All Forum Posts by: Michael Lee

Seems like the agent you're working with is not an investor himself - he's not willing to invest his time to grow with you. He's looking at the short term benefit (the $500), and he's looking out for his own best interest. I would find someone else who's willing to give more and commit to working with you in the long term!

Hey @Michael Peralta 

Welcome to BP! 

If you are fully committed to real estate and is obsessed and curious about everything real estate, get the license.

I believe to be a successful real estate investor, we need to have the investor mentality. Warren buffet said, the more you learn, the more you earn. For me, I am never afraid of learning or spending time on improving myself. 

What's the down side? Spending some money and time? I say if you can spare some time and some money, definitely go for it, no question about it. Worst that will happen is you don't use your license. But the upside is huge - you opened up doors to new opportunities in the industry you will be investing in - for the rest of your life ( if you plan on investing in real estate for the rest of your life) and new skills in real estate. By doing it you learn how transactions work. You'll see things with a different set of eyes, from the brokers eyes, from buyers and sellers eyes, etc. Oh and it builds trust for sellers of your investment deals as well. 

As to the question to NY or NJ, it depends on where you plan to invest in. I dont think its a good idea to invest in NJ and get a NY license (unless you want to do both, then get both :) )

Hope this insight is useful, good luck!

- Michael Lee

Thank you @Andrew Johnson!

Hey BP,

What is the best source to find deals on commercial properties 8 units+? I know Loopnet is a good place to start, any other ones you guys use or prefer?

Thanks!

Hey @Ryan Saulle , I'm a realtor from Harrison but our office is in Union. If you need any assistance, feel free to reach out to me!

Hey @Joshua Jones , that's exactly why I got my RE license, it's really tough to find a realtor who will work with investors and think from the investors' perspective. I'd be more than happy to work with you. Feel free to reach out to me!

Hi @Daniel Green

Perhaps you can reverse engineer your goals and see which route will get you there the fastest. For example, you might want to ask yourself the following questions:

• What is my 5 year / 10 year goal?
• How much passive income do I want to make?
• How many properties do I need to control to make that passive income?
• How much capital will I need to achieve that?
• Do I need the capital from flips to achieve that goal, or will income from existing properties & my job get me there?

I believe once you decide on your goals, you will have a clearer path as to which direction you should take. Best of luck!

@Alex V. Harrison has a lot of traffic during the daytime, especially when people are going to work and leaving work. I park in the parking lot right next to the Path, and during the day, the 4 store lot is pretty full (I never had a situation where I couldn't find a spot - I pay monthly; if there's no spot I would sure to complain lol). So people are driving and parking over here to take the path from all over. But it's ok for now, no real complaints there. During the days when the Redbull games are on, crazy traffic - usually all the traffic lights are shut off and cops/traffic guys run the intersections - I try and avoid driving when a game is on.

That being said, Harrison, I feel is a safe neighborhood - I would say most areas are B/A - not too much changes block by block. Some people are buying the older houses, knocking them down and rebuilding new 2 families that are selling for ~650k. 

If you can bare some traffic, Harrison is very good to invest in (although inventory is very low, and Harrison is not a huge town either). I feel it should be easier to keep a house occupied because of how easy you can get to the city.

As for Lyndhurst, there are only like 6-7 two family houses on the market right now, range from like ~350k-800k. I do like Lyndhurst as a town, it's pretty quiet, and has the light rail station. But a commute will definitely be longer than Harrison because you will need to transfer to the path in Hoboken if you're going to Fidi.

I'm an investor the Harrison area, which is also really good if you need to go to the city. There has been a lot of development in my area, and tons of apartment building coming up, and they are working on a new path station to replace the old one. The path takes you downtown NYC in about 25 mins, which is really good. Lyndhurst and Rutherford are also pretty good areas with buses to the city as well. You can try checking out these areas.

Thanks @Bob Floss II