All Forum Posts by: Vincent Priore

@Walmsley Gedeon  I am in Irvington as well and I think you're rental estimates are accurate.  If you want to get to the $1,300 bracket, which is the high end for that town, I would go with stainless.  

Another thing I would mention:  Though the area is clearly a C-class neighborhood, there are still good people living there that want nice housing.  Do your due diligence when screening and you'll be happy with your decision to upgrade.

If you ever want to discuss the market, let me know.

@David Benedikt Welcome to BP.  I am active in that market and happy to answer any questions you may have.

@Hany Mostafa Thanks for sharing your experiences in Irvington.  I invest in East Orange and Elizabeth currently and have been looking at deals in Irvington. 

Have you had success with your renters?  Any curveballs since your last post?

@Tyler Deuel.  I'm an investor and we manage our own properties, so I have a team in place.  PM is not our primary business, but we do manage a bit for other investors.  Happy to discuss with you and can furnish you with references, etc.

@Bhavik Patel, I think many here have already offered sound advice.

Speaking from my personal experience, I house-hacked my first property and it was a great way to get started.  I've never purchased a TK, but I have sold them to other investors and continue to manage some on their behalf.  NJ is a tough market but there are still cash flowing properties out there, sometimes you just have to look really hard.

You can be successful with whatever strategy you ultimately deploy, it depends largely on your comfort levels.

PM me if you'd like to chat in more detail.

Kirt, interested in this property.  What's the number, I know this block fairly well.  

I am attending the Union County Sheriff Sale tomorrow with the intent of purchasing a property that is scheduled for auction.  I have researched it extensively and have my Max number established.

Having never done this before, I want to make sure I'm prepared to buy.  I know I need to have cashier's checks in various amounts.  Silly question, who do I have them made out to?

Second question, do I need to bring any other documentation with me (company docs, personal, etc).

Appreciate any/all information and advice

@Rez Cury @Jordan H.

I am an active investor in those areas and we do all of our own work.  We have started doing work for other investors, happy to provide you with estimates.  

@Sung Park  I think things like adding additional living space (i.e. converting a 3 season room to a bedroom or finishing an attic so that its an extra bedroom) and adding functional space like bathrooms always increase value.  Things like this will allow for great rental rates, hence greater value.

@Mathew Weissman:

First off, congrats on thinking ahead, thinking differently and getting yourself set up long-term.  

Have you looked into some of the government programs that assist low-income home buyers?  NJ has a program called "Smart Start" and several others that may work for you.  We have done GC work for several buyers in this and other programs and it really helps folks get started.

I would recommend "The One Thing" by Gary Keller, great book.

Best of luck to you!