All Forum Posts by: Mark J.

@Michael King I hear you and agree 100%.  I'll keep my eyes open and wait it out until things start opening up and getting back to normal/safe.

Apologies if this discussion already exists, but just wanted to see if others are seeing their markets coming to a standstill as far as listings, and  also what others are doing to find deals.  I'm in the Northeast, investing in NJ and PA.  We've been hit really hard with Covid-19, so it's understandably slow, but curious what others are doing/seeing in the market right now.

I'm only seeing maybe 1 new listing every few days where normally there are at least 3 or 4, at a minimum. A lot of days I don't receive listing updates where I used to get them everyday. Properties that I have inquired about aren't open for touring until a later date.  

I'm also stuck in the middle of getting one of my units rent ready.  Contractors aren't working right now and personally I'm trying to limit my trips to Home Depot and public stores/places for supplies, so it's slow going.  Even if it was ready I'm not sure I'd be showing it due to virus concerns, what's going on in the job market and the rent freeze/moratorium government guidance here.

It seems like deals are still happening from what I'm reading on forums and hearing from some agents, just curious how others are navigating the current market with these constraints.

@Mauricio A. Curious how this ended.  I have what is starting to seem like a similar issue from a leaky sink sprayer.  Started tearing up the floor and it's wet/moldy down to the subfloor, though I'm noticing there's about 4 layers of floors from years of layering.

@Christian Beyer Wow! Sounds like quite an ordeal/learning experience. Best of Luck.  Knowing this will definitely make think twice before buying a property that doesn't have a CO in that area.

@Franklin Urbaezj Everyone's situation, motivation, etc. is different. I can give you my opinion, but free advice can cost you the most money...haha..

Sounds like you've already taken the first steps of having a goal, saving, educating yourself, etc.  As others have mentioned, going to RE Meetups can only help, as you'll be able to meet others doing what you want to do and possibly help you get there.

For a 1st deal I'd be a little leery of going the Brrrr route because you will probably have to buy a really distressed property and do a fairly substantial rehab.  Also you will need to save up much more money to buy the property without a loan and cover rehab costs out of pocket. (disclaimer I have not done a Brrrr, though I do believe it's a powerful tool if you can figure it out.)

Personally I would look for an easier "lay up" for your first property. Maybe something that needs a decent amount of cosmetic work that will have value add potential, rents are under market, etc. If you don't have much capital you could start with a SFH of small multi. In the areas you're looking in you should be able to start small, without much capital and get some experience under your belt.

From what I can see Lehigh Valley has become pretty competitive in the last 6-12 months. Inventory is really low, whats on the market is overpriced or needs too much work. Since you're in Kutztown you have a proximity advantage that out of state investors don't have. If it were me I'd probably look for something close by that you can easily drive to.

Start talking to lenders to get your finances in order and know what you can afford. Then start talking to agents and let them know what your looking for. Have them add you to an MLS drip. Analyze the properties to better understand what's going to make a good deal. Start seeing properties in the areas you feel the strongest about. Get a feel for the different neighborhoods and blocks.

@Roderston Eugene Welcome!  Would be interested in hearing more about how you were able to find something in Jersey City that works as a rental.

Hoping to make this one.  Went to the last one. @Vaughn Smith has great knowledge and insights, learned a lot.

@Anthony Stella as mentioned by @Ryan Goldfarb the cost of the property you're looking for will mainly dictate.  Another factor, which is a price driver, is the accessibility to NYC.  

This is just my 2 cents...

 Paulus Hook, Downtown up to Hamilton Park, probably most expensive because most accessible to nyc, especially path stations.  Difficult to find multis and particularly difficult to find them under 1M.

The Heights-this has been a "hot" real estate area for a little while.  I still see decent priced multis compared to downtown.  If you work in the city you just want to make sure to be aware of the closest transit line, which will be a bus or light rail.

Journal Square- This has been an up and coming area for awhile, but from my limited experience/perspective I still don't really see it.  I think eventually it's inevitable though. It does have a path train and is pretty accessible in general. Check how far from the public transportation if commuting.  I've seen some amazing looking places but they're a 20+ minute walk to the train.

Bergen Lafayette- I think this area has a lot of potential especially near the Communipaw area and/or light rails near Garfield.  This is very block by block area and certain streets are a little "rough".  There are some beautiful old buildings in some of the pockets.

Greenville- From what I've read on the forums, in general, is one of the rougher areas.

@Nick Loukas nice work! Thanks for sharing the numbers, sounds pretty solid.  I'm looking to explore Bethlehem a little more, currently more familiar with Easton.

@Yiren Zhu as far as I know it is a requirement by Easton city to have a hardwired fire alarm system.  I'm in the same boat and pay what you mentioned above to Hi-Tech Security.  Not sure if there are cheaper options, but would be curious to know.  In addition I had to install hardwired illuminated Exit signs throughout the building per Easton's request.  I think these are some of the reasons investors try to stay out of Easton proper- the city municipality can create a lot of "red tape".