All Forum Posts by: Richard Phillip Lewis

Hey Diana, Just reading through this thread as I connected with a Non QM Lender today regarding a 3 unit rental property. How did things turn out? 

From my initial conversation with the lender he said his interest rate would be around 7%. Given 30 year fixed is around 5.25% today I figured it would be okay since he would be qualifying me based on DSCR not DTI.

Let me know how things worked out. 

Hey @Rick Estacio, we have gotten the best results from traditional listings methods ( Off Market - People we know OR MLS). If you would like to list your property Im here to help. There is tremendous demand out there for rentals both Winter, Summer and Annual, so Im confident you will be successful. For my family rental we have had the worst experience and lowest quality tenants coming from the rental sites (Airbnb and VRBO). We have had the best experience using traditional methods.

Hey @Eric P.! It surely has been some crazy times in the real estate market post covid. We have seen the real estate market explode especially down here in Manasquan at the Jersey Shore. My family owns a STR on the beach in Manasquan. In retrospect, we didnt have anyone cancel for Summer 2020 and saw increased demand for Summer 2021. Rents have been really pushing up with the increased demand to "work from home" in a nice place. Between my real estate license and own family home that we rent I have seen a good amount of demand for rentals. Its very difficult to find a rental in Manasquan and surrounding areas because people really enjoy getting to the beach in the summer. Summer 2020 I saw alot of New Yorkers with Vacation homes that are selling up north to move down to the shore.

For context we rent our beachfront home for $6500-7000 for a 3 bed / 1.5 bath. I just listed my neighbors 4 bed / 3 bath beach side home for $10k/ week and have successfully rented 5 weeks at that price. We have it listed for July 24th to September 24th. If the beginning of the summer was available Im VERY confident I would have the whole summer rented at or near $10k per week. 

The Jersey Shore is alive and well and has not seen a drop in home prices or a drop in rental demand. Even in the winter people are updating their homes and looking for a place to stay or people are selling their homes and need a place to rent while they look for something in the market. 

If you want to talk about the Manasquan Market or the Jersey Shore as a whole. Lets connect! 

@Clay Ickes

If you want to buy and can live at home don’t waist another dollar on rent. Suck it up and save and then make your move! 🙌

Hey Alex, 

Sounds like you have some good things going for you.

Have you costed out what it would take to build on the property? Has the land been zoned by the town? What type of RE investing do you want to get better at? 

Personally, I love the idea of building but that’s me. In my area in NJ new construction is in great demand. 

@Martien Vanhooft Yes I’m with you in that. It would be an important contact 👍

Hey Robert! Welcome to BP. It's a truly wonderful and helpful community. If you need help that only a real estate agent can provide I'd be happy to help with market/price analysis or to put together a search for you. You can find me on insta or fb under RPhilLewis. There is an REI club that meets in Belmar called central NJ REI Club. Let me know and good luck!!

Hi James, welcome to BP. One of the things I always say to anyone interested in investing is to know your numbers. The great thing about numbers is if the math works it works!  It’s honest and straight forward. 

Your current buying power might be low but that’s okay. As long as you start and you can see your vision and your goal in your mind you can achieve your end desire. 

@D'Andre Byers

Perhaps you could view buying that first house now when interest rates are low as forced savings for your future investments. After a few years of paying the mortgage you can get a cash out refinance and use that money to make your next move. Just make sure you slow roll on the kids because they are quite expensive!

Hey @kevinclifton! Welcome to BP. 

The BP community provides a wonderful forum to connect and get feedback on your investing ideas. 

I live in manasquan and my girlfriends family is down in Jackson/Beachwood. I’d love to find some time to chat and share with you what I’ve learned in the past 7 months about real estate investing. 

If you already own a home you are already better position than myself. I’m looking to buy my first home (probably multi family) next spring/summer. I have a real estate license so I can help you with your research and looking at investment property as well. 

Hit me up on here or on Facebook and let’s make some moves!