All Forum Posts by: Vincent Priore

@Emilie Ponsin

I own properties older than that in NJ and have no problem insuring them.  I use @Anthony Lee from Cobalt Steele in Red Bank NJ.

@Nirzhar Kar

I think the big variable is what type of finishes you'll be using and what level of rehab is needed (just cosmetic or does it involve plumbing/electrical/framing, etc).

I have some general rules of thumb I use for our renovations to ballpark.  Feel free to PM me and I'll share the specifics.

@Eddie Quimby

I think others here have answered the question of how much you potentially can pull from your primary in order to invest.  I wanted to make another point.

@Mike Dymski is right in that you need to ensure your cash flow is sufficient enough to cover the HELOC and reduce principle. I use a HELOC regularly but in a different manner. We buy properties that need major rehab and create enough value so that we can refi out and satisfy all of the investment dollars (Private Investors, HELOC, etc) that we have used in a project. Then rinse and repeat.

Best of luck, feel free to PM me if you'd like to discuss strategies further...

@David Da Silva Welcome to BP. As you have seen, folks are always ready to jump in and offer advice. We buy in Essex and Union Counties primarily and implement the BRRRR strategy. It is a little tougher in NJ where taxes are high, just means you have to be that much more diligent in finding the right properties.

Fee free to reach out via PM if you ever want to chat, all the best!

@Carlos Rodrigues  I just paid for a CO on a property we closed on last week.  The owner lives in Puerto Rico and we couldn't get the deal done without it.  Cost of doing business sometimes.

Sounds like you went ahead with it, keep us posted on the deal, good luck.

@Chris Toedter I live in Northern NJ as well, and you're right, there is some over-exuberance right now in many areas.  We have found success finding properties a few different ways:

 - Our own direct mail campaigns

- Buying REO's

- Working with good agents who understand investors

- Buying at auction

We focus on urban areas (Elizabeth, East Orange, etc) but that's always been our model.  We have found good yields and good tenants in these markets, so they're out there, you just have to look a little harder.  

Where are you looking to buy currently?  I agree with @Eric James, you may need to open up your search criteria.  Happy to take this discussion offline with you if you'd like, I understand your frustration!

@Amit Patel

I work with Spencer Savings Bank.  Excellent customer service and they work really well with investors.

@Jordan H.

I'm a rehabber and always looking for deals as well.  Agree with @Gary Harris and @Johnathan Boyle regarding daisy-chaining and profit.

Please add me to your buyers list, would love to see what you have.

@Account Closed

This can be tricky, and you should be covered.  I would recommend talking to @AnthonyLee from Cobalt Steele here in NJ.  Great guy and has helped me streamline the insurance portion of my business immensely.

@Walmsley Gedeon always happy to help out a fellow investor.  Feel free to PM me if you ever want to talk offline.  I currently have a project going in East Orange, if you are in the area and want to stop in, just let me know

Microwaves are definitely not a must here, I would let me overall budget dictate that.  Its not something we do regularly in these markets