All Forum Posts by: Joe Edwards

@Sherez Mohamed

I would say purchase the duplex and house hack 1 unit for 6 months. Then go out and find another 2 or 3 unit and do the same. You can do it up to 4 times without selling and you can use FHA.

SFH I don't suggest purchasing until you have all ready picked up 3-4 multis that you are holding.

Good luck!

@Brendon Kerrigan

I always do Quartz in my BRRRR's. Because I'm looking for the highest appraisal and the most qualified tenants section 8 or not i make the asset appealing and sellable if I ever need to exit. Plus they cant stain or destroy quartz so its a win win!!!! Spend the money 1 time

@Jiva Segaran

Nope not at all. That would be creating a bad habit for someone who has to pay me on time every month. SS check or not, sorry can't do it. I only lend money to people I can afford to never see it again! Standing practice for me to keep my life drama free

@Brian Garrett

In my market Northern NJ which is out side of NYC.

B property in B/A neighborhood you can get 2-3 unit (no rent control)

B property in a C neighborhood you can get 12-16 units (most likely rent controlled and a fixer)

A million in this market doesn't get you to far at all. If it has a lot of units you will need another 700-1mil in rehab which hurts depending on the deal. However, on the bright side you will get great rent on average $2200-$3500 for 1-3 bedroom units

@Nicole (Dunlap) Pendergrass

Congrats on move number 2!!!! Way not to give up. This is the only game that will punch you in the face to prepare you for great rewards do the road. Gotta love it!!!

@John Freed

Welcome John!!!!!!

What a great story and such a positive attitude. Your story reminded me a lot of myself. Never taken NO for a answer and turning lemons into lemonade.

It's a awesome quality. I would bet that you will do just fine in this business. Being patient, thinking outside the box and being self reflective are great personal attributes to thrive in this game.

If you have any question my door is open feel free to reach out

Terry its most certainly a fact. I have friends here in NYC in investment banking and they have there wr rooms up for over a year now. They know the 6 million+ homes owners who have taken forbearance what percentage of them will not be able to make there obligation and what percentage of that group has the most equity in the assets. As my buddy quote to me "Thank god for the extension" they have there lawyers on standby to move swiftly on these high equity assets and unlike 2008 they have all the physical paper work to execute the foreclosure. so there will be no delayed stays in homes that people are paying and this investors have teams put together of contractors, property management and realtors. 

Things are going to get very very interesting. So i am aligning my relationships with these groups to pick up properties they may not want to tackle but they will take the quick wholesale fee. This going to be the future of things for the foreseeable future. 

Good luck in your deal finding 

Same here, carrying on the same as always. I'm not in the Cult of the Covidians (Covid-19) so nothing has changed.

Good for you my friend!. COVID is like anything else in the past. Something we have to deal with and adjust accordingly but like everything else in the past the show must go on. 

Stay getting after it!

@Kevin Hunter

I agree with you it is almost certain this market on fire is going to cool down if not stall out but remember rents do not go down when the mark slows down