@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. 😁
Hello Mike, very nice job done in building your portfolio. I live in NY but looking to invest to rent with high cap rAte. What is the median prices going right now and the rental income of the type of houses you have in your area?
@Kristopher Bustillo Like most places, prices have risen steadily over the past 2 years. I was buying houses with Levittown to no competition for 25k, 5-7k cosmetic updates and renting for 800-900/month. Now these same houses are being purchased sight unseen for 50-70k.
That said, now is the time (in this area at least) to hold your cash, wait for the bottom to drop, them buy all those houses at their true price points.
Mike thank you for the reply, the gamble is whether the 60K houses would drop significantly which I believe not. Also, probably at 60k with 850 rent, you probably hit the 10% cap rate, which is a lot better then most places. With that being said, would it still be smart to shop around for a house around your area? or just like you said before, wait for true price and rack up. I'm visiting Hazelton PA next week and will swing by Drums as well. Thanks for your response.
If you are still looking to invest in New Jersey I have some Newly Renovated SFH's and one multi family for buy and hold investments or rental investments