Hi From Jersey City
Hi, I've been investing in real estate since 2007, all in Jersey City, NJ. I have experience as a landlord (I self-manage), some light re-habbing and recently got into flipping. Looking to connect and share info with other real estate pros. I'd especially be interested in hearing from anyone in the downtown Jersey City area!
Edit to add some additional detail:
My first property was an apartment used as a primary residence, unfortunately bought at the height of the market in 2007. Sadly, this property still has not returned to its original value, despite being in a prime downtown Jersey City location. But, on the positive side, this is how I first became a landlord (needed more space, so moved and found a renter).
I bought my first "intentional" rental property in 2012. It was a two-family in semi-decent shape. I rehabbed one unit while living there and the other was rented. It is now fully occupied and generates about $1800/month cash flow.
My second property is both primary residence and rental (two-family). I've done quite a bit of work while living there and now the rental pays all the carrying costs for the building.
My third property was a fixer that I got a good deal on in 2013. It needed a lot of interior and exterior work, but was in a prime neighborhood of downtown and was a unique place. I thought it would take 6 months and would be used as rental when done. Haha, after a year and a half it was finally complete and by then the market had risen so I decided to sell. Kind of an accidental flip. It was an amazing learning experience though.
Now I'm at a bit of crossroads, trying to decide to just keep on landlording (not nearly as exciting as the flip and I'm kind of sick of tenant headaches), go for another flip (so much work), or something inbetween...?
Looking forward to hearing from others!