All Forum Posts by: Nick Brown

Why look in Jersey if you are from Philly where taxes are significantly cheaper? I'd also bet on more appreciation anywhere in Philly vs South Jersey. Just my opinion.

Welcome to the forums! Lot happening in Philly :) 

Overbrook and Wynnefield are getting a lot of attention, but I've also seen a lot of investors moving into Cobbs Creek as well.

@Tre Beals First off, welcome to BP!

Second off, 3-4 weeks is not even close to enough time to judge practically anything in this business. What I'd like to know is, what are your numbers? You say you went hard door knocking, how many doors did you knock in 3-4 weeks? How many cold calls did you make? Do you have a script? How many handwritten notes did you mail? How many bandit signs did you put up (if legal in your area)? 

I've never used REIPRO so I can't talk on that, but this stuff takes time. Especially since you are in a hot market. If you are committed you'll make it work. I also recommend getting licensed so you don't throw away as many leads. The leads that don't convert to wholesale deals, try and list. 

@Nicholas Jose Welcome to BP! Where are you from in Jersey? Aside from the podcasts, and books mentioned, I'd recommend you start attending a local meetup as well.

I would say, in the simplest of forms, if your properties are cash flowing and you are getting closer/working towards your end goal, then you are on the right track. That seems to be the case here.

While I am unfamiliar with the investment market in Norristown, I think you pretty much answered your own question. You may be able to get two duplexes for the price of one in Norristown, but you may not see the same appreciation play that you can potentially get in Philly. Also, Philly has a ton of neighborhoods at all sorts of price points, which opens up a lot of different investing options to suit whatever it is you are looking for. 

@Ray Realdine True, in some areas of Philly the prices are getting ridiculous. $600k in Brewerytown lol?? That being said, @Jerome Lewis Jr hit the nail on the head. There are plenty of developing neighborhoods in Philly that are still priced great if you're willing to take on a little more risk. 

My advise would be to stay patient and wait for Philly to cool off and turn to a buyers market before I would be buying rentals in Jersey. That being said, yes, you can find good buy and holds in some SJ markets. 

Have a real estate attorney draft one up for what you are trying to do. We had our attorney draft up a purchase agreement that we can use over and over again when wholesaling. Much easier and simpler than using the state agreement. It cost us around $1000 but was well worth it since we could craft it exactly as we wanted. Then we pulled a simple assignment contract from online.

Hi @Eugene Carelli first off I would definitely talk with a real estate attorney/CPA so they can help you with your specific situation.

A good amount of the investors that I work with choose to have one LLC hold a number of different properties. For example, Eugene, Bob and Susan form ABC LLC that holds 5 SFR rentals in Philly. And then if Eugene branches off with other investors they form another LLC to hold other properties. I'm not sure it makes too much sense to have 20 different LLC's for every single property you guys own together.

 @Dan Barli is correct as well. While rare, it could trigger the due on sale clause when transferring properties to different entities. 

I'm in the South Jersey market and our team hovers right around 15% of ARV.