Hello from Hoboken, NJ

Hello from Hoboken, NJ

Danilo A.Pro Member
Rental Property Investor · Summit, NJ · Member since 2015 · 18 posts · 8 votes

What's going on BP!

My name is Danny Ayala and I am from Hoboken, NJ. I am currently working for a private asset manager in NYC as a fund controller. The firm invests primarily in structured products, but it does have a non-performing loan business which has sparked my interest in real estate and the many paths I can take to become an investor myself. I am looking to connect with as many people as possible and learn as much as I can about this business. After listening to the podcasts and reading through the articles on BP, I am most interested in the BRRRR strategy, house hacking, and a live in flip. The idea of investing out of state sounds nice, but I think investing locally first is probably the best course of action for me (a given if i choose to house hack or a live in flip). I am biased to some of the higher end markets located along the rail lines such as Summit, Maplewood, Chatham, Madison, etc....but would be open to other areas such as Bloomfield and Clifton to name a few.

Are there any investors or agents out there who have had recent success with any of the these three investing strategies in the NJ market?  I would love to have a conversation about your experience.

I look forward to connecting with all of you!

Thanks,

Danny

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Real Estate Agent · Belleville, NJ · Member since 2015 · 408 posts · 94 votes
8y

Hi @Danilo A., welcome to BiggerPockets. It sounds like you are definitely on the right track. So far as you mentioned, those are higher end towns. From a few other investor friends of mine, it seems like the market is softening on the higher end so I would advise to be careful with your numbers if you get any deals in those areas. Regardless, I would love to connect. I am actually working on a 3 family in Bloomfield at the moment and a 2 family in Belleville. 

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  • Real Estate Agent · Belleville, NJ · Member since 2015 · 408 posts · 94 votes
    8y

    Hi @Danilo A., welcome to BiggerPockets. It sounds like you are definitely on the right track. So far as you mentioned, those are higher end towns. From a few other investor friends of mine, it seems like the market is softening on the higher end so I would advise to be careful with your numbers if you get any deals in those areas. Regardless, I would love to connect. I am actually working on a 3 family in Bloomfield at the moment and a 2 family in Belleville. 

  • Danilo A.Pro Member
    OP
    Rental Property Investor · Summit, NJ · Member since 2015 · 18 posts · 8 votes
    8y

    Hi @johnathan boyle  thanks for the reply!  I will definitely make sure to check out my numbers on any opportunities from the higher end markets.  I would love to connect with you and get your thoughts on some markets that you are active in such as Bloomfield and Belleville.

  • Retirement Accounts Attorney · Southfield, MI · Member since 2017 · 3k+ posts · 1k+ votes
    8y

    @Danilo A.

    Welcome to Bigger Pockets.

  • Rental Property Investor · Hoboken, NJ · Member since 2017 · 13 posts · 2 votes
    8y

    Welcome @Danilo A. I'm from Hoboken as well. Lots of work around here but so far, I can tell you to get ready to pull the trigger fast. The properties where "the numbers work" are sniffed and eaten quickly. Happy to connect - I'm working on syndicating multi-families in the area (Hoboken, JC, Union City, Weehawken, West New York, etc). Good luck!

  • Rental Property Investor · Member since 2018 · 70 posts · 21 votes
    8y

    Love this thread, I'm new to BP, local, and have the same inclinations as @danilo A. and others in terms of where I'm targeting. I'd love to connect with all of you as well!

  • Hoboken, NJ · Member since 2017 · 17 posts · 2 votes
    8y

    @Danilo A.

    Welcome to bigger pockets! I also live in Hoboken and currently audit private equity infrastructure and real estate funds in NYC. I was looking to start a bi-weekly meetup on Washington street. If you are interested let me know and we can set something up.

  • Lender · Newark, NJ · Member since 2016 · 695 posts · 252 votes
    8y

    Welcome, best of luck on your journey. I will suggest to find an agent who is an investor in any of the areas you suggested.

