All Forum Posts by: Angel Gonzalez

Seems like that is the general consensus for a few markets in New Jersey as well. Here are some suggestions:

1. Double down on your relationships with other investors, lenders, realtors, and more specifically wholesalers in your desired area. My personal goal is to network with a 4-5 new wholesalers every month and by doing this I am casting a wider net to receive a higher volume of deals to build on. This is more of a numbers game! By definition, higher number of deals in the pipeline will yield a higher chance of finding the right deal for you.

2. Be honest with your bandwidth. There are various methods to find new deals but my suggestion is to focus on 1-2 methods and do them well. For example, not everyone has the time to put together marketing campaigns, cold-call owners for hours a day, and work with several realtors. Leverage your team of realtors, wholesalers, etc. to source deals for you and while you focus on assessing and executing.

3. Last but certainly not least, make more offers. Similar to sourcing deals you need to make offers in a higher volume to win the deal. 98% of the time your deal will get out bid or rejected by seller (especially in today's markets), but you only need those 1-2 offer acceptances to get stuff done!

Best of luck of your search!

-a

Hey BP community,

Angel here - I'm a rookie real estate investor in the Northern New Jersey area. My business partner and I are looking at a few properties in Paterson, NJ and we would like to get someones take on the overall real estate market as of today.

My analysis:

• - Prices are heavily inflated due to the current sellers market but to my understanding.. the prices on houses in the area have been increasing over the past few years now. 

• - An 'opportunity zone' for the state of New Jersey that has attracted small business investors and a large pool of real estate investors as well.

• - Most homes don't seem too developed... which leads me to think... appreciation is mostly because of the land the home sits on, not the home itself.

• - Playing to my last point, pretty competitive of market real estate (which can result into bidding wars on investment properties.)

• - Medium home value range is in the $340,000 range (My guess based off of a few deals I analyzed but would love to hear everyones thoughts!)

• - With it being the largest city in Passaic County, it has a population of about 145k

• -  I grew up not too far from Paterson (Hudson County) and I've heard some quite unpleasant things about the city (could be a bit rough in certain areas)

Given the overall market, we believe for the right price and area; Paterson can be a lucrative area to invest in.

Would anyone like to add to this analysis? Any investors in the area who can pass on some REI wisdom?

Much appreciated!

-a