All Forum Posts by: Gerald Boone

What banks have you used in New Jersey (Mercer County) for a Cash Out Refinance? Does the bank require the property to be rented out for a certain amount of time?

I just bought the property in September without a mortgage.

@natalie schanne can you send me the information for the site is meeting. I'm currently investing in Trenton. 

NJ manufacturers

I bought a 1 family 4 bed 1 bath for $11,700 at auction it will need about $10,000 in renovations. ARV will be $50,000.

I'm just starting but if you are from New York than you know almost every area in brooklyn was bad a few years ago.

I will have to get back to you in a few years.

@kyle burrows I am from Brooklyn also in which I am very familiar with the prices there. I invested in Trenton NJ but many people would say stay away from the ghetto neighborhoods. Also an issue in NJ is the high taxes that you have to account for. The good thing about NJ as a whole is that rents are some of the highest in the country.

Hello Bigger Pockets members

I am located in New Jersey and currently purchased my first  2 properties. I am new to investing but not new to Real Estate. My parents owned a few multi-family properties in Brooklyn New York where I was born and raised. They bought there first property in the 1980's where interest rates were normally over 9%. They also owned an 8 family unit Downtown Brooklyn near the Barclays center and a few others. I helped with such things as renovating units, collecting rent, preparing leases and the eviction process.

I starting working for a housing agency in New York approximately 14 years ago, stayed for 3 years and moved to NJ. I then started working at a housing agency in NJ where I have worked for the last 11 years. So, I have been around Real Estate sitting on the side lines waiting with all kinds of excuses.

So, I recently purchased my first property at the Sheriff sale held in Mercer County. I went this route because my credit score was low and the only way I knew to get a property for the amount of money that I had without credit was to get it at the Sheriff auction all cash.

While inspecting the property that I bought at Sheriff Sale the neighbor of the property recommended a house that was 2 doors down. She told me that the owner had passed away a few months ago and the house is in great condition. I looked online and found the property on one of the realtor sites and noted that the price was too high and it had been on the market for almost a year. I inspected the property made a low offer and they accepted , and that's how I scored 2 properties in 1 month.

This depleted my cash which I was going to use for the sheriff sale property as it will need at least $10,000 worth of work but I will renovate it slowly and rent out the other asap.

Hello Chris,

I'm a newbie also and I am having the same issue as I would like to start investing in those same areas. I was born and raised in Brooklyn New York but recently moved out to Central NJ. I would like to Invest in North Jersey because I feel that due to the gentrification in places like Brooklyn that more people would look at Northern NJ as a place to move to and therefore increase the demand for rents in that area even more.

I recently purchased my first property at the Sheriff auction in Trenton, Mercer County NJ. I would not live in Trenton but it is a good place to invest in buy and holds because rents in New Jersey are some of the highest in the country.