All Forum Posts by: Joseph Guzzardi Jr

 House Hack. How much money can you realistically cashflow on an investment out of state? For arguments sake, lets say $600/mo (7200/yr) which is probably high. After repairs/maintenance and other items. The big time money is in the buy & hold and refi/sell down the road. Best to stay local and house hack in my opinion 

 I wouldn't classify it as "near Brick" but the closest would Atlantic County or Burlington. 

 I have found the STRs that are still successful today have the following top notch items:

1) Supreme Location (not just the town itself, but the specific location within)

2) Top finishes, luxurious feel

3) Lots of amenities

4) Parking Parking Parking

5) In many locations there was an increase in saturation, so I would look analyze trends for the past 2-3 years including vacancy, price per night, and even MLS/Zillow at the amount of homes for sale that perhaps were previously STR properties.

Rooming Houses would be one of the few assets you can cashflow 10%+ on in NJ; either that or some of the locations in South NJ for small MFR

If you have people in your network you trust greatly. Consider JV partnerships to some of the deals the agents/wholesalers find. Can begin to accumulate and increase both assets and cash.

@Ravi Pamarthi If you are buying rentals for cashflow purposes only, particularly in NJ that's a challenge. Buy n Hold Real Estate will always have its costs and even if you are cashflowing $800/month, you are going to need to do repairs, updates, unit turnovers and this will eat at that number. Play the long game, your bigger returns will be from buying at a discount, fixing up properties and holding onto them before refi out or selling.

@Jonathon Bernstein Welcome, from another fellow NJ investor. House Hacking best way to get started. Look for cosmetically outdated buildings that you can add value to. Also units that have extra living space to convert to an additional bedroom would be ideal.

Since your background is in finance, I will emphasize this... DO NOT OVERANALYZE YOUR DEALS. Do not expect amazing and outrageous returns within 12-18 months. Buy n hold Real Estate is exactly that. Hold, repair and fix up as you go along for the journey and your larger returns will be made when you refi or sell.

@Jennifer Katherine De Loughy Depending on your goals, I would suggest a mentor or mentorship group at a minimum. It will make your learning process much easier and accelerated.

I will be speaking at a local REI event in Feb in Central NJ. Not sure if I can promote or post publicly. Happy to discuss why it's important for a mentor/mentorship group further.

@Hayat- Hyatt Barron Welcome. This may be controversial, but "true passive income" in my opinion is one thing and one thing only. This is investing privately as a lender to a local investor or being LP on an investment such as a syndication.

And even here, you still need to be "active" to research who you are lending your $$ to, and due diligence on the deal itself prior to investing your money.

Hope this helps.

 House hacking will be your best bet to get started. Please set expectations accordingly as you won't be "cashflowing" right out of the gate. This is a long term play, but the best place to get started to reduce your living expenses, begin the wealth building journey, and get used to working with tenants. 

Sincerely, experienced Landlord, investor and agent in the NJ area.