All Forum Posts by: Angelo Mart

I am intersted in Paterson NJ deals...THanks

I know you may not want to hear it but if local management companies are not interested, then the MLS is your best option. An agent from your area might even have buyers before they even list it just from their office. The exposure of MLS is enormous and I would suggest selling them individually. Whenever I see package deal (since I am investor) I think to lowball the offer.

I only utilize reputable Hard Money Lenders in NJ that other guys have done business with. Besides, most lenders are hesitant to even lend in my area (It real Ghetto) so I don't have that problem haha

If you have a small business right now, go to the bank and get a business line of credit. That is what I did, property was so cheap that a $50k line of credit got a property a few years ago. Things have changed and that is impossible now

Congrats

Tons of them on Google. Google Rental property loans or investment property loans. If you inbox me I can give you my lender

In NJ our inner cities are like 3rd world countries and any multi-family outside of there are so inflated along with extremely high taxes (NJ being the highest in America), therefore, leaving NEGATIVE Cash Flow. I choose to pick slightly better neighborhoods within the ghetto cities. My neighborhood is a D or F for NJ but within my city it is a B lol. My 2-Family is beautiful, has great equity and Cashflows tremendously. My street is quiet, tree lined and well maintained. We only had 1 shooting and 2 drug raids on my block last year at the same building that always gets in trouble. Besides that I love it, the thing that drew me in was the constant increase in population and the fact that it is one of the most densely populated Cities in America. There is a plethora of tenants if screened properly. Remember there is good and bad everywhere

You are in a strong position and good area to invest. Purchase distressed Multi-Family homes with hard money leverage what you have. Repair them, rent them out (Might want to use Manager) than refinance with a portfolio lender or Commercial lender that is Asset Based on Cash Flow and Equity. I can connect you with a great lender I use here in NJ that is actually based out of the Midwest They underwrite the property not the borrower (No w2 needed)

I feel your pain, NJ sucks! I have been thinking about laying my money out in another state, its rough here 

I heard it is about $6,000 but not sure