All Forum Posts by: Chris Martino

Hi @Cameron Baher, 

Sorry I am not familiar with that area. 

Hi @Cameron Baher, there are still areas in Jersey City where you can get a multi family with your budget. You may have to start exploring different areas away from the popular Jersey city heights and Journal square areas. The Bergen Lafayette area has seen a lot of new projects recently but still has some opportunity. 

A few issues with condos is that association fees can increase year over year hurting your cash flow, assessments for building issues are generally passed along to the owners if the condo association does not have a large amount in reserves, and there may be some restrictions on the amount of owners to renters in certain buildings limiting you ability to rent. If you can find a cash flowing apartment it's not a terrible idea but just some concerns to take into account. 

Hi @Qamra Alkhatib, if you are open to house hacking it really is a great way to get started in real estate. By living in one unit of the property you are able to have tenants pay part of your monthly mortgage + expenses by renting out the others. There are a lot of blog posts and podcasts that contain additional info on the strategy. 

Hi @Danilo A.,

I am a wholesaler in the North Jersey market, let me know if I can assist. There are a lot of local meetups in North Jersey that you can attend and meet other investors with projects in the area. It definitely helps to speak with the active investors in your market. 

Hi @Matt I.,

I know a few investors who have a few multifamily properties in AC and do pretty well with cash flow. The main concern with AC is really the job market which was mentioned above. The casinos are struggling which makes up most of the employment in the area. I know Stockton college was supposed to open a campus in AC but not sure what the status is with that. In my opinion AC really needs to step back and re market itself as a beach town instead of a casino driven market. 

I would look on meetup.com to see if there are any REI meetups in AC or South Jersey where you can meet investors in those areas.

Hi @Amira Willis,

There are a bunch of real estate investing meetups in Brooklyn & throughout NY. I would definitely check these out so you can meet other local investors. It really helps when you are able to speak to investors in person and pick up some additional information. 

Check out meetup.com or the events on BP to find some events. 

Hi @Lewis Colon,

Looks like you have some solid questions ready, I have always found it helpful to ask if they invest in properties themselves. This usually means they have a bit more personal experience with what you will be looking for. 

Also it looks like you are looking to invest in rental properties so ask the Realtor if they are familiar with terms like cap rate, expense ratios, NOI, etc just to make sure you will be on the same page. It will be very time consuming for you if your Realtor is just sending out random properties every day. You will want to narrow down your exact criteria to maximize your time.

Hi @Donnell Evans, have you seen good results from calling these landlords? I have been going through this list and it seems like a very manual process for each record having to click on each file and record the info from there.  Have you found any sources that have this listed out in a CSV or excel file?

Hi @Matt Bodnar,

I agree with everyone above, definitely take some time to educate yourself as much as possible on wholesaling. Most if not all the info you will ever need is here on BP. 

Additionally attend local Philadelphia meetups and meet other investors/wholesalers. You may be able to assist them with time consuming tasks they may be looking to outsource such as cold calling, data entry, etc. That way you can gain some experience and learn from someone who had successfully done deals. 

Hi @Adeeb K., you can check with JG management and see if they are a good fit. They have a pretty large property management business here in Philly.