All Forum Posts by: Danielle Hayes-Ward

The NOI divided by the cap rate and you’ll get the value of the property. When you know all three plus knowing the local market, you can make a decision on what to offer. But use a local broker in the area to make sure those numbers are correct.

@Nauman Shah the return for the number streets are good. I'd advise only doing it if you have a team of re professionals who can help make the process run more smoothly, I.e Property Management, Contractors, City's officials relationships and of course the extra capital availabale for vacancy, unexpected occurances. Much luck and success to you on your investments. :)

@Owen Buchanan sorry to hear you have gone through some difficulties. I am currently going thru some of my own with my ohio property. The good news is ur learning sooner and at a faster pace by going thru it now with smaller funds as opposed to later with larger funds! Take everything as a learning experience and definitely utilize the experiences of others. Also theres always an opportunity to syndicate deals. I actually know an investor/contractor who likes areas like yours so he might be interested in working something out with u. Send me a direct message. Wish you much success on your future investments also. :)

Hi, I'm looking to build my network of real estate professionals and particularly looking for referrals to any good contractors in the Essex or union county area of NJ. Thanks in advance and I look forward to building relationships!

I agree with Ro Maga somewhat. It's good to see the areas yourself sometimes. Especially in the Newark and Irvington areas. Every street varies even if it's in a not so good area. One street may be horrible where just across the intersecting street on the other side may be ok or even pretty good. Everyone's perception of a "bad area" is different! Based on what you feel most comfortable with is what you can decide based on you getting a feel of the area. Some investors don't care the area just the cash flow or return, some do. It's all up to your preference. Every street literally is different and varies.

Houses don't sell for much in that area if any, and rents avg $1000/$1100. Your best bet is to rent it out until you're in a position to get rid of it!! Unless you screen well and get fairly good tenants. Or allow a lease option. I'm coming across people who are looking to rent to own. That's another option in terms of renting and eventually getting rid of it. They will take care of it as their own with the intention of owning it in x years! :)

Also the $1500/mo seems a bit high for the area also! Usually rents are 1200, 1300 max. What part of Irvington?

Hi Owen, I actually bout my house in upper Irvington which needed rehab work. We bought for 17.5K, then rehabbed ourselves spending a total of $50K (purchase and rehab). We're about to buy more because we plan to invest (buy and hold) more into Irvington mainly because we plan to redevelop the township. The taxes do not bother me as they are around $4K/yr for some and $6k for others I've seen. Upper Irvington is the way to go if investing. I'd stay away from the numbered streets as that's much more to deal with with higher crime rate, poverty, etc...Only problem with Irvington I see is you will have a niche group of buyers or renters. Most ppl will not want to buy a home in Irvington unless investing. Rent however?Yes! I will be working with the city council to progress Irvington! It will be redeveloped it's just a matter of time! I'm not in investing just to make money I plan to make a difference. I think with how low some of the houses are its still beneficial to buy and hold or even flip if a buyer is presented. Newark once had a very bad reputation and now it's being redeveloped dramatically! Irvington much smaller and close by can be also!

Hi I'm looking for property management companies in the northern nj area. I have an investor client from out of town who will want a property management co for his property. Any one in this field or can recommend one or three!?! Thanks in advance.

Major congratulations Dawn!!! That's awesome!!

Hi guys, Ok so I need some help on a decision. My mothers house is in preforclosure and being short sold for $60K. It's current value is about $76K. It's a single family 3-1 with backyard, driveway and large 2 car garage, close to park and public transportation. It needs a some plumbing work in the kitchen. Kitchen and bathroom fix up. Everything else minor repairs. She said there's no tax liens. The bank is still paying the taxes. Her home is in the same town as my home. She does not live in the property anymore, she rents somewhere else. So it's vacant. From market research so far, (I could be wrong this is my first time from an investor standpoint) it can rent maximum for $1150. My husband and I are considering purchasing her home and renting it out. However, since we're still recouping from buying our own house outright last year, We may only have enough for 20% downpayment and closing costs. Could this possibly be a good deal? My personal home tax range is about $4,500/yr. and I'm guessing hers is in the same range more or less. I haven't done my full research and calculations yet. Should I persue this as my first actual investment property due to the very low cost? Any ideas? Suggestions? Interests?