All Forum Posts by: Gary Parilis

@Laurence Fru I'm also in NJ, and targeting at least 2 BRRRRs in 2020. I haven't settled on a location, but I think eastern PA (Lehigh Valley) looks more attractive than most of NJ. I'd be happy to connect with you for mutual support, ideas, learning, etc. I'll PM you.

BTW, @Jon Hill... Sounds like your goals are similar to mine. Anything I can do to help you?

@Jon Hill I'm looking at single and duplex. I live in NJ, so I'll focus on this area first (and do long distance after I get my feet wet). Eastern PA (Lehigh Valley) looks good. BTW, I'd love to have Core Four recommendations in eastern PA!

I'm loving reading these goals. Mine is pretty simple: I have a few cash-flowing properties, but I need a way to scale. This is the year I transition BRRRR. I'll do at least two of them this year, with a stretch goal of four.

@Jerell Edmonds are you thinking of withdrawing funds from your 401k (as compared to borrowing)? Are you at least 59.5? If not you're subject to a 10% penalty, in addition to taxes. 

FYI, I did that for DP on my last property. The cash flow + expected appreciation + tenants paying down the mortgage seemed enough to justify it. But it made me uneasy -- a 10% penalty is hard to swallow.

Audrey, I see you're in NJ and looking at Scranton. I'm also in NJ and beginning to explore opportunities eastern PA. If you'd be interested to compare notes, feel free to message me.

Gary

Rehab is absolutely NOT a requirement. There are plenty of deals out here that will cash-flow well immediately. The main (big) advantage of rehab is that you increase the property value -- and a key advantage to that is the ability to then refinance and get cash out for your next purchase.

Note: I'm relatively new to this game, and so far only have buy-and-hold properties (just a few) that required no rehab. 

You're lucky, indeed! My immediate question is why (and how) you're thinking of using 401k funds when you have such a significant source of equity in this property.

As for jumping in too quickly... Other than the time you have to spend finding a good deal, why wait?

Hey BP community!

I’m new here. I live in NJ and have a few rental properties FL & PA, and I’m looking to accelerate my portfolio significantly.

After a lifetime of work, retirement isn't so far away, and REI will help me accelerate on my path there. Ambitiously, I'd like to get a couple dozen doors in the next 5 years or so. I'm looking at BRRRR (some multifamily) as a way to do that.

I've been looking at properties in eastern PA (on MLS) and see decent potential there – inexpensive, high rent/price ratios, opportunities to increase equity with modest rehab costs, lower taxes than NJ, and not too far from my home. I'd love to know others' opinions and experiences in that area.

I have a whole lot to learn, and my main gaps are about finding deals, financing, and estimating & managing rehabs. I’ve done a whole lot of reading, and continue to do so, and I’m confident I can do it, but need education and experience. Certainly welcome any input from the BP community.

Looking forward to benefitting from all the expertise and good will out there, and I’m eager to contribute value to others however I can.

Gary

Any advice on towns or cities with good opportunities for BRRRR in NJ or eastern PA? Preferably multi-family, but not necessarily. Thanks.