Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here
Pick markets, find deals, analyze and manage properties. Try BiggerPockets PRO.
x
All Forum Categories
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

All Forum Posts by: Zach Peart

Zach Peart has started 3 posts and replied 9 times.

Post: Montclair Multifamily's

Zach PeartPosted
  • Morristown, NJ
  • Posts 10
  • Votes 0

@Simcha Davidman I actually decided to rent in the area first before making any decisions, so currently living in a unit off South Fullerton Ave. I'm still very interested in pulling the trigger on a property in the area once the opportunity arises and I'm in the position to do so.

@Patrick Liska @Christie Duffy @Stacey Tiamfook @Henry Johnson 

I appreciate all your input and perspectives, thanks for the responses. I'm currently renting in the area to get a better feel and am always checking listings and comparable's - I'm going to want to jump in once my lease is up and I'm more prepared. I really do think the apartment building across the street could be a catalyst to start increasing prices 

Post: Montclair Multifamily's

Zach PeartPosted
  • Morristown, NJ
  • Posts 10
  • Votes 0

Thank you @Michael D., @Bill Schollmeyer, and @Dmitriy P. for your experiences/inputs! Very helpful and informative to get your guys perspective. I've read a few other forums/websites as well and it does appear to still be in pretty bad shape there, which is a shame considering the proximity to the train station and downtown area. I'll still be heading over there to take a look for myself this weekend, and I will try to let you guys know what my take on the area is as well.

Zach

Post: Montclair Multifamily's

Zach PeartPosted
  • Morristown, NJ
  • Posts 10
  • Votes 0

Hey all,

I've begun looking into multifamily properties in Montclair that I can househack. I've read quite a bit about how dangerous the southern area of Montclair is, specifically near Bloomfield Ave and Glenfield Park, by the Glen Ridge border, and that it should be avoided. Does anyone have first hand experience in this area? Is it really that bad? Is it tough getting tenants? What rents can you charge compared to nicer areas of Montclair? Figured I would ask around here before heading over there myself to get a first hand experience.


Thanks!

Thanks for the response and information @Michael Seeker. I was actually looking at more expensive properties originally, so for this case I may be able to swing 10-15% down. If that's the case I will look into the options that you mentioned.  What sort of costs along the way could I expect to run into? 

Hello all,

I've been in the market for a multifamily (duplex) property that I can house hack in my area (North NJ) and may have stumbled upon a potentially good deal. There is a house for sale at around $150K in a desirable area. It has 2 units - a 3 Bedroom and 2 Bedroom. With some minor cosmetic changes the 3 Bedroom unit could generate over $2K / month in rent possibly 2500. 

The problem is the first floor, which contains the 2 bedroom unit, is completely overrun with mold. Its coming from underneath the house, maybe pipes have burst I'm not completely sure. It would have to be completely gutted and replaced, probably costing in the $50K-$60K range just from a guesstimate from myself and my real estate agent. Even if the total cost after repairs for this property was $210K, I can see it being quite profitable. 

My problem - I don't have that kind of money to put into repairs at this time, is there a way to incorporate construction costs into the mortgage? I was planning to do an FHA loan to put down 3-5%, and I've heard of the 203k FHA loan but doesn't that only go up to $30K and is quite difficult to get?

I'm thinking this may be too much for me to take on with all the work it requires, but I wanted to see what options there were. Thanks!

PS - If anyone has had experiences with a bad mold problem and would like to share please do!

Post: Civil Engineer from New Jersey

Zach PeartPosted
  • Morristown, NJ
  • Posts 10
  • Votes 0

@Kenneth B. Glad to hear that that's the case, I can already see what you mean in this post alone! And I'm from central New Jersey but currently living in Morristown and work in Fairfield. So really, I'm open to looking almost anywhere in central/north jersey. I've also been interested in getting into properties by the shore because of the huge amount you can make in the summers, but that's a whole different discussion haha.

@Michael Zonin I'm actually not around this weekend unfortunately, but would definitely be open to getting together to discuss all this at a time we're both available. That would be very very helpful

Post: Civil Engineer from New Jersey

Zach PeartPosted
  • Morristown, NJ
  • Posts 10
  • Votes 0

@Michael Zonin Thanks for the info, and good luck on any future deals in the area. I haven't done a ton of research on the area yet but it does seem to be competitive and is definitely up and coming in certain areas.  Once I get a more concrete plan would you mind if I eventually picked your brain and bounced a few questions off you that I'm sure I will have? Thanks again.

Thank you @Judy Parker! Haha I figured there has got to be areas, even in NJ, where great deals are available. I appreciate the heads up, I will most definitely be checking these areas in the future.

Post: Civil Engineer from New Jersey

Zach PeartPosted
  • Morristown, NJ
  • Posts 10
  • Votes 0

@Rachelle Rodavia@Mike Moreken - Thank you for the welcoming! I'm excited to begin this journey.

Thanks @Michael Zonin! Awesome, its very cool to have a fellow engineer in the same field in the same area on here. Have you gotten involved with any properties in the Morristown area? I'd be very interested to hear about it.

Post: Civil Engineer from New Jersey

Zach PeartPosted
  • Morristown, NJ
  • Posts 10
  • Votes 0

Hello all,

I've been lurking and reading posts and listening to podcasts for a while now and have decided to finally get an account. I love learning about real estate and using all the tools and spreadsheets we have available to see how profitable properties can be.

I'm very new to this, I have no investment properties. I'm located in New Jersey, which I know is a pretty large disadvantage because of the ridiculous tax rate and prices :/. I'm going to be looking to buy my first property, most likely a multifamily which I would move into, within the next year and then expanding from there. Anyways, I'm sure I'll be around the message boards asking all kinds of silly and dumb questions to get all the information I can.