All Forum Posts by: Mario Gonzalez

  I am looking to house hack in northern New Jersey with the goal of cash flow after its fully rented out but i waited too long and i dont see it happening with the current inventory. 

single fam will be for investments only

therefore if i cant house hack to cash flow then buying rental makes more sense 

with rates going up right now cash flow is harder than ever with many buying off appreciation which is speculation and I don't wanna buy focus on that,

I'm looking at NC right now for a single fam with just hoping to get a 3% cocr return if that is doable after PM,Vacancy,CAPEX repairs, etc total 26%.

i like NC because of its growth aspects and pop growth numbers,

using 180k, would it be smart to go ahead ad buy a single fam there hire a PM, and visit it twice a year>?

my market is NJ and spends 4 hours seeing properties with taxes being 14k Avg now a year

my goal is to buy and hold never sell.  only another market I'm willing to buy is PA since is near by that is it tho,

any advice or tips or what to do to make my goal come true?

 hey can you DM me ? i am looking to invest in NC and trying to get a feel for each major area

hello, 

correct me if i am wrong but if your market is too costly investing out of state makes sense if cheaper. 

goals: cash flow 

1. research a market and take a trip there?

2. find a investor agent someone who owns rentals and is a agent & speak with a PM company

3. get pre approved

4. narrow down your list for what you are looking for. 

5. run the numbers and place a offer in

6. once offer accepted, run a inspection and appraisal 

7. visit the area?

wanna make sure i am not missing something, im in NJ and would make sense to look in PA but it is not growing & prop taxes are kind of high too. i never been to NC but everything i have research shows it has a lot of growth to come. 

for those who are out of state investors, have you visited your area before placing the offer or after?

@Mark Sinclair hey Mark ,thanks for the comment. 

Yeah prop tax here sucks bad. I have been looking for last 3 years for a duplex with a finish basement to see if living in that while renting the both out one unit with family and other out to break even but most duplexes i see does not cash flow even after housing hack. passaic and bergen county. 

what market out of state are you buying in? i plan to use 100k for primary and 95k for investment prop. 

FHA loans have been told wont work but maybe it will. ill give that a shot, i just hate the idea of paying so much in taxes where others are growing faster in other markets. im hoping 195k can get me 2 props maybe 3. i do feel discourage here but this helps and will keep trying

@Jim Kittridge hey thanks for the comment. 

im doing the numbers and it maybe me but everything seems to only cash flow 100 to 150 a month after 10% PM,5% vacancy 10% capex and repairs/ assuming 20% down. 

im trying to get a good area with no hoa and mostly turn key since im financing it and being a remote investor for now. 

you mention outside of the area has doable areas but if you had to grade it what grade would you give it? C+?

my cash fund for RE is 190k but im not sure when ill move to NC so i gotta keep 100k just in case but hoping 90k would be enough for DP closing cost reserves and light rehab work, am i crazy or is this amount doable ?

 hey going to DM u now 

@Jacob H. hello, FHA buyers are losing out to conventional buyers. Sellers rather deal with conventional buyers. i know about the low down payment % etc for FHA but in this market my chances are better with a conventional even tho i would love to use a fha. im in NJ and with prop taxes being 13k a year, cash flowing does not work here and i dont wanna buy a place to HH where after moving out it doesnt cash flow. This leaves me with the only option to cash flow a prop is to buy OOS which im looking at NC since they have good financials and metrics. its a risk yes but at this point i feel like this is my only option

@Will Kenner

Hey will, yes if i can find one in NJ where i would be able to cash flow after moving out but the issue here is that NJ property taxes are so high after doing the numbers i will be losing money per month after moving out. 

Sellers are choosing conventional vs FHA with that, i have to use conventional if i want the best chances of my offer to be accepted. If buying a 2 fam here does not cash flow after moving out and than my next best move in a rental property out of state even with it being high risk which i know of but would cash flow better than here in NJ.

im looking at NC and with 100k down including closing cost and reserves etc. i still have funds to cover me if anything happens. 

its tuff its either buy here and not cash flow or buy outside and cash flow  

hello, 

i am researching and feel like NC would be a great spot to buy a single fam then move to the state perm. 

i know the market is nuts now but i want to get some feedback on what i can expect to happen so this way im not blind sided. 

195k cash, 100k for a DP + closing cost + 10k in light rehab, Goal= 6% cocr after 10% PM, 6% vacancy 10% capex/repairs. 

• Elizabeth.
• The South End.
• Dilworth.
• Uptown Charlotte.
• Plaza Midwood.
• Northlake.
• Ballantyne.
• Foxcroft.

single family turn key or light rehab like paint etc. in a C to B class area with low taxes and no HOA at all.

im aiming for a PP under 350k if possible with 15% down best and worst 20% down. 

im living in NJ and have no debt and no bills other than 120 car insurance. 

i wanna buy two spots one in NC and one in NJ, 

rates are going up and i wanna get something soon before it does not make any sense to buy. i dont mind being a landlord etc

risk of out of state property is tricky but where else would i get cash flow and good state for growth near me? 

im looking at Durham or Charlotte to buy. im planning a trip to charlotte in the next 60 days. im hungry for this to be my year and not let the past few years fear hold me back. 

any tips or suggestions on how to get a rental property as a smooth process/tips to get it in this market or best way to get two spots this year would be greatly appreciated