All Forum Posts by: Joe Edwards

@Jeff Plotkin

Did you pay for the appraisal or did your lender? I find it odd that your lender doesnt provide you the full report.

I personally would not work with that lender. Data is everything in realestate and you can get a ton of data from your appraisal report that will further help you understand the market your investing in.

In regards to the BRRRR portions of your deal here in NJ I typically wait 9-12 months minimum from purchase to refi so that I dont have any appraisal. But build that cost in the structure of the deal when putting it together.

Wish you you the best you may have to be a little more patient on these 2

@Bob Galivan Great information on the Cleveland market. They are now introducing something similar here in NJ. I'm in the process now of closing a property and seller escrow is how we are handling it.

@Kishun Barker

You mentioned your looking to purchase in Cleveland, my guess is if your purchasing a distressed property cash in that market the purchase price should be low .

If the purchase is 50k +/- or under I would pay cash and close it. If the purchase amount is 100k +/- or above in that market I would 100% leverage my cash because the cash out refi numbers there are weak given the slow appreciation in that market.

I personally feel with keeping leverage in mind in all my deals, it forces me to consider the deal for all its profitability. It allows me to walk away from deals that are tight on ROI and COC.

I'm sure you will get a lot of different feed back given everyone her on BP are in different markets with different investing strategies. In my market here in Northern New Jersey paying all cash for your properties wont get you far at all. You would need several million to get maybe 2-4 properties. That same several million with leverage you could have 15-20 properties with huge cash flow.

Good luck with whichever route you choose. Keep us post

@Summer Cherry Oh yeah that's a go! 3k a year in savings is huge. You can use that 3k to make a additional payment a year to pay down the principal.

Your winning either way

@Kate Cavanaugh 1.5% here in New Jersey would be a home run.

Sounds like you have a deal you shouldn't pass up on.

Best of luck!

@Alain Pujolar Partnerships are tough. For them to be successful they have to be very clear in regards to roles and responsibilities. The partnership should be formed with a clear vision in writing of what your divorce will look like and all its moving parts.

What kind of partner are you looking?

@Mitchell Howe I'm a investor in the area shoot me a DM with the details and I'll see if it's something we can put together.

Address, asking contract price, details of the offer in your contract

Look forward to hearing from you

@Mary M. You are so so right. Being from NJ with some of the highest property tax, income tax and property cost I would never consider stop investing here given the huge returns I am getting on my flips and the large rental cash I'm receiving on my holds.

Taxes are there but by no means do they stop me from investing.

Under Trump administration I lost 15k a year because he cap personal property tax deductions at 10k (ouch) but he put a few other goodies in place to offset that some. It's all good.

When taxes were 70-90% people in that bracket just adjust accordingly so they have the least amount of exposure. Gotta Love It!!!!!

Richard I just went through this in EO. This was one of the craziest things I have experienced this far dealing with the towns in NJ. Feel free to shoot me a DM and i can talk you though all of what I had to go through in EO. 

@Henry Lazerow I personally prefer to work with realtors that are real humans. With personality, character and great work ethic. For my deal flow the agents that are real I break the most bread with and deals go smooth because they are on it.

The robot realtors that conform to what they "suppose" to look like/ drive/ wear are not always on there game. Its usually smoke and mirrors and they are mostly out for themselves.

This is just my opinion given my almost 2 decades of investing. By all means this doesnt mean everyone.

So I would say finish your sleeve because that's what you want and keep getting after it.