All Forum Posts by: Luis Savery

Any recommendations for a contractor who can help in repairing and replacing over 5 windows in my property? 

Im in Jersey City and looking to get this work done relatively quick.

Thanks! 

Hello,

Im looking for a contractor that can replace windows in my properties. 
About 4-6 windows need to be replaced and some just need to be repaired.

Thank you!

Hey @Natalie Schanne! Yes I dont mind sharing more details!

4 Rentable Units:1st Floor: 2BR 1Bath (Expected Rent 1,850), 2nd Floor: 2BR 2 Bath (Expected Rent 2,100), Basement: 1BR 1Bath (Expected Rent 850), ADU: 1BR/Studio 1 Bath (Living here) FHA Loan

Purchase Price: 600K with no money to the table at closing. (11K towards closing cost and 21K to General Contractor) (Total renovations: 65K including electrical, plumbing, and other cost)

Mortgage with everything included is 3,379 (Taxes, Home Insurance, PMI Insurance)

Projected Cash Flow while house hacking: 1K-1.2K per month and Cash Flow All Units rented 2K per month 

Thanks, I appreciate that! It was great timing how it worked out. I can't take all the credit.

Thanks! 

Hey Justine would love to connect. I'm very early in my journey as I closed on my 1st multi family investment property in Jersey city. I'm continuing to learn from people like @Jonathan Greene, podcast, and books. Im working on some renovations on the property and getting creative with some DIY work. We can definitely connect further and see how you can learn in this process. Im by far no pro but plan on being in this Real Estate business learning and educating myself for quite sometime! 

However I can help I'll be more than willing. As things develop in my project I would love to see how you can be of help or if you have any ideas. 

Investment Info:

Small multi-family (2-4 units) buy & hold investment in Jersey City.

Purchase price: $600,000
Cash invested: $65,000

This is a multi family home investment where I negotiated a phenomenal credit of 32K which I used to reinvest in the property thru renovations, electrical upgrades and other amenities.

This is a long term investment where I am house hacking and trying to learn as much as possible when it comes to real estate investing, managing tenants and running a real estate business.

What made you interested in investing in this type of deal?

This type of deal showed a unique opportunity for additional cash flow and possible future appreciation.
In the New Jersey market it seems from my limited experience that TAXES are deal killers.
The taxes for this property were also very reasonable in comparison to other New Jersey markets.
It seems the community is going to continue to aggressively invest in more developments in the coming years.

How did you find this deal and how did you negotiate it?

I found this deal on the MLS with Stanley Rosario a Real Estate agent I was working with for the last few months.

This property was on the market for a few weeks and a few deals fell thru, and I got the sense the seller was anxious to sell, considering he was moving out of the country.

The negotiating was aggressive to the point were I walked away from the deal and they came back asking what number will have this deal close. I said 32K and we proceeded with the deal.

How did you finance this deal?

I financed this deal with an FHA loan, since I will be living in the property.

How did you add value to the deal?

I am renovating the 2nd floor units; specifically the 2 bathrooms and the kitchen area with contractors.

Also, renovating the first floor Additional Unit (ADU) with an entire makeover of new appliances and renovations.

I am doing some DIY work myself with my brother in law and girlfriend to the first floor and basement area.

What was the outcome?

The outcome was one where the sellers credit helped make the deal work in a great way, because I was able to use that money to get the property in the condition I imagined and look for the long term play.

Lessons learned? Challenges?

I have learned that working with people who are way more knowledgeable than myself helped make this deal happen.

The challenges so far is strategically knowing what to invest in to make the property rent ready. I need to realize I can’t do everything to make this property look perfect but I can do enough to make this attractive to renters.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

I recommend my agent Stanley Rosario.

Even more important I recommend people getting connected with the company Streamlined Properties operated by Jonathan Greene and his team of agents and investors.

Does anyone know of contractors in the Jersey City area that can remove metal Fencing/Gates from the outside of a property and replace them with wood or Vinyl?

@Daniel Gonzalez

Yes, a 2 family home. Thanks 🙏🏽

Thanks for sharing! Very insightful. I know for sure the parking in many areas is something to always keep in mind when investing or living in Hudson County, NJ. When it comes to the communities predominately being hispanic I know that's true for a lot of pockets of Hudson County. Speaking the language can definitely be helpful. I just think is important to have a system of payment that's more organized than just excepting cash. 

Im actually closing on my 1st property very soon in the Jersey City area near Lincoln Park.