All Forum Posts by: Randolph Adams

@Bruce Lynn I see what you are saying, that makes sense. Thanks Bruce!

@Caleb Brown Ok I got it, thanks Caleb

@Raysa Fis

Hi Raysa. I would add South Amboy, Somerville, Keyport, Sayreville, and Franklin Twp to your watch list as well. I've been seeing some good changes going on in those towns.

@Bruce Lynn

Thanks for the response Bruce. So do you think the best play here would be to do some wholesaling on a small scale?

I guess my biggest reservation is since I am not comfortable with wholesaling, I don't want to send someone a bad deal and burn a bridge for later when I was more competent.

Hello BP! I am a real estate agent and investor, but not a wholesaler. Oftentimes while driving around, I will come across distressed properties and great potential deals. I don't have a ton of free time at the moment to speak with the seller, negotiate, and get the property under contract. I've flirted with the idea of wholesaling, but at this time don't know if it's right for me.

What is the best way to bring these potential deals to potential investors in exchange for representing them if all goes well and numbers work out?

Thanks

Hey Jordan! Would love to connect sometime as well. I've been really wanting to get something going as far as networking for Jersey investors, hopefully life post covid is coming soon...

@Account Closed

Great question...I don't know if anyone truly knows what's going on haha. As people mentioned the rates are low, as well as the inventory. For Jersey specifically, there's a mass exodus coming out of NYC so they're all naturally coming here.

Also while a lot of sectors got hit hard during the pandemic, other ones like finance and healthcare (where salaries were decent to begin with) thrived. A good portion of those people took advantage of the stimulus checks and low interest rates and invested it.

Hard to say what will happen next but my prediction is that it will continue to be a seller's market for a good portion of 2021.

@Anthony Vigilante

Hi Anthony, I have analyzed a good amount of properties in Jersey. The hottest markets in Jersey right now for investors are the ones you mentioned (Newark, Trenton, Camden). But you also have to question what strategy those investors are using in those areas. Investors in Newark for example might be mostly going with buy and hold or BRRRR, whereas investors in Trenton and Camden might fix and flip.

You also have to familiarize yourself with the different neighborhoods. As you know already all of those cities/towns have great colleges and hospitals nearby, but also have some rough neighborhoods. That being said there's a lot of growth going on in all three of those places. Camden is probably lagging the other two (also probably has the most room for growth, just on what timeline). 

Middlesex County has higher price points so it'll probably be much harder to find a cash flowing property there. 

If you are already sure that you want to buy and hold, I'd say next step is to figure out if you want to go with multi families, single families, or condo/townhomes. I'll tell you from experience, in Jersey HOAs are likely to destroy any chance of you cash flowing. Also depending on location, I've had clients whose HOA has more than doubled in 20 years. Multi families in Jersey are harder to come by. You'll find them in shore towns and cities, then the rest are scattered about.

Next, just analyze deals until you figure out where your numbers need to be. Once you do this you'll be able to save time because you'll already have an idea of what search criteria you are out for.

Then get out and drive some of the areas where you find your numbers can potentially work. Pictures don't always tell the whole story. You'll come across areas where you'll cash flow but get no appreciation, and areas that'll appreciate but won't cash flow. I personally like a hybrid with both.

You want this all figured out ahead because Jersey is a battleground right now. You're competing with buyers looking for their forever home and investors, so if you hesitate for a couple hours, good chance that house will be under contract. 

Just to point you in the direction of some other places...check out the outskirts of Trenton, Gloucester City, Haddonfield, Cherry Hill, Keyport, South Amboy, Piscataway, and Franklin Twp. If I can help further feel free to contact me.

Randy

@Justin 

@Account Closed Ok I see where you're coming from Justin. It is a residential property that will be used to rent out. So maybe as equity in the property grows, I will consider it then. The quote I got wasn't as bad as I thought, it was around $600 for the year. But I'll probably do as you said and forgo until equity builds. Thanks for the advice!

For anyone with properties in 17102 Midtown Harrisburg in the 0.2% 500 year flood plain...to my understanding flood insurance here isn't required, but what is the recommendation?

Thank you