All Forum Posts by: Joe Edwards

@Tom Matousek I'm very active in the area and dont mind share info with you on the area. However, I will tell if you think you are coming here and buying anything at a steep discount you are sadly mistaken. NJ property outside of the city is going a premium and has all always.

I would say average purchase for a extremely distressed fixture would be 500k starting. Just some food for thought

@Andrew Kaminsky In EO I would not really consider any properties unless they are located in the north section. North of 280 to be exact. This area is on the up swing with a lot of large dollar multi investments in motion. Plus it's a commuter HEAVEN with train, buses and highways all right there.

Good luck

@Lisa Alexander As a very active investor in both Bergen and Essex County I will tell you there are still great deals out there. I have closed on a 3 during this COVID time. It all depends on your invest strategy.

If you are looking for turnkey/ shinny/ new, then you have to expect to pay top dollar. In our market that purchase would be considered a retail purchase. You will be faced with all the buyers who are in the market with emotion.

If you are looking for a fixer that maybe a diamond in a rough that will give you great cash flow, appreciation and you can BRRRR. You will be need to set your emotional hat on fire and wed yourself to you investor hat. Keep looking at deals and keep working on the numbers and you will find some great opportunities.

Do yourself a favor and ignore people that tell you to wait until the bottom falls out. The people that say that for the most part arent active investors. The have been on the sidelines forever saying the same thing.

Get your numbers together. Formulate your investing approach and execute. Opportunity is always out there weather it's a sellers market, or 7% interest rates or cheap money and covid like now. Deals are there.

Also be mindful the great BRRRR deals dont just happen out of then air. For the most they are engineered. If you have any questions I dont mind helping where I can.

Best of luck out here. Stay after it!

I did a 50/50 joint venture deal with a partner who brought a property purchase opportunity to the table. Given that he was employed full time in a different industry and I was the person with the extensive investment and construction experience I was task to run point on this deal. As a seasoned investor I have the temperament and patients that it takes to get the investment to make to enjoy the beautiful gains. 

Well boy did I learn a big lesson, just like vetting a good deal is important the same applies for vetting your partners. I failed to ask the most basic question prior to partnering that would have completely changed the terms of our agreement if we would have had one at all after receiving the answer. If I would have just asked HAVE YOU EVER DONE/ EXPERIENCED A RENOVATION OF THIS SCALE EVER IN YOUR LIFE PERSONALLY OR PROFESSIONALLY?............. That simple question would have saved me a tone of grief, gray hairs and most importantly wasted time. 

This deal was such a sweet deal with loads of profit to be made. 350k+ profits to be made on this investment to be exact. But my partners in ability to stomach the investment game of spending money to make money to realize those amazing profits. If I would have just asked that simple question our partnership would have been 70/30 or at a minimum 51/49. 

The fact that we were 50/50 my partner wasted loads of time second guessing everything, getting way to emotion about everything that the project took a year longer then it should have and the cost of all that wasted time killed our profits leaving us with less then 200k on the deal. 

Now I know some may say/ think that its great that you still made a great profit. As a experienced investor I see it the exact opposite. I see it that me being as experience as I am I made a serious error in not asking that one question and that question cost me personally 80k+.

It was a tough one to swallow but a investment lesson I will never "EVER" make again hahahaha