All Forum Posts by: Oraude Boston

The numbers don’t make sense even at $130k. You would need to be at $100k minus whatever you would like to make on a assignment fee. Assuming your repair estimates are correct often what we see as a big job is usually not that expensive. You may budget 40k for repairs but may only need 30k. Nevertheless you should always be conservative on your numbers to leave room for error. Bottom line this is not a wholesale deal. A Buy & hold investor may look at it if it’s move in ready and the rental makes sense.

@Joel S.

Buying in distressed areas are going to be more risky but with risk comes better rewards in some cases if brought right. These area typically vary block to block, so it all depends on the property location you’re interested in as it applies to your own comfort level. 

I can say that there many investor flocking to these areas because the price point is suitable and the ROI are great both on a flip and as a rental.

In closing to combat against the risk of crime and possible tenants not paying I’ll say have a proper tenant screening in place and drive the area of the property your trying to invest in both in the day and in the night if you don’t really know the area. It’s no telling when these areas will see a change so buy right and at your own comfort level. Hope this answers your question. 

@Joel S. I’m confused on your question. Are you saying areas that are “not” diverse are areas suited for a successful neighborhood or do you mean these area will be more suited for a successful neighborhood? Just trying to get a better understanding so I can answer your question.  

I’m a wholesaler in NJ. Focusing on  multi families in area like Newark, east orange, Irvington, orange, and close by surrounding areas. Those numbers are doable in these area listed above. The average repairs are usually cosmetic ranging from 30-50k on the low end. Rents are usually $900-1700+ depending on the area. Moving forward I plan to flip or hold some of these properties for myself.  

Hi,

Please see below Multi Family Deal in Newark, NJ

3 Family in Newark, NJ
Avon Ave & S 16th st
7Bd/3Ba

Unit 1: 3Bd/1Ba
Unit 2: 3Bd/1Ba
Unit 3: 1Bd/1Ba

Taxes: $5200

Sqft: 2,735

ARV: $330,000
Purchase Price: $135 (Cash)
Repairs: $50k

Photos Below:
https://goo.gl/photos/DrDYC65ujdTNsA6Y7

*If offer Accepted must Be accompanied with POF and $5000 Non refundable EMD required 24 Hours after Acceptance of Offer. Feel Free to call me 201 564 5172 for any Additonal Info.

Thanks,

Randy

Hey Everyone, I'm a Wholesaler in Newark, NJ targeting only multi Family properties. Send me your emails if you guys are interested in deals.

@Kevin Schaefer ok cool. cash buyers ? 

Hi,

Please see below Multi Family Deal in Newark, NJ

3 Family in Newark, NJ
Avon Ave & S 16th st
7Bd/3Ba

Unit 1: 3Bd/1Ba
Unit 2: 3Bd/1Ba
Unit 3: 1Bd/1Ba

Taxes: $5200

Sqft: 2,735

ARV: $350,000
Purchase Price: $155k (Cash)
Repairs: $35k

Photos Below:
https://goo.gl/photos/DrDYC65ujdTNsA6Y7

*If offer Accepted must Be accompanied with POF and $5000 Non refundable EMD required 24 Hours after Acceptance of Offer. Feel Free to call me 201 564 5172 for any Additonal Info.

Thanks,

Randy

I'm from brooklyn but wholesale in nj. What's your email I'll send you deals that get when I get them. We can work together. Which part of nj are they looking to invest, are the looking to flip or buy and hold? 

J Beard thanks for that information. All in all I will be talking with my attorney on this matter but also wanted to get feedback and experience from those that did something similar or have knowledge of the risk and involved. As per my research a warranty deed does sound like a better option.