All Forum Posts by: Angelo Mart
Angelo Mart has started 12 posts and replied 368 times.
Post: Getting discouraged. Everything is going wrong at once.
- Professional
- Parsippany, NJ
- Posts 384
- Votes 261
Originally posted by @Ryan Rush:
@Angelo Mart. I do (and don’t). Truth is - I had it saved then a house came up that “I had to have.” I chose to use the emergency fund money for a down payment all the while knowing it was a poor decision, but convincing myself that I would just save it up quickly again. That can go on an entire laundry list of bad mistakes I’ve made along the way.
Listen man investors go through this type of stuff at times. I Give you alot of credit for going all out and telling the absolute Truth about the investing business and its difficulties. It seems alot of people come on this site to air out the "success" stories. It takes a lot for people to admit they made a mistake. I have thought about doing the same at times and slightly guilty of same by Ripping all my funds out of an account to buy another. You just have to be super conservative in this business. I do not spend or touch any of my Net Rent Profits for the first six (6) months after renting a property out typically. I rented my first 2-Family out which was profiting approx $850/Month (Both units combined) after expenses and did not touch that money for the first 4-6 months at least. That way it automatically built up a few thousand in "emergency" funds. After those funds are built up then you can start playing with the excess money. This is the way I do it at least, I could be wrong for all I know. However, I have that foundation of initial cash reserves stashed away at all times as things WILL happen and always do. I rent out new units and we still have issues that arise. Hope this helps !!!
Post: Getting discouraged. Everything is going wrong at once.
- Professional
- Parsippany, NJ
- Posts 384
- Votes 261
Do you keep replacement reserves (emergency funds) in a separate account for each property? I try to keep a bare minimum of $3,000 Cash saved in a bank account for each property I own. I also spend very little of the rental income.
Post: Multifamily is the way to go change my mind
- Professional
- Parsippany, NJ
- Posts 384
- Votes 261
Originally posted by @Isaac Johnson:
@Angelo Mart Oh, that’s cool that you had a second chance on the property
Yes just remain persistent. It is a competitive business here in New Jersey. If i had given up looking or submitting offers I wouldn't have anything
Post: Multifamily is the way to go change my mind
- Professional
- Parsippany, NJ
- Posts 384
- Votes 261
Originally posted by @Isaac Johnson:
@Angelo Mart I’m glad you do! How did your first deal happen
Since I am a real estate appraiser I have mls access. I saw a great 2-Famiy REO foreclosure on the market. It went under contract within days because I hesitated. I kept checking the market and it came back on market when buyer fell out. I called agent and jumped on it immediately. I used the BRRR strategy
Post: $100 per door formula - Does it make sense to you?
- Professional
- Parsippany, NJ
- Posts 384
- Votes 261
I completely agree with this. I like to see a min of $200 / door to protect against damages and evictions
Post: Multifamily is the way to go change my mind
- Professional
- Parsippany, NJ
- Posts 384
- Votes 261
Absolutely. I love my 2 families
Post: Where are you buying for cashflowing properties today?
- Professional
- Parsippany, NJ
- Posts 384
- Votes 261
I know guys getting money in Baltimore and Atlanta. Northeast and Cali are over inflated
Post: Refferal for Eviction Attorney in Hudson County, NJ
- Professional
- Parsippany, NJ
- Posts 384
- Votes 261
I have a very good (and strong) eviction attorney for Hudson County, New Jersey. Landlord / tenant law is his expertise. Inbox me
Post: Multi-Family in North Jersey?
- Professional
- Parsippany, NJ
- Posts 384
- Votes 261
Originally posted by @Andy Rousch:
Although nj is pricey, rents are higher too so it evens out if you can find the right deals. Just keep your eye in the taxes.
The one thing that scares me about New Jersey is when something is vacant it is a lot more expensive which is why I like long distance because when something is vacant in a cheaper area it isn’t as stressful for mortgage payments
Hey just out of curiosity, which areas of the country do you like to invest? All my property is in NJ but I am looking to spread out. Thanks
Post: Why are cheap and nice looking houses on the market for 300+ day?
- Professional
- Parsippany, NJ
- Posts 384
- Votes 261
Zillow is all BS!!! They are probably not even listings