All Forum Posts by: Joseph Guzzardi Jr

@Eric Derer Hey Eric, fellow NJ investor here. I'm curious as to why you believe your options are limited. Your best bet to begin networking with folks who operate in the off market world to find deals that make sense. Partnering with other experienced folks is another option to finding these deals. Happy to help in anyway to find you something that makes sense. Feel free to reach out if you have any needs.

@James Tarantino Hey James. Fellow NJ multi fam investor here. My advice would be to pick one avenue and dive in. Your goal should be to be an expert in a particular type of product (investment). From an efficiency perspective, ideally the same market as well. In terms of your budget, there are plenty of locations where you can invest in a multi fam with that budget, especially in South NJ. Whether you want to invest in those areas is another question.

@Alecia Loveless There are a few factors here that you need to take into consideration pending location of this building. Need to fully understand parameters of the current lease in place. Need to understand local rent laws in terms of how much you can increase rent, how much notice is required etc..If all is good on those fronts, be prepared for tenants to ask to improve items within their respective apartment at a minimum if they do decide to stay. 

@Lloyd Spencer Need to check with local ordinance to see what exactly is allowed. There are definitely areas where people are doing Air BNB even though its technically not allowed. There is obviously some risk to this, but its also clear some cities/towns are not enforcing it. You may want to consider Mid term Rentals as an option if the regulation states no rentals <30 days. 

@Nellie Nedeoglo your best bet is to learn from experts in your market doing what you want to do. Network, learn, work for free or whatever is to learn from these experts. YouTube is great but will only get you so far and most importantly you need to understand how a typical transaction takes place and explain that to a seller.

@Saranya Sundararajan That's a no for me. More importantly, if you are looking at STR Gross revenue is a piece of the puzzle. You need to factor in hosting costs, utilities, supplies, maintenance etc..

@Raphael Diogo definitely continue to educate yourself and be surrounded with people who can support, lead and guide you along your journey. House Hacking would be my preference if I was in your shoes and you can do so with minimal down.

You can then take the remaining $$ to invest in other multifamily properties and work with people who you can learn from. Landlording and stabilizing properties aren't necessarily easy; especially if you are buying at a discount. There's typically a reason why they are discounted, and it's usually tenant or building related.

@Mark Berge this tenant may be a potential problem for you if I'm understanding your story correctly. She only wanted to stay for a short time but is now there +7months? If you want/need to get her out you are going to be bound by landlord/tenant law. It is not short or cheap to get someone out. If you want her out I'd suggest discussing with her ASAP to get the temp on this, then if there's any trouble consult an atty.

@Mike Schorah investor from NJ here. The price is going to have reflect the condition the property will be delivered in. Are the tenants paying or not paying? Is the place in need of cosmetic rehab or gut reno? The answer to these questions will help you gauge what the appropriate price is. I'm also licensed in the state so I can assist in providing comps from an investor perspective if you'd like

@Ryan Passaro go to meet ups and ask them.