All Forum Posts by: Angelo Mart

My investors have a legally binding contract that was drawn up by an attorney for a few hundred dollars. The contract specifically states that the investor needs all the contractors information such as insurance, license etc and that If the contractor does not abide by the contract they will BE taken to court

I am a SCREA and at times Multi-Family appraisals could be subjective due to market cap rates, rents etc. I would not renovate the units unless it has a direct impact on the CASHFLOW, thus, having an impact on value. Renovations could be costly for Multi-Units (here in NJ at least) which may have little impact on value when said and done. If the upgrades project a higher Cashflow at a low cost then its a beneficial. Some people I know have multiple appraisals done on multi-family properties because the numbers could vary significantly

Find out with your local zoning. If they allow a second apartment then do it. If you are living in the property you will need FHA 203K but they require license and insured contractor only

I never see it hear in NJ. They only have owners mailing address

Colony Finance will do all different typed of financing for investors in NJ. Reputable company

LEVERAGE all day. I utilized all Cash on my last deal and before I knew it my entire bank account was drained until I did a Cash Out Refinance after six months

Most lenders that you would utilized for a Cash out refinance whether it be a portfolio or asset based lender will require a seasoning period. Some are as low as 3 months and some are as high as 12 months. My lender is 6 months to the day I purchased the home. It doesn't matter what type of funds you utilize to initially purchase the home, it matters how long YOU physically owned the property

I love "D" neighborhoods, don't let other investors deter you. Up in Jersey we have a lot of inner cities with potential to make cash from Section 8. I personally have a home on a better block within a D area, it's a D area but not the war zone of a D area. I sorta knew the neighborhood but confirmed with some local investors, police and farmed the area thoroughly. So far (thank the lords) it has been great. Section 8 is Guaranteed and is secured by backgrounds check. Even better my city has a direct deposit 1st of the month. No better felling than waking up On the 1st and getting paid for being the lord of your land. If you do cash month rent in D area well than that is Risky AF. But then again A neighborhoods are a risk as well, you can have somebody with a high paying job lose their salary job, get hooked on dope or even worse declare bankruptcy. The key is hire a property management company that has experience with section 8. First read the Section 8 bible and Section 8 is great very important books

Make sure it is East of Norfolk Street closer to Downtown (Dr MLK Blvd area) anything west of Bergen street is a warzone. I am working on an appraisal in that neighborhood as we speak. 07103 appears to be split into 2 market areas. Near Norfolk & Dr MLK is good area

Damian LoBasso