  • Hoboken, NJ · Member since 2018 · 13 posts · 4 votes
    8y

    @Danilo A. @Kunal Kapur @Andrew Wenman I'm also currently living in Hoboken. New investor looking for my first deal at the moment. If you guys are interested, we should all meet up to just see what all of us are looking for. Never know if we could help each other out or partner on any deals.

  • Rental Property Investor · Member since 2018 · 70 posts · 21 votes
    8y

    Yes, I'll add myself to this thread, in the same boat (new investor in JC+essex co. area), looking for a first deal and potential partnership for the first one. Exciting!

  • Rental Property Investor · Hoboken, NJ · Member since 2018 · 22 posts · 7 votes
    7y

    Joining on this thread.  If you're pulling together a real estate meetup in Hoboken, I'd be interested in joining.  I'm new to the game but recently acquired a 6 family in Asbury Park and am set to close on a condo in Rahway as my first two properties.  I'm also currently in school to get my salesperson license, finishing up in March.

  • Rental Property Investor · Hoboken, NJ · Member since 2018 · 22 posts · 7 votes
    7y

    @Danilo A. I think you're going to have some trouble actually acquiring anything in those neighborhoods unless you're going all cash and above asking. I also am really interested in transit neighborhoods (although in C neighborhoods) and have run into a lot of competition. In Asbury Park, which I know isn't really a commuter city, I offered over asking at least 15x over 2 years. I didn't win one until I was $100k over asking and agreed to take on all the tenants from a charity that placed them there. For Rahway, same thing, I have made at least 10 offers over asking. The one I finally got was under asking but it was an REO so needed to go all cash and the bank doesn't know how many bedrooms/bathrooms it has or even if it's occupied or not.

  • Developer · Point Pleasant Beach, NJ · Member since 2015 · 303 posts · 216 votes
    7y

    @Danilo A., I used to do a lot of BRRRR at the Jersey Shore in the Point Beach area and live in Westfield NJ. We slowed down a lot on this strategy over the last few years because the margins aren't what they used to be. Recently, we've been buying land and building ground up because its the only types of properties we are finding decent deals on. I agree with @Johnathan Boyle that the market is beginning to soften in the higher end towns so be careful with what strategy you end up going with.   Best of luck.

  • Rental Property Investor · Jersey City, NJ · Member since 2014 · 157 posts · 47 votes
    7y

    Hi @Danilo A.,

    I am a wholesaler in the North Jersey market, let me know if I can assist. There are a lot of local meetups in North Jersey that you can attend and meet other investors with projects in the area. It definitely helps to speak with the active investors in your market. 

  • Orange New Jersey · Member since 2018 · 59 posts · 15 votes
    7y

    HI I live in New Jersey too, I'm looking to buy my 1st multi in Belleville the tax is a little low compared to Montclair, west orange is not that bad also I'm looking to buy mine around Belleville or west orange. 

  • Orange New Jersey · Member since 2018 · 59 posts · 15 votes
    7y
    Originally posted by @Alex Staunton:

    Joining on this thread.  If you're pulling together a real estate meetup in Hoboken, I'd be interested in joining.  I'm new to the game but recently acquired a 6 family in Asbury Park and am set to close on a condo in Rahway as my first two properties.  I'm also currently in school to get my salesperson license, finishing up in March.

     great keep pushing, I have my Real estate for New York looking forward to get my New jersey one  

  • Rental Property Investor · Glen Rock, NJ · Member since 2015 · 3k+ posts · 2k+ votes
    7y

    @Danilo A.

    Welcome to BP. You'll find a ton of great resources here. In terms of finding properties, a lot is done through local networking. So you should definitely consider going to local meetups. We hold one such meetup in Bergen County area. 

    Everyone is welcome to join us.  More details under my profile.

    Best!

  • Danilo A.Pro Member
    OP
    Rental Property Investor · Summit, NJ · Member since 2015 · 18 posts · 8 votes
    7y

    @Alina Trigub thanks Alina!  I would love to attend the next meetup.  I’ll keep an eye on the calendar!

