All Forum Posts by: Drew Slew

if you are looking for cashflow - i dont have much experience but what i got is crazy cashflow - Greenville / Bergen Lafayette section of Jersey City - 2 family houses. Still can get some around 300-400k, and rent 4500-5500/m. no section 8. 30mins to NYC and value might double in 2-3yrs. Place is 45% appreciate in 1 yr!

Have a main stock line - sewage - leaking in my property, need a plumber that can inspect it w snake / video and fix it without breaking walls. 

Also need a sump pump installed.

Also need a good roofer.

Please send contacts asap for JERSEY CITY area

@Joel S. i went w the greenville one, as the inspector found a LOT of issues w the WNY one, and it is about half the size. i just liked the area, but the house itself is not comparable for the same price. 

already rented this 2 family place out, about 9-10% cap rate. had a few issues in the beginning, as locals were literally EATING on my steps, cooking their rice and stuff/breastfeeding kids etc def not for the faint of heart. 

but now noone is sitting on the steps as i gated it. and the house in front of mine is on market now for DOUBLE the price of mine. UNREAL

to be honest the area is very tough, there are some killings/stabbings but then again when I was at USC in undergrad some year ago ppl got stabbed in LA too. from what i can gather - now i have my realtor license for the next deal - bergen/lafayette which is only 5-10 streets from mine is ON FIRE, everything 100-200k more than mine in the middle of greenville. i went to some open houses and the agent was touting how up and coming it is etc all this marketing fluff. the issue people dont understand that investors have already moved in. you might think the area is bad, but the real money has been made. you might get shot, but the investors money wont be.. lil home buyers will all get priced out soon.

i just had police raided a few houses on my street so the "gangs" are gone, some investor bought the whole section. the corner deli has been bought, i see Hasidic jews more and more just walk around like its nothing to them.. so idk. police always on my corner so thats good. 

it all seems like this place will change quick. i just have no idea where they put those ppl from those houses, i mean that part of the street was real bad, even driving w my car in broad daylight i got some death stares. 

@Aditya Puttigampala @Deep Patel true, prices are ballooning but union city IMO is a gem! i got my house 2yrs ago and renting a room alone pays for the mortgage. u can charge ridiculous amounts due to proximity to NYC from young professionals. not fully sure on what you want to buy, but a multifamily in greenville part of jersey city if bought right, in 2018 cashflows around 9-10%. doable

thanks a lot, useful! @Brian Mcmenamin yes, looking into NC or SC, heard good things and property seems affordable. Good getaway i guess too for winter.

Thanks a lot, useful!

A friend is looking for ideas for next deal, here is a financial snapshot - hopefully some of you w experience can give ideas of what you would do in this case. Lives in NJ, works in NYC.

- makes 120k, saves 5k clean a month, currently has 18k saved. 

- cashflow - 2 houses rented, overall cashflowing $1500 extra per month (2 mortgage and expenses all paid from it)

- debt: 19k student loan at 6.5%, car loan 25k at 2%, 2 mortgages 108k at 3.5% and 314k at 4.5%. 15k credit card debt at...19%

Basically has 15-20k cash atm and 5k coming in monthly, so could either wait, pay off all debt or buy another property.

Big on Jersey City, and potentially looking at areas like Palm springs / Miami for a vacation/investment property. Also heard good things about NC raleigh/ SC columbus areas.

Would be looking at his 3rd property - mainly condos, multifamilies in the 100-300k range - or just paying off all current debt. 

Thanks

I dont let anyone into my properties, just get it right there at lease signing, easiest is all-digital Lemonade - https://bit.ly/2h1cZUn

@arianna l. great inspiration. How do you get to finance these deals? I have some houses but to get a mortgage each time seems to be harder and harder.. If you have a W2 job, your DTI ratio is up and up with each purchase. Banks usually dont let you buy houses every few months, as you need to show rent roll on your lets say #2 house to get funding for your #3 house.. or you guys did all cash, or private lenders?

or you guys just fix and flip?

To me getting funding for new deals is the main issue, and obviously the more houses you have the more could go wrong..(rent not paid, losing ton of cashflow, maintenance issues etc) 

Ok, that is a condo and i bought mine for same price 2 yrs ago in union city. it easily can rent 1500-1800/m depending on how you sell it to prospective tenants. a room in my condo thats again just like this in union city get 4 digit rent.. and no parking, no washer dryer etc. 

anything below 150k is a no brainer.. unless it needs remodeling. than idk, not well versed in that. and HOA must be super low, 200-250/m max. another condo we have in union city even the parking spot rents.. 150/m so any amenities like that are good