Newbie in NJ not so new to real estate

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Newbie in NJ not so new to real estate

Jimmy Dumas
Investor · Somerset, NJ · Member since 2013 · 16 posts · 2 votes

Hello,

Here it goes... I am a Licensed Architect who has helped many real estate developers make a ton of money over the years by designing their projects. Fortunately, I took the plunge in the late 90s and bought a few properties and rode the real estate wave. Fast forward to 2013, I am looking to execute a better plan which includes creating multiple streams of income by investing in multi-family properties that require rehabbing. My goal is to have a 5 year holding period for these properties and then analyze whether it makes sense to sell or to continue to hold on.

I live in central NJ but find myself in New York City, mainly Manhattan and Brooklyn, a few days a week as well as northern NJ. If anyone else is on a similar or parallel path, let me know. If not, I'd like to hear from you anyway. Thanks.

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Joel OwensBusiness Member
Moderator
Real Estate Broker · Canton, GA · Member since 2010 · 15k+ posts · 11k+ votes
13y

Hi Jimmy,

Those types of buildings we call "value add" in the business. 50 to 70% occupancy is the sweet spot where you can land a cheap per door price but everything isn't stripped to the bone in the vacant units yet.

Those are the quickest to turn around and force appreciation. What size are you going after and money down for your first one??

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  • Joel OwensBusiness Member
    Moderator
    Real Estate Broker · Canton, GA · Member since 2010 · 15k+ posts · 11k+ votes
    13y

    Hi Jimmy,

    Those types of buildings we call "value add" in the business. 50 to 70% occupancy is the sweet spot where you can land a cheap per door price but everything isn't stripped to the bone in the vacant units yet.

    Those are the quickest to turn around and force appreciation. What size are you going after and money down for your first one??

    Podcast Guest on Show #47
    NNN Invest53 Reviews
    WebsiteView Page
    1Reply
  • John Moore
    House Flipper · East Stroudsburg, PA · Member since 2013 · 1k+ posts · 205 votes
    13y

    Welcome to the BP family and I'm sure you will enjoy the topics and the company. Lots of luck in your new direction, your timing is excellent. Again, welcome aboard.

    0Reply
  • Pete Nater
    Investor · The Bronx, NY · Member since 2012 · 226 posts · 44 votes
    13y

    Hey @Jimmy Dumas , welcome to BP. I'm in NYC. Let me know if I can help.

    0Reply
  • Darren SagerPro Member
    Investor · Tampa, FL · Member since 2013 · 2k+ posts · 1k+ votes
    13y

    Welcome to the BP family @Jimmy Dumas. I think its great that you've helped many others and are now out to create cash flow for yourself. I started the other way, creating it for myself and now helping others. Let me know if there's anything I can do. Always good to have more BP members from NY and NJ.

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  • Joshua D.Pro Member
    BiggerPockets Founder · HI · Member since 2008 · 16k+ posts · 5k+ votes
    13y

    Hey @Jimmy Dumas and thanks for joining BiggerPockets! It sounds like you've gotten a taste of the investing bug and are looking to take things to the next level. The folks that I know who are buying multi-families in NYC are focusing on the Bronx at the moment, but I think there's opportunity throughout the boroughs.

    We've got an awesome group here on the site and there are plenty of investors in your neck of the woods. Jump in and get involved here, and be sure to set up keyword alerts for terms and locations of interest to you.

    See you around the site!

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  • Jimmy Dumas
    OP
    Investor · Somerset, NJ · Member since 2013 · 16 posts · 2 votes
    13y

    @Joel Owens - Thanks for the 50 - 70% occupancy tip. It makes sense to not purchase a completely vacant building. As for the deal that I am looking for, I would like to purchase a 4 family and put down 10%.

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  • Jimmy Dumas
    OP
    Investor · Somerset, NJ · Member since 2013 · 16 posts · 2 votes
    13y

    @Pete Nater - I will definitely keep you in mind since you're in NYC. Thanks for reaching out.

    @John Moore - Thanks for the encouragement.

    @Darren Sager - Thanks. Good to see NJ represented.

    0Reply
  • Jimmy Dumas
    OP
    Investor · Somerset, NJ · Member since 2013 · 16 posts · 2 votes
    13y

    @Joshua Dorkin - This is a great forum/website/community from what I see so far. Goegraphically the Bronx is a little far, but I would strongly consider Staten Island and Brooklyn.

    Also, I just set up my keyword alerts on NJ, NYC, multifamily to name a few. Over time I hope to have a positive impact on the BP community. It seems that so many of you have already done so thus far.

    See you around the site too !

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  • Joshua D.Pro Member
    BiggerPockets Founder · HI · Member since 2008 · 16k+ posts · 5k+ votes
    13y

    Thanks @Jimmy Dumas and good luck!

    BTW - This tutorial on our @mentions should help you out.

    Podcast Guest on Show #100
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  • Jimmy Dumas
    OP
    Investor · Somerset, NJ · Member since 2013 · 16 posts · 2 votes
    13y

    @Joshua D. I got it. I was on an old Internet Explorer browser and that @mention function didn't work. Thanks for letting me know.

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  • Charmaine M.
    Queens NY, NY · Member since 2013 · 467 posts · 107 votes
    13y

    Hi Jimmy...Welcome!!

    I too am in NYC, mostly in the Queens area. Great community you have joined.

    0Reply
  • Brandon TurnerPro Member
    Investor · Maui, HI · Member since 2009 · 13k+ posts · 3k+ votes
    13y

    Hey @Jimmy Dumas! Welcome to BP! Looks like you have some good experience with real estate! Feel free to answer any question you feel you can help others out with!

    Also - be sure to check out House Flipping: The Best of BiggerPockets. There is a ton of flipping resources there.

    You may also enjoy this post, about multifamily properties: How to Buy a Small MultiFamily Property: A Step by Step Case Study

    Finally -be sure to setup some keyword alerts - especially for "Manhattan" so you can jump into local conversations.

    See you around the site!

    Podcast Guest on Show #92
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  • Jimmy Dumas
    OP
    Investor · Somerset, NJ · Member since 2013 · 16 posts · 2 votes
    13y

    This is a great site !

    0Reply
  • Jimmy Dumas
    OP
    Investor · Somerset, NJ · Member since 2013 · 16 posts · 2 votes
    13y

    Hello @Brandon Turner ! I will do my best to jump in. It may take a little time to get up to speed.

    I will look for those posts that you mentioned too. There is so much information to absorb.

    Thanks. See you around the site!

    0Reply
  • Jimmy Dumas
    OP
    Investor · Somerset, NJ · Member since 2013 · 16 posts · 2 votes
    13y

    @Charmaine M.

    Thanks for saying hello. I was looking to join a real estate organization. However, this online site works much better with my schedule.

    0Reply
  • Cardwell Thaxton
    Investor · Princeton, NJ · Member since 2013 · 77 posts · 3 votes
    13y

    Glad you're on board. We will probably share some similar experiences. let's stay in touch.

    0Reply
  • Jimmy Dumas
    OP
    Investor · Somerset, NJ · Member since 2013 · 16 posts · 2 votes
    13y

    @Cardwell Thaxton Thank you. It's good to be on board. Also, geographically we are very close. I will make a note to stay in touch.

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