  • Danilo A.Pro Member
    OP
    Rental Property Investor · Summit, NJ · Member since 2015 · 18 posts · 8 votes
    7y

    @Andrew Wenman I find that auditing these funds gives you a ton of insight into how they operate and structure legal agreements.  It has been very educational and worth the long hours..  I would definitely be interested in joining a meetup in Hoboken - perhaps we can get @Michael Ash and @Alex Staunton on board as well!@Michael Ash

  • Danilo A.Pro Member
    OP
    Rental Property Investor · Summit, NJ · Member since 2015 · 18 posts · 8 votes
    7y

    @Chris Martino which meetups do you recommend in Northern NJ? I agree, I'm looking to learn as much as I can right now and having conversations with active players in the market will give me a better perspective on the current market landscape

  • Danilo A.Pro Member
    OP
    Rental Property Investor · Summit, NJ · Member since 2015 · 18 posts · 8 votes
    7y
    Originally posted by @Alex Staunton:

    @Danilo A. I think you're going to have some trouble actually acquiring anything in those neighborhoods unless you're going all cash and above asking. I also am really interested in transit neighborhoods (although in C neighborhoods) and have run into a lot of competition. In Asbury Park, which I know isn't really a commuter city, I offered over asking at least 15x over 2 years. I didn't win one until I was $100k over asking and agreed to take on all the tenants from a charity that placed them there. For Rahway, same thing, I have made at least 10 offers over asking. The one I finally got was under asking but it was an REO so needed to go all cash and the bank doesn't know how many bedrooms/bathrooms it has or even if it's occupied or not.

    Thanks for the insight on how competitive the landscape is here in Jersey. Did you have have to go all cash for the property in Asbury Park? Was is it a SFH or a multifamily property? A tremendous amount of persistence was needed for that deal so i'm glad you were able to land a deal there - hopefully the tenants that you inherited are not causing too many issues. For the property in Rahway, did you have to buy it without doing a walk through or inspection? How did you get comfortable with purchasing the property with so many unknowns at the time?

  • Hoboken, NJ · Member since 2017 · 2 posts · 1 vote
    7y

    Hi guys, 

    I am also a new investor from the Hoboken area looking to complete my first deal. Currently looking at house-hacking and multi-families in JC, Weehawken area. I'd be interested in joining a meetup in the area especially to learn more and see how we can all help each other.  

    Jonathan 

  • Rental Property Investor · Jersey City, NJ · Member since 2014 · 157 posts · 47 votes
    7y

    Hello @Danilo A.,

    These two meetups usually have pretty good attendance in that area. 

    https://www.meetup.com/NJREIGroup/events/

    https://www.meetup.com/Hudson-County-Flippers-and-...

  • Rental Property Investor · Glen Rock, NJ · Member since 2015 · 3k+ posts · 2k+ votes
    7y
    Danny,
    Our NJ meetup is taking place tomorrow, 3/5/19. It is on how to find and manage your investors. If you want to attend you have to register through meetup. 


    Originally posted by @Danilo A.:

    @Alina Trigub thanks Alina!  I would love to attend the next meetup.  I’ll keep an eye on the calendar!

  • William KwongPro Member
    Real Estate Agent · Jersey City, NJ · Member since 2015 · 110 posts · 53 votes
    7y

    Heights is a little tapped out and very difficult to BRRRR now. I would go with Union City IMO. Although UC isn't appreciating as fast as JC heights, it's cheaper with similar rental income figures. Cheers and welcome!

    I live in JC heights and am an agent in hoboken if you ever need any other advice on the area. Cheers!

  • Hoboken, NJ · Member since 2017 · 33 posts · 9 votes
    7y

    Hi guys,

    did you get to meet? I'm also in Hoboken and I think a meetup is a great idea!
    A lot of the principles of biggerpockets are challanged in NY/Hudson County as cashflow is thin and right now I would even challenge appreciation..

    Shall we meet informally in Hoboken and discuss opening a regular meetup?

    Alessandro

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