All Forum Posts by: Marc Weisi

As with all legal advice, I think it's best left to a lawyer. Last thing you want is to end up in court disputing something that you heard off of BP or some other internet search. 

"The man who is his own lawyer has a fool for a client"

Hi Alex, I'm working with Rob Jacobs right now and he's been very thorough and informative. He didn't set up our LLC but being that he specializes in RE, I would guess he'd be able to help you there too.

Hi Asif, I'm no expert on the area but I'd highly recommend teaming up with a local agent/broker to familiarize yourself w/ some of these items and the sub-markets. As for the Flood risk, check FEMA maps. On prevalent housing type, you'll want to drive around to get a feel as well as view listings online. As for crime stats, there are a number of sites but try Neighborhood Scout. Hope that helps.

The best advice I can give you when looking at these lower-priced markets in northern NJ:  check on local rent controls and regulations. These cities mentioned above all have some form of rent controls and you should be aware of them before running your pro-forma numbers.

Hi @Alan Nellis , I appreciate you sharing your story. In my opinion, it's easy to get lost in all of the rosy stories of investors getting started and encountering no obstacles in becoming experienced investors. I too have encountered many surprises (despite talking to much more experienced investors and A LOT of self-education) but have viewed these as the "cost of tuition" for my education in RE investing. I know that this experience will benefit your clients and I hope that you won't let these misfortunes keep you away from doing more deals yourself. I know that the going is tough, but I've committed to take similar mistakes and profit from them in the future. Best of luck!

Amir, welcome to the forum!  You've taken the hardest step--deciding!  Sounds like you've also been educating yourself which is great. I'd personally recommend starting with a house-hack since that's a slightly lower risk way to get into real estate investing. Also, it will lower your expenses every month (IF you buy right) so you can save more for your next deal. Research house-hacking. I believe there are several BP episodes on just that subject. Good luck and keep taking DAILY actions, no matter how small.

@Ceary Williams   I did find a company but thanks so much for this advice. I'll do that in the future. Much appreciated.

I'm sorry you had to learn that the hard way and I think it's almost inevitable in real estate investing that you'll get screwed over at some point. I know all of the successful real estate investors that I have been around have certainly taken their "knocks." The main thing is to get back up and learn from it, which it seems like you're doing. I had an incident that was not too dissimilar from this and my main take-away, much like yours, was that I would put together my own deals from then on. I'm now in the midst of doing my first 10+ unit syndication and couldn't be more thankful for that early lesson/education. All the best and remember, the only failure would be not getting back up.

@Emmanuel Jeanty  Try @Ronald Bowser . Very good guy and very knowledgeable on the area. He works for a company that does ppty mgmt as well, so he knows the ins-and-outs of that aspect as well. Very good person to know in the area IMO.

@Derek Askew   Full disclosure, I don't own any units in the Valley yet but am also trying to get into this market. From the 75+ deals I've underwritten in the 6-15 unit space, it seems like a good rule of thumb is numbers tend to make sense at the $75k/unit price. This is completely anecdotal and is only based on the deals I've looked at but that's been my experience so far in the area. Obviously, you have to run your numbers based on your own assumptions/return requirements but I hope that helps. DISCLAIMER:  People who have been investing in the area for years will probably not like/smirk at this price/unit :(