/property once it is set on the land? We think it will be tough to sell if it remains titled due to the high interest rates and lower overall shorter loan terms. Any help from anyone who may have done this would be greatly appreciated, thank you!!

Thanks Jimmy and Melanie. I ended up going with a home in east passyunk area, my offer was just accepted. The price is 247k and I was considering putting a 3rd story on, giving it 3 good size bedrooms (master suite on the third floor) and 2.5 baths. I am seeing homes like this sell for 480k plus. I'm working through the numbers to make sure the investment is worth the resale.

Once I'm living in the area, I'd love to consider my next investment in West Passyunk as it seems that is very up and coming, so I'll continue to do some research in that area. Thank you both for the insight! That is very interesting to hear about Point Breeze as well. I had thought the same thing, that it needed some commercial growth in order for the area to really grow.

Thanks Timm, that's exactly what i'm hoping for. I am looking in this area specifically since i'll be living there, and i'm just hoping that the area is stable and will hopefully only increase. Once i am there, i definitely plan to continue to invest in Philly. I tried to take a look at that link but it won't seem to load. I'll keep trying. Thanks again for the response.