All Forum Posts by: Shawn Mcenteer

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?

HI @Sidney Johnson.  House hacking is  great way to go.  You sound a bit like me when I first started investing.  I was a carpenter installing floors, never was satisfied knowing overtime was really the only way I could earn more.  I ended up getting real estate license (while still keeping my job) grew the real estate business and continued to buy properties. Today I am full time real estate.   I would strongly recommend keeping your current job at first and no matter what anyone say regarding you needed to be full time in real estate to be an agent I will let you know its an absolute lie.  It all comes down to systems and you absolutely can  do both RE and be a technician. 

ahhh just saw listing. @Jaime Ramirez Bound brook and South Bound brook are towns if you listed the property with no realtor fee the property will rent maybe... Taking a quick glance at comps your rent is high, 6 Armstrong st Apt 2 looks to be renting for $325 less and is in very similar condition.  You need a price reduction.

Hi @Jaime Ramirez its tough to say without knowing more details but majority of the time price is the largest indicator of what is going on. If property is priced right it will rent.  Secondly I would look into if it make sense using realtor or not, there are markets that it makes sense and there are markets where unless you as the owner are paying agent fee most will pass.  North Jersey is very town by town so tough to say more without additional details.