All Forum Posts by: Jonathan Greene

I used to go to them all the time with my dad growing up and have gone to several as an adult. Everyone knows who the new person is and the goal is always to mess with them and test them and try to get them to spend their money on the junk so we can get the good ones.

You have some good advice here, but part of what you have to do, in addition to getting him out, is to figure out how you got yourself into this situation. How did you do your due diligence on him before he moved in? 

The best advice is don't.

1. You need all cash.

2. You can't see the property before if it's a true foreclosure so you are bidding blind.

3. All liens will not be confirmed prior to the sale.

4. Tenancies are subject to your removal so if there are squatters, good luck.

People usually look to foreclosures because they think they are cheaper, but foreclosure buying is not for amateurs. At every foreclosure auction you will find the same cast of characters who know the system. If you win, it's because they wanted you to win and they bid you up.

The only way to truly do comps in any market is via MLS access. No realtor is just going to run comps for you unless they are a good friend of yours, and even then, they usually will run them incorrectly. Access to MLS is one of the best reasons for investors to get their license since it's such a low bar to entry and low annual fees for that and access to all dumps on the market. Even in disclosure states, sales data is not all reported to the sites so you need the MLS to be the most accurate.

I think Highnote dot io could be helpful for what you are looking to do. I use it for catalogs that I want to present to people in bulk with a link. You could create a different Hignote for each property and add photos and docs, etc.

I have a good friend who has one or two in Phoenicia, or may have sold one there. I can ask her.

You have one identified or you want to look for one? If you have no experience in commercial real estate, much less mobile home park management, this is an intricate business not well-suited for out-of-state when you are getting started. There is a BP book by Heather Blankenship that would be a good place to start - Real Estate Campgrounds.

I'm glad I tagged you in. This makes more sense to me now, too.

The numbers could make sense if you do STR, but it's still tough because the pricing for multis is high and the long-term rental return isn't that great. I would focus on new-build multis because you will be at max rent for LTR and scalable for STR. If you want to do STR, you want to get as close to the PATH or light rail as possible. There is a lot of inventory in Jersey City, so compared to the rest of the state, there are opportunities there for good STR operators. But yes, for LTR you will be negative most likely. Your 1.2-1.4m new multifamily may only generate 8k in rent tops.

Where are you looking for people? On the internet? Do you go to real estate investor meetups? Do you know other real estate investors? Usually, when it comes to caretaking your money, you will get your best recommendations from other real estate investors.