All Forum Posts by: Noel Challenger

Take the state's or the county's (whichever is higher) median income and divide it by two. That should give you the median income for a C and lower class neighborhood. For example:

NJ Median Household Income, 2016 = $73,702

$73,702 / 2 = $36,851 which is the median income for a C and lower area

The median income in Paterson is $33,000 as well as Newark, NJ. That's how you know it is a lower class neighborhood.

Hey Mark, 

I'm an agent out here in Northern NJ and I definitely would like to share some areas that are really popular:

1. Newark

2. Paterson

3. Elizabeth

4. East Orange

These are all markets that investors buy strictly for cash flow. This is because of lower prices and higher return on investment. They are not A class or B class areas but there is a huge rental demand because of the low home ownership rate.  

In NJ the tax assessor's report single and multi as a combined number. This means that most of the multifamily properties are on the file as single family.

I looked into some stats for Willingboro, NJ and here is what I found: 

Median Household Income: $67,572

Median Home Value: $160,000

Rent vs. Own: 18% Rent & 82% Own

This is why investors are there flipping houses. Most investors look for neighborhoods that it seems people are wanting to move out of but many times it isn't the case.

Congrats on your success, Jordan! You definitely are an inspiration to many people here.

Hey Cesar, 

I noted everything that you are looking for and would like to assist you on your property search. I'll shoot you a message so we can connect.

Absolutely there are cash flowing properties here in NJ. You have to find them, but they are not hard to find. The main problem is getting them before the competition, but besides that you must search for them daily. 

Even though I see that you are located in South NJ, I know of many people buying property in Newark, NJ and implementing the BRRRR strategy. An example of that is I know of someone who purchased a 3-family property for $125,500, put $34,000 of work into it, rented each unit out for $1275, and refinanced for $265,000 because the property was worth around $410,000 after the repairs.

Hey @Javonna Green,

I just uploaded a questionnaire to the BiggerPockets FilePlace so you can print out and start interviewing brokers in your area. (Check it out: https://www.biggerpockets.com/files/user/noelchall...)

When selecting a brokerage you are mainly you are looking for:

-An energetic and enthusiastic atmosphere

-Good reputation

-Experienced manager (and broker)

-Strong listing inventory (how many listings does that brokerage have currently at the moment?)

-Training focus, look at how well the brokerage handles the two major areas of training: initial training (so you can earn an income) and ongoing training (so you can build and grow your business)

I know of someone who took the course and paid 25,000. I know can get a better education just by networking with the people who are investing in real estate already. The heavy hitters in your market are you best source of knowledge. How do you find them? Go to your local REIA meetings and network, network, network! You can also look for them here on BP.

You would be surprised what is happening in the Real Estate Industry nowadays. Since there are more and more people who are self-employed there has been an increase in programs specifically for us to buy houses. You have to get out there and network and connect with some people in your area. A first step for you is to find a Realtor and they can refer you to a lender who has a self-employed loan so you can buy a rental. 

According to your credentials you shouldn't have a problem finding one, you just have to ask around.