All Forum Posts by: David Chin

Hey BP, I’m looking at trying long distance investing with properties around Fort Wayne, IN and wanted to see if anyone has any suggestions or references to look at about the area. I’d be more than happy to start connecting with some investor friendly agents, property managers, or any other investors in the area. Much appreciated!

@Brian Liscio With this strategy I wouldn't live in the unit with the tenants, but was just thinking of other possible options.  Or maybe if I'm able to live in one unit of a duplex and rent out per bedroom in the other unit that might be feasible as well for cash flow here.  Appreciate the feedback!

Hello BP,

I'm trying to find my first deal to get started and I was wondering if there's anyone having success in North Jersey with renting out per bedroom in single family homes.  It's pretty difficult finding multifamily properties and I was wondering if this was another strategy that others have found successful for them here.  If so, do you have any tips on this strategy or any areas that you tend to stick to?  I figure most people who are willing to deal with roommates are mostly in the young professional demographic who would want to live outside NYC or near places like Hoboken and Morristown.  Appreciate hearing all your ideas, thanks!

Hello BP Community!

I've been a lurker for maybe a month or so now and thought I'd at least introduce myself.  My name is David Chin, I'm 30 years old and married over a year now. I grew up in north Jersey not far from NYC, now living in an apartment in Parsippany, NJ for a nice commute to my job as a Quality Engineer.  I've only recently started wrapping my head around real estate investing and have been trying to inundate myself with all the great podcasts and books out there.  

I think everyone knows NJ taxes are awful here and I've been inspired by members in this community taking advantage of multifamily housing to make the numbers work here.  So right now my goal is to find a 3 or 4 unit house ideally around Clifton or neighboring towns since my parents and family are also nearby and I'd like to be close by for when we start a family in the very near future.  After some rough looks at the numbers on duplexes here, I don't feel too confident about being able to positively cash flow them while house hacking, which is why I have more interest for 3-4 unit properties.  

However, I've also pondered the idea that since duplexes are so much more common to find, maybe I can find a deal on one purely for investment instead of owner occupying. I think it would have a better chance of cash flowing in that case with 2 rented units, depending of course on the loan and expenses. I'm not yet sure what all the consequences are for not living in my first home purchase besides losing access to FHA loans, so any advice there would help while I am continuously trying to research and understand it all.

I'd like to find a deal on a multifamily in the next year so ideally and until then will also be trying my best to find ways to save up more since I feel so limited right now in the locations I can make a deal in.  Or if anyone has advice on areas of Passaic and Paterson that they've had success with investing in, maybe I can find numbers that work there sooner than later.  I'm looking forward to this journey and appreciate all the help provided by this community.