All Forum Posts by: Allan Szlafrok

Brooklyn represent! Im form Brooklyn but its ahrd to make numbers work there. If you can get a pre approved 203k or FHA loan I really like Jersey City for an owner occupant. I own a few 2 families there and the area is very hot but as a first time homebuyer you have an edge on certain properties (like Homepath or Homesteps). Id consider that if i was you. The Bergen Laffayette and West Side areas are still somewhat affordable and getting better. Judging by the fact that you live in Bed-Stuy you arent afraid of some of an area thats just starting to turn. When i was growing up i wouldnt even stop for red lights in Bed-Stuy. I prayed a cop would pull me over and escort me out. So thats my recommendation to you, feel free to contact me if youd like to know anything else.

I think its a great area and will do very well in the near future but i can never justify holding onto a property for future appreciation. I need to see cash flow or it doesn't make sense to me. Dont forget taxes and other expenses go up too so you may find yourself bleeding cash before it gets better over there.

Be as conservative as you can with your numbers. use the bigger pockets calculator on this site to plug in those numbers. I use a 10% vacancy figure but you may be able to use a lower one in that area. I have alot of experience int he areas you are talking about. You can contact me and we can talk.

Im pretty sure you dont but it doesent hurt to check. JC is funny with some of their regulations.

Depending on the area id look for better than 7.7 although thats not too bad. You have massive headaches in those areas i dont get out of bed unless i can make over 10% on something. But again that applies to the tougher areas and the areas you mentioned arent very tough. If its on the borders or Newark or Irvington and such id like to be higher than 7.7.

As an investor in Newark i can tell you that those 3 areas are TOUGH. If you are gonna invest there think about a newer construction property which are still relatively available in those areas. Youll get the highest rents for those which offsets some of the crime risk (which is extensive). And dont forget to vet your tenants really really well. Section 8 in those areas is common but youd be better served renting to someone who can pay cash and has a stable job maybe working for the government or something.

   Also you find find anything turnkey over there. Everything is stripped and needs work. Thats why a new construction is a good idea even if they are stripped they dont cost as much to repair as an older house.

It really is block by block over there. There are bad blocks in good areas and good blocks in bad areas. Id focus on finding good blocks in good areas with as few boarded up homes and people hanging out on street corners as possible. Also if theres a corner bodega id stay away. This is from my experience. It also pays to ask the neighbors or the mailman how the block is.

Youll need to connect with an attorney who has experience in assignable contract. Rosa Agency out of  Belleville does alot of investor business in those areas. Ask for Manny or Khadijah and tell them you heard about them from me.

Thats the toughest part of this business if you ask me. Its really trial and error but you should try sites like Angies List to find people that are vetted. Those guys tend to be more expensive but its better than some fly by night guy takes your money and runs. Trust me that happens. Also you definitely want someone local and not someone who claims he does nationwide or even statewide. Find someone who specifies in Hudson county. 

THe NJ REI meetings a re a goldmine. Theres alot of beginners like you but also alot of seasoned veterans that are happy to answer any questions. Where are you looking?