All Forum Posts by: Allan Szlafrok

I'm an investor in Newark and the surrounding areas. I think your plan is sound but you need to be very mindful of the areas. I owned a 3 plex like that a couple of years ago (3 beds in each apt) and we were only getting $1,100 and having a hard time collecting that because the area was so rough. Even a fully renovated 3 bed that i own only gets $1,300 because of the area (good neighborhood, bad block) so when you get a property in your sights you may have to re-adjust your rent figures. Once you drill down the particular neighborhoods you want to focus on you'll be able to set a more realistic expectation of what you'll pay and what you'll get. Feel free to reach out if you'd like to chat more.

@Jay Samet If you have any reservations about working with someone I’d steer clear of them especially when there are tons of investors who could give you a referral in the area. I know a few legit people I’ve either worked with or know personally if you are interested.

@Jimmy Klein you have to make significant improvements to the property. Can’t just buy and hold.

@Yinna Wang I have a guy. PM me

@Luke Wolmer I just picked up a house near in Bergen-Lafayette. The area is definitely turning around and prices are reflecting that. I still think its reasonably priced relative to some of the other JC areas and there are a couple of rail stations right there that will continue to make it an attractive place to live for NYC commuters. House hacking will still be kind of tight i doubt youll break even but it will still beat renting in my opinion.

@Nyan Reid depends on the area. Some of the tougher areas I’d peg at 10% when I run my numbers but in some more solid areas I think 7% is realistic in my experience. That’s probably been my average over the last few years.

Depends ona  few factors mot importantly is whether or not its vacant. I have a great insurance guy if youwant to DM me.

@Sherman Dunn I think you will find it very hard to find a large bank to work with initially. Local and community banks are often more interested in building relationships with people starting off and I’ve found them much easier to deal with and negotiate with. Ideally your local bank will have the have the capacity to grow with you as you expand your portfolio.

As far as LIC is concerned it’s going to be more interesting to track housing prices/rents across the entire metro area. It’s very common for people to commute an hour or more to jobs in NYC and a lot of those people could wind up choosing to live in places like Nassau County and north eastern NJ. It’s a win for the entire region and should help bolster some of the outlying areas as well. Guess we’ll see!

@Cheryl Daniels Another thing to consider is that he may be renting the rooms in the apartment to other people that you dont know about. Kind of like an air bnb. The locks are there so that the people he’s subleasing the rooms too don’t have to worry about their stuff being stolen by someone else in the house. This is also very serious and I have a feeling an eviction will be necessary soon.