All Forum Posts by: Shawn Mcenteer

Much easier to getting paid on the lending side legally.  I am part of a program where I legally can get paid out on loan origination, its completely RESPA compliant and best part is requires very little additional work to add a huge value to my clients on the buy and sell side of deals.  My understanding with title is realtors cannot get paid unless they are title rep and they are not representing client on same deals collecting on both fronts. I know with lending its a matter of signing disclosure, perhaps title is similar but pretty sure you cant represent both.

Hi @Matt Vozzo Canford is a market with potential for MTR. I have a client in Garwood right not who is getting over 50% higher market value compared to traditional LTR by usign MTR strategy (I see numbers like this throughout North Jersey).  If you are comfortable with different strategies believe it or not cash flow can be easy to find.  Good news is the majority of investors right now are leveraging traditional strategies leaving huge opportunity for those open minded to looking at small multi families from a  different perspective. 

Hi @Gopi Goswami buy and hold is a great way to go.  Are you considering house hacking?   

Hi @Jason Larranaga house hacking is a great way to go.  My wife and I leveraged the strategy in New Jersey to reach financial freedom.  House Hacking continues to be the unfair advantage for new investors especially if you are open minded to leveraging a few different types of strategies in your house hack.  Glad to see you have the right idea at such a young age.  If you'll be in North Jersey this summer please feel free to reach out and tag along on house hacking property tours.  In the meantime I have a Youtube Channel dedicated to fast tracking and eliminating failure for new investors looking to house hack in New Jersey.

Hi @Jonathon Bernstein House Hacking tends to be one of the best routes to go for new investors. Toss in a BRRRR strategy with a few other strategies and the potential to live mortgage free and cash flow when you move out of property is real. What part of NJ are in?

Hi @Michael Carlson if you have minute and would like to hop on a call we should. There is a lot to discuss here, tough over forum chat. For example I need to know if you are planning to owner occupy or at least tell a story you are. There are major things at play here that are extremely specific to NJ when it comes to buying a multi family property. With the amount of cash you have on hand the numbers you are mentioning you can do much better with ROI. $2800/month is what I would expect from 1 unit not the entire building

Hi @Michael Carlson what's your goal purchasing? Replacing roof, repainting house, minor landlord scaping for a multi family is not going to see a major jump in ARV. I need more information to give a clear diagnosis/ advice. I really need to know what your personal plan is with the property, are you house hacking or buying strictly as investment. This makes a huge difference when it comes to removing tenants. If existing tenants are 50% under market value, you will need to make sure current tenants are out. You cannot just raise rents 50%

Not sure what your cash reserves are or if you are planning to 1031 or something along those lines but I would rather see you keep cash in your pocket and apply it to a rehab that involves addition or updating kitchen/bath so you can see sizable jump in ARV and rent increases.

Hi @Marvell Martin house hacking is great way to go, under $100K down payment tends to be fairly easy. I have clients buying $million MFR for under $100k down payment. I would recommend New Jersey. Very close access to NYC and extremely favorable owner occupied rental laws. My wife and I have been house hacking for over a decade and have yet to miss a single payment of rent across our properties, NJ gets a bad rep as being not landlord friendly but believe it or not it is a town by town thing. Knowing the right towns, with more favorable laws allows for huge rent increases and very desirable tenants with very little government intervention. House Hacking NJ got us to Fi in about 5 years, best part is if you are open minded to different strategies, ones that are very easy for house hackers to implement, finding deals that hit the 1% Rules and higher are possible even in todays market. I have multiple clients that hit over 1% this past year.

Hi @Christina Chatzoglou house hacking is what I specialize in.  I have been house hacking for over a decade. My wife and I have collected every payment of rent since starting out. One of the reasons we have such a high success rate with navigating a state that so many say is not landlord friendly is because we know the areas to go to and the area t avoid.  House hacking in Union City can work because of owner occupying laws NJ has which make things very favorable for house hackers.  The issue with Union City is once you move out of the unit, those laws go away and landlord is not so favorable.   If your goal is to attract high quality tenants with consistent rent increases there are city/towns that have more favorable laws that I would advise you look in instead.