All Forum Posts by: Andres Ospina
Andres Ospina has started 12 posts and replied 48 times.
Post: Is anyone doing MTR in North Jersey area
- Real Estate Agent
- New Jersey
- Posts 48
- Votes 16
Quote from @Andrew Bosco:
I am not but you can always check how areas are doing by searching fb groups or use these links;
- Furnished Finder - General MTR Data
- Furnished Finder Traveler Search - manual way to see the competition
- Furnished Finder Budget Tool - Good overview of market. Similar to A, but with stipend input
Awesome. Thanks for sharing that. I’ve been looking using the travel search and noticed a few MTR in my area that included utilities and are furnished but they are listed at prices below market rents. So it wasn’t making sense to me.
Post: Add a level project
- Real Estate Agent
- New Jersey
- Posts 48
- Votes 16
Investment Info:
Small multi-family (2-4 units) buy & hold investment.
Purchase price: $365,000
Cash invested: $275,000
Converting this 3 bedrooms 2 Fb multi family into a 7 bedrooms 5 Full bath multi family by adding a second level and a 15x20 addition.
Post: What marketing is working for you to generate seller leads ??
- Real Estate Agent
- New Jersey
- Posts 48
- Votes 16
Quote from @Caleb Brown:
I don't do it a ton but I cold text or call owners. I target Multi family ones. Works well. You can also hire this out
Mass text is a great idea. What does your text usually say? Is the text message your first touch?
Post: What marketing is working for you to generate seller leads ??
- Real Estate Agent
- New Jersey
- Posts 48
- Votes 16
Looking to hear what some investors, wholesalers, agents are doing to generate some seller leads for investment properties?
I have been doing direct mail marketing for several years, we send approximately 6,000 letters per year and that gets us 1 good deal a year. I want to find another source to generate leads and curious to see what other investors are doing.
Post: First buy, when do I request to see lease?
- Real Estate Agent
- New Jersey
- Posts 48
- Votes 16
You can request these documents now during attorney review process. So you can verify all the information that was given to you at the time of making an offer. Don’t forget to request a OPRA now during attorney review period. Good luck with your purchase!
Post: How do builders finance 20-40 unit buildings in North Jersey?
- Real Estate Agent
- New Jersey
- Posts 48
- Votes 16
Quote from @Peter Tverdov:
It's funny because I am running into a similar problem on a project I have in Central New Jersey. 8 units with commercial on the ground floor. A lot of banks don't want to do business right now. It was murder getting a refi on a 2 family new construction I built in April. I am looking for local banks, mortgage brokers etc to try to get financing for my project. I'm ready to start but a lot of banks don't want to play ball right now and are also getting swallowed up.
Hey Peter, I may have a lender that can help you with that type of financing depending on what you need. Let’s connect
Post: Is anyone doing MTR in North Jersey area
- Real Estate Agent
- New Jersey
- Posts 48
- Votes 16
Just curious if anyone is doing MTR in the north jersey area? My areas seem to be very strict with STR options, but more liniment when they are 30 days +. Wanted to connect with people doing MTR in the North Jersey area to see what their experience is.
Post: How do builders finance 20-40 unit buildings in North Jersey?
- Real Estate Agent
- New Jersey
- Posts 48
- Votes 16
Quote from @Dennis Muno:
Generally, this would be commercial loan. Anything usually above 4 units is considered commercial. Are these units in one location or different locations, for which a portfolio loan would work better?
I am a mortgage broker part of a mortgage brokerage with 200+ lenders we partner with. Unlike working with a single bank, I would be happy to shop with multiple of our commercial lenders for their financing bids on the properties you are interested in, to find you the best deal.
Call or dm me if interested. I would be happy to assist you if you decide to proceed
Do you offer construction funding?
Post: How do builders finance 20-40 unit buildings in North Jersey?
- Real Estate Agent
- New Jersey
- Posts 48
- Votes 16
I’ve recently came across several properties with approvals to build a 10-40 units. I was just curious what are some of the options on how people fund these projects.
It just seems as a hard money loan wouldn’t be the most cost effective way to do this project. I have yet to speak to the smaller local banks to see if they will fund something like this.
Post: 2 family BRRR or fox & flip
- Real Estate Agent
- New Jersey
- Posts 48
- Votes 16
Investment Info:
Small multi-family (2-4 units) fix & flip investment.
Purchase price: $350,000
Cash invested: $200,000
Purchased this legal 2 unit multi family home.
Doing a complete gut rehab , adding bedrooms , square footage.
Will either sell it or BRRR and keep it long term.
What made you interested in investing in this type of deal?
Multiple exit strategies and bought below market value
How did you find this deal and how did you negotiate it?
A local agent brought me the deal
How did you finance this deal?
Hard money
How did you add value to the deal?
Added bedrooms,
Square footage, separate utilities
What was the outcome?
Still working on it
Lessons learned? Challenges?
Relationships with agents is key!
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Hardnoney lenders, agents and title company
