All Forum Posts by: Gerald Boone

Martha Molinini Thank you

I have a few friends that are interested in purchasing Real Estate together. We are all having a problem putting together the funds to complete our next deal by ourselves, so we are planning on buying together. Two of the guys have never invested in Real Estate but will like to invest there funds. The vision is to become a large company in NJ and throughout the country. Is this a good idea to invest as a group? I'm used to doing this by myself but my funds are currently limited. Can someone give me suggestions on how we should structure these deals? What type of deals should we go after single family/ multi/ commercial? Will we be able to get a traditional loan from a traditional bank? Chase, Wells Fargo and etc.? If not what is our option? How many people is too many?

Yes

This was a new Townhome development that was built in Trenton. The homes are being sold at auction for about 30k to 50k due to people foreclosing. I was only trying to figure this out because I know the home owner. 

I have a deal for a House with a balance of $175,000 25 years remaining. The homes in area are currently selling for $85,000. The current debt service is $1,700 including HOA fees. I can get a rent of $1,500 for the house which is 3 bed 2 bath.

How can I make this deal work?  I was thinking of approaching this through a subject to deal.

Is Rent to Own Legal In New Jersey? and will I be able to Rent to Own a property that currently has a mortgage? 25 years remaining.

I also plan to Brrr my property after a few months as I have used most of my cash.

I just purchased my 1st 2 properties in Trenton NJ in October 2018. I am looking to rent because the market is on the rise in the next few years. I purchased at the Sheriff Auction for $11,700 and completed repairs for $28,000. I am all in for $39,700. My house will rent for $1,300. I suggest you buy an hold in the Trenton area.

Residential

Hello,

I live in Ewing Township but do not invest in Ewing Township because the taxes are extremely high which affects the bottom line. In certain parts of Ewing students are renting but you have more middle class residents from Trenton wanting to live in Ewing because the school system is better then Trenton. Also, many investors from New York are buying all of the foreclosures that hit the market since NY is so expensive now. They have recently bought 4 of them on my block alone and I see them at the local Sheriff sale every Wednesday in Trenton.

Taxes all over NJ is high so you really cannot avoid that issue.