All Forum Posts by: Shawn Mcenteer

Hi @Priscilla Chin staying local or out of state.  Hands down the most powerful advantage you have is house hacking leveraging owner occupied loans.  400k property in FL will cost you $100K using 25% down.  $800k property will cost you $40K down payment.  Simply ask yourself the question how long will it take you to obtain 25% or 5% down.  Then the next questions becomes how do you get to property #2 which once again is easy with low money down.   

I've house hacked many times over never putting more than 10% down on a property.  $100k essentially has gotten me multi properties instead of 1 property.   On top of all this the interest rates you get will be much lower using an owner occupied loan. 

Hi @Eric Fichera NJ is not far.  I've been investing for over a decade and yet to miss a single payment of rent.  NJ gets a bad reputation but if break state down town by town it is raising rents and collect rents is easy, just need to make sure you are buying in those favorable towns.

Hi @Rocco Garavuso if small multi family is the goal I associate upstate NY with that. When I think FL I think SFR market. Mind you the land lording laws are not as friendly in NY state but I think you'll have a better shot at finding what you are looking for in NY. But rather than take my advice you may want to speak to @Ray Hage out of Florida, I know he finds properties of all types and runs a successful REI business out of the sunshine state.

Hi @Andrew Pierson SFR are tough in NJ. I would stick with MFR. You'll get a few advantages from higher loan amount (qualifying rental income) to substantially more income (multiple units). Are you open to being closer to Newark? I would avoid the city at all costs but the areas around Newark are very lucrative for rentals.

hi @Andrew Garcia  I've done it a few times.   The steps I took depended on the property, each property is different.  Location, type of home, type of rental, etc make a difference with it all. 

Hi @Brian Scott It sounds like once you move out you'll be cash flowing.  Right now I would say you are living at a low cost.   Sounds like you may have a shot at living for free when you move into your next house hack. 

Hi @Matt Mastrelli Great job taking action.  NJ is a great place to own buy and hold properties (although most will disagree).  If you leverage the state properly you can attract very good tenants that pay high rent.  What makes NJ good is being in areas with favorable land lording laws and proximity to transportation/NYC.  West Milford is not bad for land lording laws but its kind of far out there for rentals.  Butler tends to be as far North on 23 I like to go for rental properties.  Once you get past Butler the vacancy rate goes up substantially.  For this reason I would be more inclined to selling and parking your cash in more attractive rental markets.

@Adam Pervez I host a few meet ups in North Jersey, We do coffee on a weekend or bar type setting on weeknight each moth.  

@Sidney Johnson I got my license over 10 years ago.  The majority of that time I was using it for personal gain, buying properties essentially for myself.  Along the way I would help friends and family.   Once I made the commitment to go full time it did not take long but the majority of the time I essentially just had my licenses closing deals here and there.  Happy to chat more off forums to really dive deep and learn more about what you are looking to do.

Hi @Zoumana Fofana happy to help.  I can help with all of the above, including meet up group. Sounds like you are doing well with your primary.  Is another house hack a possibility for you?