All Forum Posts by: Owen Buchanan

@Hany Mostafa I believe Irvington is a great opportunity as well.  I would appreciate an opportunity to pick your brain on your experiences as well as feedback on situations I have encountered.

Congrats on accepting the challenge!

I would definitely consider partnering.  I live give or take 10-15 minutes away from both towns.  As far as tips...hire reputable contractors which you may already know, stay away from the numbered blocks, if property is vacant Irvington assesses a fee of $500 fee per year, vacant property must also be fenced in if vacant as well. How is everything going on your in?  Are your intentions to buy and hold? Stress that comes with, it is an under statement, especially with a full time and wife/kids lol.  

Hopefully we can meet up sometime soon.

@Account Closed I'm still finishing up the rehab.  I ran into some difficulties hired a contractor that quit midway through the job once I found out that he  didn't pull the appropriate permits.  Ive been doing some of the work myself when my schedule permits.  Due to the location being a HIGH management area I have also been dealing with individual illegally dumping in the properties driveway. This property is a buy and hold but now I'm reconsidering.  My experience with the Township has been horrendous starting with first obtaining the temp CO to purchase, down to them wanting to charge me for the property being vacant prior to me purchasing.  All in all as a newbie it has been quite the learning experience and once the rehabs done I look forward to the next property.

@Marty Happle congrats I have a soon to be 5 year old and 1 year old. They are the reason I took the big plung in REI. I do most of my work on the weekends. Had a tough run with finding a decent GC, but its working out. I don't think Im ready to go the property management route but I am interested in starting my own property management business in the future. I figure this Irvington property should be a great start...it might even become a niche market for me who knows.

Congrats again on the baby to come!

@Michael Brown and @Marty Happle thank you both for your responses. Michael I must agree Irvington is a very interesting place! Marty I noticed in your profile that your are a part time investor. How have you managed to balance your time with finding, evaluating, rehabbing and marketing property or do you primarily invest in notes? As a new investor still trying to figure it out w/o a team (yet) it has been time consuming but I am definitely up for the challenge.  Thank God for the support of my wife who by the way will not step foot into the Irvington property lol!

Ibrahim he didn't benefit but the realtor and attorney he referred me to did...he may have! Checking comps hasn't been easy ( local realtors for some reason refused to give me info, received comps from realtor outside of Essex county)  but I know for a fact three other comparable units in the area are currently rented for 1500. I've definitelybeen reading up on property management and tenant screening. 

Thanks

You are exactly right networking is a tremendous asset! I have struggled with the networking due to many out there who do not have your best interest at heart.  It becomes frustrating at times trying to figure out who the real professionals are, however, I will continue to work my net.

Danielle and Ibrahim thanks for the input.  Similar to you Danielle and you Ibrahim, after reviewing your website,  my goal is to have my RE investments serve dual purposes, improve communities as well as earning returns on my investments.  My expectation is to not sacrificing one for the other. Ibrahim we spoke briefly via direct messaging some time ago. The property is a single family on Nye avenue between 20th and Coit street. Unfortunately its literally on the border of Newark and Irvington. Without making any excuses I received bad direction from someone I considered a mentor without doing my due diligence and I am playing catch up now but have gained tremendous knowledge.

I greatly appreciate the feedback from both of you and I am trying to make the best out of this situation.  In both of your opinions (besides not purchasing this property, to begin with) what would you suggest doing?

I'm a new investor that just purchased a rental property in Irvington NJ.   I have since been warned to get out of the property and that Irvington is not the place to be due to high taxes, tough neighborhoods, and high risk tenants. I will be managing the property myself and I am very aware of what I have signed up for, but I am curious to hear feedback from other investor that may have invested in (Irvington) or may have avoided this area. Why have you invested in or avoided the area?

Property was purchased for 19K and was a complete gut rehab (done with 40K). The rehab is 80 percent complete and will be listed for 1500 a month (3BR, 2bath, forced air, driveway)...getting antsy as rehab completion draws near.

Im a newbie that just purchsed my first rental property in Essex county.  I am looking to gain knowledge and insgiht into the buy and holds strategy as well as effectively managing those properties.