All Forum Posts by: Carlos Albarracin

@Amy Moreno Welcome to the BP COMMUNITY

I can’t say much about New York but as for NJ there is definitely opportunity particularly in the Essex County/Union County region.

You should begin by analyzing properties just to get the practice in doing the numbers but as well as getting to know the areas better too of this properties- crime rate,education rating, job market etc.

Then you can talk to a mortgage broker to start getting some financing information and approval. With that you can start looking at houses in the approved price range.

Of course you may always consult with a Real Estate agent to help you thorough this journey.

Wish you the best of luck

Carlos A.

@Jonathan Greene with that being said, it sounds like NJ currently is in a Sellers Market, any idea by when we will reach a Buyers Market?

@Meher Bhatti Hello Meher! Welcome to the BP community. You mentioned Multi Family which is awesome because I'm looking into the same niche. I could recommend you do the 3.5% down through the FHA LOAN if you can, less money down in your end and you can just refinance it To a conventional loan after about a year, just speak to a mortgage lender for more info on that. Conventional loans in NJ I know you can put down anywhere from 5%-20%. But for sure you have enough for a down payment! Just analyze the properties/look for a real estate agent and make offers!

@Bob Romano sounds like a great investment portfolio Bob!

Are all these houses located in your hometown? And have you looked into duplexes?

@Kevin Zolea awesome it's good that you have something somewhat planned out for the future! I want to focus more on buy and hold investments but wouldn't mind doing a few BRRRR investments for the experience and feel for it.

@Kevin Zolea thanks for all your help and advice! There is definitely always so much more to learn!

Of course, in that case you would have to seek a hard money lender but of course the rates will be high and short terms. Definitely to be considered if looking to fix and flip. Or as you mentioned probably more down the road when you have the equity to offer the owners.

Have you considered sticking to buy and hold investments? BRRRR? Or other investment types?

@Craig Anderson Hey Craig thanks for the insight. I have heard something along the same lines, that typically after some houses are more than 6 months on the market, it becomes a Buyers Market, which is the best time for investors to make offers. I will definitely check out the YouTube videos recommended! I’m open to any other canales or podcast you can recommend too!

@Kevin Zolea Im sure the house you’re looking for is right around the corner! Keep up the hustle!

That would be awesome Kevin. I could definitely use that contact info! Were most of these lenders found by word of mouth or online? I’ve only spoken to about 2 but want to continue pursuing more.

Also when it came to finding some of your deals, have you considered direct mail? Or have experience doing so? Because I have noticed some distressed or not so maintained properties around here that I would definitely consider.

@Kevin Zolea Agreed. There was a webinar feature on BP with an investor in South Jersey and it was mentioned that in S Jersey in the big tourist areas that there is a major supply for short term vacation rentals but not really for long term rentals which makes it a great opportunity to invest in!

That’s awesome Kevin! I’m actually a Kean Alum myself graduated in 2018 and live like 5 minutes away from the school! I definitely would be looking to house hack in a 3-4 unit MF. I was aiming for Elizabeth since it’s a close by city- near good schools, public transportation,airport and new construction taking place.

Now when you were making these offers, did you have to speak to a mortgage lender before hand to figure out the financing or did you make the offer first and figure out the financing later?

@Kevin Zolea Hey Kevin thanks for getting back to me! Definitely I will keep this in mind when going out on the search! Of the properties you did have under contract, we're these locations found on the MLS or by other means? Also, what part of Jersey was this in?