All Forum Posts by: Kevin Manafi

@Eric D. Congratulations to you on having two free and clear properties...you're already well-ahead in your investing journey!

While I understand your concern about overpricing on the MLS because of the very aggressive Seller's Market we're in, it's important not to get discouraged just by reading all of the negative coverage about how much home prices have risen, how much they're selling over-ask, etc.. I would recommend defining your investment goals and criteria clearly so you know what you are looking for. If you have to pay full price or over-ask for a deal but your numbers still work and your goals are still being met, it's really irrelevant (although it may just hurt a bit because no one really "feels" like they're getting a deal unless they get a lowball offer accepted).

Great thread! Awesome points made by all. Spot on by @Jonathan Greene that Newark has been on the rise for 50+ years because it's simply way too big, making knowing the hyperlocal areas to invest all the more important as mentioned several times above

Hi Nick, welcome to the BP community and welcome to the world of real estate investing! I'm an investor and Northern NJ based agent. Looking forward to connecting and please feel free to reach out with any questions!

@Akhil Nagapuri I did house hack the deal and then moved out. Feel free to message me and we can chat some more

@Toby Khan Where is your friend moving to? If he plans to self-manage, I would assume distance to the property is a consideration 

@Akhil Nagapuri I do have my own multi-fam investment over in Hudson County that I purchased in June '19 and it cash flows nicely. It's definitely not easy to find great or even good deals in Northern NJ because of the high prices and property taxes as you mentioned, but they are definitely out there. Depending on where you're located though, South Jersey could be a good option for you if it's feasible.

Hey Nick,

Hoboken may be a bit out of reach in terms of a good long-term investment at that price point (and maybe even JC), but you'd definitely have more inventory to choose from in Jersey City. Feel free to connect so we can chat more!

@Ryan Cleary As mentioned above, I would definitely advise having the client speak to a RE attorney about this to see A) what kind of issues it can present and B) What constitutes a legal third unit and/or what measures can be taken to make it legal. I can speak from personal experience as I dealt with this on one of my own multi-family deals--it can present itself during closing when trying to get a CCO. If an actual inspection is done by the city, it's more than likely the illegal third unit will be discovered by the building inspector and would have to be remedied before getting the CCO, plus any fines that they may choose to issue retroactively.

@Joe Dvorak I did a house hack on my first multi-fam deal back in June 2019 and went through the same thoughts you did. I ended up getting my real estate license this past summer and it's been great. Besides saving commission money on the front and back end by being your own listing agent as well as buyer's agent, it also helps to build your network, give you additional resources you can use in your investing career, and, maybe most importantly in my opinion, you get more real estate reps going through transactions with real clients.

Hi @Saurabh Agarwal, I would love to connect and discuss more!