All Forum Posts by: Wayne Mack

@Troy Sheets you do make a very valid point and I do agree that being able to dry by your property is very important. That why I am highly considering the Philly market as it is driving distance from where I am located now

Good morning All, 

I am currently located in the greater NYC North Jersey market and I am looking to close on my first multifamily rental property within the next 3 months. The market here is expensive and make it difficult for investors starting out. I have been thinking about having my first rental be an out of state property so I can get more for my money. I have been researching the Cleveland and Hreater Philadelphia area respectively. 

Any advice would be greatly appreciated. Thanks in advance 

@Alberto Urena I am from Paterson, I was born and raised here and have lived here my entire life. I=So, if you have questions regarding the town feel free to PM me and I will willingly answer them honestly for you. Good Luck!

Hi @Ersi Bice!

Im actually a real estate investor as well and I just so happen to be around the corner form you in Paterson. I dont have any property in the "hood" nor do I live there, but as a resident here all my life I can tell you, there are certain areas in town you just dont want to be at any given time.

 I dont frequent these places either and I dont plan on it. For instance, could you imagine a tenant being late on their rent and you have to go to "the hood" (a place you dont want to be) to ask a tenant for the late rent payment? although a lot of these neighborhoods aren't as bad as the reputation they get.

Not trying to scare you I just want to let you know the experiences I've had with these places. If you know people there or visit there and are comfortable there regularly then go for it. 

If you have any more questions about the neighborhoods here dont be afraid to ask.

Good luck

@Mark Scarola

 Great idea! I would definitely be interested. I am a Jersey guy as well and I've been looking for some local Jersey investors to collaborate with on deals or at least get together to share knowledge and experience. 

Keep Me posted! And I will keep following you and the topic as well

Wayne

Hi @Zachary Hancock !

Welcome to BP! You will find everything you need here on BP it's full of information as well as seasoned and newbie investors! I am also an investor for North Jersey, Paterson to be exact. 

Good luck! 

Hi Parth!

Welcome to BP! I am an investor from North Jersey. 

There's plenty of info here so swing away and good luck! 

I forgot to mention that the properties are 2 units, and 3 units 

Hi,

I am a relatively new investor, I haven't closed my first deal yet. I am looking in my area to purchase a property using the FHA 203K loan as I don't have a ton of cash for a down payment.

The issue that I am encountering is, the properties that I am interested in are 100% occupied and cash flowing pretty well. And I know the 203K requires an owner occupant. Are there any rules or requirements for this loan regarding occupied properties? Does a tenant have to be evicted? Would the property be deemed ineligible? 

Can someone with some experience weigh in on this please? And thanks in advance (: 

Hi @Frantzces Lys

 I am also looking for some owner financed deals in baltimore, can you send me the list via email? 

Thanks