All Forum Posts by: Sahil Rohra

Hi,

I based out of NYC looking for a buy and hold investment property.  Initially I was targeting Chicago, and Columbus but wanted to entertain Northern Jersey as its closer to me.  I am looking for a 1-2 bed for ~$200K.  I understand this is a low price point and can increase budget a bit, if needed.  In addition to the increase in prices (which seem to be across all markets), I've noticed a lot of people are moving to northern jersey, and there seems to be a lot of new luxury developments west of Hoboken, in Jersey City. 

Would appreciate if anyone has any insight into the different neighborhoods in northern jersey, any areas to still avoid despite development, and/or any areas that may be overlooked, etc.  

Thanks in advance.

Hi,

I am looking for a real estate lawyer either in NYC or Jersey City to draft up an operating agreement for a multi-member LLC but having a hard time coming across one.

If we can use the same lawyer for closing on a property - that would be preferred. 

Thanks in advance for any suggestions.  

Hi everyone,

I am new to the BP community, and looking to invest in NYC/NJ with 2 friends I grew up with and have been stuck in "analysis paralysis" while reading books, forums, and listening to the BP podcasts.  We grew up in NYC and are looking to get our first rental investment property somewhere close to home (to start).  I am hoping to get greater insight on the below in order to take the next step.  

Both of my questions are pretty common, basic questions - but thought I'd put them out there in an effort to end this perpetual "analysis paralysis" loop. Thank you all for your help in advance.

1.) Everyone mentions starting an LLC for asset protection, etc. We have been entertaining going this route, but not primarily for this purpose. Given we plan to invest together, we thought an LLC would help as it would keep us from having a loan in just one or two people's names. But with that comes the challenges of securing a conventional loan. We have found lenders out there willing to underwrite a loan to a LLC, but at a higher interest rate. As for asset protection we were thinking of looking into umbrella coverage. Just wondering if anyone has any recommendations on how to handle the above? Is it possible to get a loan in 3 peoples names? Does anyone recommend any lenders that issue loans to a LLC?

2.) We are very numbers based, and through research we gathered a good sense of what makes for a good investment from a metric perspective (i.e. preferred cap rate, CoC return etc.). Granted every market is different, problem is finding deals in the metropolitan NYC and NJ area which satisfy these benchmark metrics have proven to be challenging. Wanted to reach out to see if this is just the reality in NYC given the high prices, property taxes, etc? In which case, is it unrealistic to expect these "ideal" returns? Or is this more a product of not looking hard enough to find a good deal?

Currently, we are open to SFH or 2-3 unit multi-family homes.

Thanks again.

Sahil