Hello BP Members,
I've joined BP about 3 weeks ago and I truly love this site. I've been reading posts, listening to podcasts and reached out to Erik Cabral of Robbinsville. Erik is awesome, he took the time to show me his flip he was working on and introduced me to other investors at the SJREI.
Currently, I'm looking for flip properties in Ewing and Hamilton, NJ and also looking for multifamily in NJ (open to areas). I'm looking for guidance and any information on Hamilton and Ewing market that would assist me an investing in the area. I'm unfamiliar with the market and have never done a flip. I would be happy to partner with anyone who has previous experience flipping houses in these 2 areas. I can bring some of my own funds to the table and I have previous real estate experience in NY and NJ however my license has expired. Any comments or recommendations would be appreciated!
Hello @Lillian Leigh , welcome to the site! It's great to have you here.
Welcome to BP Lillian!!
Hey Lillian. How's this pursuit going? I recently purchased a MF in this area that has been good to me so far. I'm now interested in doing a flip in the Hamilton area as well. How you found one yet?
Congrats on you MF purchase! I closed on a property in Ewing last month. In the process of rehabbing it. I probably will rent it out for a year or 2 before I sell it, that way I can do a 1031exchange. I'm currently in process of signing on an SFR in Trenton. Not the best part of Trenton, however, I think the rental income will be pretty good. I will have Slatehouse manage the property.
I'm curious about your MF in Trenton. I'm torn between investing here or going out of state specifically PA. I have an agent already looking into Harrisburg/Lancaster area. My reservations are that the taxes will go up and industries are not flocking to this state.
I was just at an REI meeting on Monday, Matt Faircloth stated why not invest here in NJ. Yes, the taxes are higher however NJ commands higher rents too. Do you mind sharing the numbers on your MF? Let me know when you have a chance.
Thanks for the info. As of now, we are renting one unit of the MF. We’re going to start renting out the second unit soon; once we do that, we should be looking at $800 per month positive cash flow before considering the water and one small electric bill. I’m planning on letting the money build up so we have a sufficient amount for expenditures that will eventually come up (roof, possible lawn service, possible property management, etc.)
On a separate, do you have any idea where online to find what category lots in Hamilton are zoned as? I’d like to be able to see a spreadsheet of all the lots in Hamilton that are zoned for MF, if possible.
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