All Forum Posts by: Amanda R.

@Mike Mefferd Haven't come across these... thanks for sharing!

@Peter Tverdov @Karl B. Yes. I have an elaborate surveillance system, and I have multiple captured offenses on camera from over the past 18 months. 

@Jonathan Curcio Thanks for the recommendation! 

Can anyone recommend a great lawyer in Northern NJ (I'm in Essex County) with experience in criminal mischief to property? Having some trouble with young people in my neighborhood, and it has reached a new level. I'm looking for consultation. Thanks! 

@Ezra N. Hi! There's a fun meetup at The Crosby in Montclair once a month. Mixed crowd of investors and funders from Essex county. It's a big bar with lots of space and a cool vibe. Next one is in September! Hope to see you there.

Meetup with The Essex County Real Estate HUB http://meetu.ps/e/GYTxc/jlBQd/d

Another startup trying to disrupt home buying financing. Upon determining your "Buying Power," Ribbon backs you for a guaranteed all cash offer to help you win out against other bidders. You have until closing to secure your mortgage and if you don't, they purchase the house for you and you rent from them until you secure your mortgage. Ribbon's revenue comes from a 1.95% fee of the offer price. 

Interesting concept that could help in ultra-competitive markets like mine (Northern NJ) but I wonder how sellers would feel if buyers gets their mortgage before closing and use that financing to close the deal? Seems like a "bait and switch" that could cause the deal to fall through.

https://www.curbed.com/2018/5/22/17362344/cash-off...

What do you think? 

Thoughts on the others? https://www.thrillist.com/state-of-the-suburbs/new...

I'm glad you've already come to terms with walking away because that's an incredibly expensive problem to inherit. Even decommissioning can take months between town permits and dealing with the EPA. The headaches only increase if there's contamination. If contamination is found on your neighbor's property, they can sue you too. 

I walked away from a property while under contract because the seller wouldn't allow me to do an exploratory dig in an area suspected of having a tank. It was a deal breaker. He went under contract with someone else and when that fell through, he came back knocking. It turned into a more favorable position for me. I paid for the dig and it turned up nothing so the deal proceeded and closed a few weeks ago. 

Good for you for doing your due diligence, and if the seller isn't willing to work with you, they're in denial because they'll run into the same issues with the next buyer. 

I closed on my first investment property today and it's located in this area – a two-family that I'm owner-occupying. Very excited about the development potential of this neighborhood! I also work in Manhattan so the proximity to the train is a huge benefit. 

As a first-time buyer putting less than 20% down, it was a struggle to land a property in this area. I had been in the market for multi-families in Bloomfield, West Orange, Montclair, Belleville and Clifton since October 2016. I stuck it out though and the right one came along. Feel free to reach out if you have questions about specific neighborhoods. I've become rather familiar with the up-and-coming pockets. 

I had considered this program but was being outright rejected in my offers for having FHA financing...even if my offer was the highest. May be tough to secure if you're looking in highly competitive towns. If you can swing it then great! Because the state must review the application, there could be delays in receiving the funds so don't rely on having the grant in time for your down payment. Also, keep in mind that this considered income and you will have to pay taxes on it. Other than those considerations, lots of opportunity for the grant for people getting into home-buying.

Hi @Dylan Wang – I've been searching for multi-families in this area for the past 10 months so I'm quite familiar with the current market dynamics and active pockets. My focus has been two- and three-families <$375K. 

Maplewood, South Orange, and West Orange don't have much multi-family inventory. Anything that would come on would go under contract by the weekend. Similar effect with Montclair, though most multis were mostly priced out for me.

I saw the most activity in Bloomfield, Nutley and Belleville. Clifton too. Pockets where I see the neighborhoods improving and you can find an affordable property without having to total rehab are: 

Bloomfield - South West of Bloomfield train station, off of Glenwood Ave. This area used to be sketchy but the redevelopment of the downtown area near the college is drastically improving the rest of the area. 

Bloomfield - South of Grove St. and Bloomfield Ave. The area borders East Orange but is turning around since newer commercial areas, shopping and nicer apartment complexes have come in. Two major transportation options here too (Grove St. light rail and Watsessing Ave. train station). 

North Orange - Near Highland Ave and Orange train stations. This borders some really nice neighborhoods of West Orange. You have to carefully vet the street the properties are on. One street to the next can be VERY different but I see change happening around there. There's not much commercial activity happening there though. 

Overall, it's become crazy competitive in Essex county this year. I've lost offers on 6 places (some with as many as 13 offers!) and they were only in decent shape. I finally landed a two-family near Bloomfield train station. Hoping to close by October...fingers crossed for me! Going to owner-occupy too for a couple years. 

DM if you'd like to chat further.