All Forum Posts by: Farrukh Amini

@Ahmed Elias you’re welcome!

And, yes, great idea attending events and meetups. There’s one that I regularly attend hosted by @Alina Trigub 

She brings great speakers to the events and the topics are on point. This one is coming up soon in February that takes place in NJ  

https://www.biggerpockets.com/...

The next one is in NYC in March:

https://www.biggerpockets.com/...

I’m also attending this one this week Wednesday:

http://meetu.ps/e/HwKxH/LsDm2/...

You can also search for other meetups on the “Events” page here:

https://www.biggerpockets.com/...
(make sure to scroll down to the bottom of the page and set your filters to see events near you)

Maybe I’ll see you at one of these meetups!

@Nolan B. in fact there are still Jersey City neighborhoods where you can achieve house hacking that covers your mortgage, and generate a little cash on top. There had been a lot of good posts on this topic. Check out this thread for neighborhood tips in JC:

https://www.biggerpockets.com/...

I helped a friend to acquire his own deal in Bergen-Lafayette recently. Check out this thread for numbers and details:

https://www.biggerpockets.com/...

Hope that helps!

That’s awesome to hear. Congrats!

Thank you for the referral. I’ll check them out. Looking to do a Subject to/owner financed deal. 

Hey @Alex Meneses

How was your experience with Goodson Law Offices? 

I'd say if you can find markets where you can achieve BRRRR in a way that you are able to pull out all your cash fast and reinvest then that's what you need to go after.
Otherwise option 1 is better than anything else, but keep in mind As Ronan stated, it is a lot slower to scale.

In Hudson county it is very hard to find (still possible tho) a deal that you can BRRR and pull out all of your original investments because the prices are already too high. You can definitely Find deals where you are able to cash out part of your investment.

@Kareem Rue any luck with this?

I’m negotiating a potential sub to deal in Jersey City.  Curious to see if anyone has done it in NJ and would be kind enough to share their experience and resources. Any advice is greatly appreciated. 

@Eric E. did you go through with the sub to deal? If so, would you mind sharing your experience and resources you could find?

I’m negotiating a potential owner financed deal and would greatly appreciate any tips. 

Definitely have the water company check it out because that seems extreme. 
If they find no leaks then definitely show tenants your prior bills to compare with the current one. 
Most importantly definitely look into Submetering the units. It will cost you around $1500 to install and have a smalL monthly fee but they send you meter readings every month for each unit. No need for a whole new meter. 

JC property tax rate is set to 1.62 across the board since the 2017 reval. You can look up the taxes of any property in the Hudson county online system and most of it is accurate as of 2017. 
I may be wrong but my understanding is that If the property has been recently renovated By the owner who owned the property before 2017 and you buy it now, the tax rate will be applied to the new valuation of the home.