All Forum Posts by: Jeremy Baker

Hi all! It is my understanding that the tax assessor of any given area has a multitude of sources for information on the following criteria such as Income levels by geo zone Property values by geo zone Rent zones Number of rental units per geographic zone Vacancy factors Growth trends Expenses per rental by gross revenue Etc My question , Where can one access this information? Internet, town hall , assesors office? Thanks Jeremy

That's ironic,  I'm going to look at duplexes there  today actually!   

So I have to do my research for what its like now, but I grew up on the Jersey Shore in the 90s.  Asbury was the least desirable area for the majority of the time.   The city re-developed post 9/11  and has rebuilt the boardwalk and encouraged new business.  

Asbury had a huge drug problem for much of the 90s, and that has seemed to have cleared out,  although I suspect some leftover from that era exists.   

The inventory of houses are pretty old but in fairly good shape.   Some are very large houses pre 1920 and in very good condition. 

the rents they are getting are listed on the MLS at about $1000 per unit for this place

https://www.zillow.com/homes/1125-Summerfield-Ave,...

This  listing is not completely indicative of the neighborhood.  And some rents are much higher . 

I noticed a bunch of the listings are not providing rent estimates so im curious myself.  Ill keep you posted after my travels today. 

Hope this helps!

Hi,

Have any of you known anyone who bought a place with an oil tank in the ground not yet remediated?  How to handle?

Hi, I'm interested in buying duplexes in my area for cash flow , hold, and appreciate . Im open to other types of investing but that's where I chose to stArt Background: in New Jersey there are tons and tons of areas re developing (jersey city , New Brunswick , Newark, keasby , Woodbridge , Perth amboy etc). Developers are putting in the large ones hundreds of units and smaller maybe dozens in several new apartment buildings. Question: based on my investment strategy listed above A. Would that help areas that I am targeting to boost median rent , or would it hurt because it's adding inventory and raising prices on real estate B how does one capitalize on these large commercial deals? Thanks Jeremy

@Meghan McCallum

So I like the article on asset classes of multifamily buildings .  Ive heard people on the forum also apply this logic to Neighborhoods.  How do you get a median age of a neighborhood?  Planning board documents?   What if the units all had different renovation dates?

Jeremy

Meghan McCallum Jason Timmerman Meghan , you read my mind. Jason, I have a job that I work remotely at , so I've been hitting the streets of jersey for months and researching. If you want me to help bird dog I'm happy to do so. I'm just looking for exposure to the industry and experience so I'm not really asking for anything . Happy to donate my time if it helps How can we connect offline?

@Sean Bennett  Any suggestions of counties that are deal worthy?  I was thinking of possibly trenton or camden. 

Jeremy

Meghan McCallum Thanks for the great info. For question 1. I do own a co-op in Manhattan. That in itself is pretty good story. I bought in 2009 for what seemed like a lot of money then, I gut renovated it while living in it . Now it's worth probably 3x the amount I paid. But I have realized the buy in in Manhattan is far outpacing my salary and assets , so I'm more interested in investing in Monmouth or middlesex county New Jersey . I might change my profile location to reflect New Jersey as that is where I'm interested in doing business . For your questions , I need to put some more thought into the outcome. Basically I want to start with duplexes this year, cash flow , save and learn for a bit. Then get financing for 4 plus family units , finally moving to 6 unit rent and hold in food appreciating neighborhoods .Possibly do some rehab and flip jobs in the process . I love managing construction projects . Thanks for the feedback, you have me thinking, and that's what's needed!

Meghan, I applaud your enthusiasm and sense of giving back! I'm still working on my first deal. My question is : how can I find deals on multifamily houses without my brokers license. Is it worth getting bank deals from a broker or looking for properties that need work , short sales forclosures and the like Second: how to evaluate neighborhoods . I see a lot of postings on clad "a, b, c" etc neighborhoods . Where do I find (or determine ) these classifications? Thanks!!

Thanks for all the posts , I'm also so new I have no deals. I just like reading all of the vast knowledge on here . Everyone with experience that posts , I already owe you a debt, so you can be certain I am in no position for asking right now. That being said , when I do get legs under me , I will have something to bring to the table before I speak. Thanks everyone !