@Lamont Newsome bought my first deal in March 2017 for 24k. Put 5k into the renovation.
Rented it out immediately for 845/month and that tenant is still in there. I just refied the house at 68k and took 54k out of it for another deal. 😁
Hey Lamont! Welcome to the BP world..i put together the South Jersey BP meet ups, the next one is scheduled for August 16th at 6:30. Click this LINK for the event page!
@Mike Dorneman Very cool, thank you for the info! I was on the fence between PA or NJ right around the border, looks like thanks to all the great info in this thread I’ll look more towards PA!
@Jonathan Herron Hello, I'm also in Jersey. Looking fir some places to invest in. Im seeing that property taxes are gets lower the further down you go in Jersey. Is it possible to share you contacts with me as well?
@Mike Dorneman thanks for the info on property taxes, seeing as i want to buy and hold that would play a major part in my deal analysis
@Demetrius Hargrove No problem. It’s crazy how vastly different the taxes could be just a few miles apart. Especially when you cross over school district lines.
Hey @Mike Dorneman do you mind advising on what areas I can be looking at in PA? Looking at the southern NJ/ PA markets for rentals. Did you use a realtor?
@Michelle Hansley Hi Michelle, I’m focused on North East PA. You can find great deals on C properties in B neighborhoods with high “relative” rents.
Poconos area.
I have a great realtor, however most of the deals I close are off market. It’s become competitive and we are seein outside investors coming in and significantly overpaying for MLS properties. I do a bunch of direct mailing and usually find 1 or 2 deals a month that way. I find I can build a relationship with the owner and I have much higher success rate when I can negotiate directly with the seller, as opposed to my realtor to their realtor.
@Mike Dorneman Gottcha. What type of ROI % are you seeing? Any ideas on how I can get in on these deals you're getting? And a recommendation for a realtor? :)