All Forum Posts by: Marc Weisi

Both the purchase price and rehab cost look pretty low to me (even by Newark standards). What exactly is being done? Lipstick reno? If they're real, these numbers look pretty good to me.

@Danzell Crowell  To confirm what the above guys said, Newark is a mosaic of a few different cities. Some good, some bad, some in the middle. It comes down to your own risk tolerance. I'd suggest that you check out a meetup for RE investors in Newark where you can talk to others investing there, as I know there are several such groups. There you can ask fellow investors what they think about various areas and get a better idea.

@Brandon Mitchell  I have family in Vailsburg and grew up in nearby South Orange. I'm also looking to close on a 2-family in North Newark later this month. I'd say from what you said that it sounds like a solid plan. The only thing that I am hesitant about is that you should start off with a good sized reserve and it sounds like you're running pretty tight if you're asking the seller to pay closing costs. Make sure that you always account for the unexpected and run your numbers as conservatively as possible without being ridiculous. Also, because Newark is almost a few small cities in one, I'd recommend driving around the areas in which you're looking to invest at different times of the night and day. This should give you a solid idea of what the area is like. Final point (I promise) is that you may want to look on Craigslist for listings in the various areas and reach out to those landlords for their perspective on neighborhoods--they know perhaps more than anybody the types of tenants/headaches you'll deal with. Not all landlords will be willing to help/speak to you, but this has worked for me a few times in the past.

Link doesn't work for me either. Just curious, Chris, can you provide rent roll to back up these #'s? 

@Mala S.  @Luke Wolmer  I think the street Mala is referring to is in fact the end of Communipaw Ave. Between Grand and Liberty State Park, Communipaw is seeing some real progress being made. One of my favorite coffee shops in JC is located right there and a few good bars/restaurants have popped up in the past 2 years. As for commute I can't point anything exceptional out besides the obvious that the light rail to Downtown JC is right there and also the 81 bus runs the same direction along Grand.

I love Cozy.co !  I know some earlier comments said that it's easy for the landlord to overlook when there's a missed payment but I have not found that to be the case. As long as you're diligent in checking the platform on the first of the month, you're good. It also sends you notifications when there are payments made and the deposit is expected to be in your account.

@Charles Mitchell   I started out 2 years ago doing this very same strategy in JC Heights. While I didn't start with a multi-family (mine was a condo), it was based purely on my budget. I have rented out 2 BR's in my 3 BR condo for almost 2 years now and have found that this was a great way to get into RE investing/being a landlord as a newbie. It's sort of like landlord training wheels in that you're able to be much more attentive with tenants/roommates than you would if you didn't live there. My tenant's rent nearly covers my entire monthly expenses (mortgage, taxes, insurance, maintenance, etc.) and the inconvenience of living with 2 different people isn't really an issue for me. Plus, financial freedom (my ultimate goal) is worth having to a share a bathroom! It'll be a great decision for you and if you have any questions along the way, feel free to PM me.

@Ravonne Evans   Great to hear that someone else is facing the same dilemma!  

@Matthew G.   Point well taken. Rather than work on developing these skill-sets, I should be leveraging the knowledge of professionals on my team. That would free up my time for more deal analysis, lead generation, and all of the other things that INVESTORS actually do. That said, I still think that taking the home inspector course can only benefit my knowledge of the elements that go into property renovations. While I have a contractor that I work with and whose opinion trust, I'd still love to be able to communicate my plans more effectively with him and I think this would greatly help that. That investment of time would be well worth it in my humble opinion.

I'll add that my major reason for investigating each below.

> RE Agent: Access to the MLS and developing relationships that may lead to pocket listings & off-market deals. Also, should give me a better feel for the pulse of the market in the area I'm interested.

> Home Inspector: Developing the skills to be able to identify building defects and better evaluate rehab costs with properties. In addition, this may have the same benefit as RE Agent in that I'll be developing relationships which may one day lead to off-market deals. In addition, I'm taking a handyman course right now on carpentry, plumbing, and electrical which has been very enjoyable for me. That leads me to believe that I might really enjoy being a home inspector.

Fellow BPers,

I'm currently debating which role to pursue on a part-time basis: home inspector or real estate agent? A bit of background--I'm a relatively new investor (2 years and 3 properties/deals now under my belt) looking to take up a side hustle that will complement my investing and ultimately help me become a better RE investor. I am a single male based out of NJ and my full-time job is in finance, so I'm free most week-nights and weekends. Below are the questions that I'm looking to answer as part of this analysis. Any help/guidance is much appreciated.

- Which role will improve my investing (buy-and-hold, BRRR strategy) more?

- Which better suits my skills/interests? No help needed here, I'll take that one.

- Which will better lend itself to a part-time side hustle?

- Which is more profitable on an hour-by-hour basis generally?

Please let me know any thoughts you may have or if there are any important questions that I'm missing as part of this. Both roles will involve a significant investment of time up-front to educate myself (I'm a life-long learner, so that part will actually be fun (I know, weird right?)). As such, I don't want to start going down one road and realize I chose the wrong side-hustle. Thanks so much!