All Forum Posts by: Orkeem Davis

It is very smart to have several streams of income - do both until you are financially independent.  If you decide to engage in RE investing only on a full-time basis, you will be leaving a lot of money on the table by walking away from your W2 income.  Case in point, lenders will opt to give you more money and a pre-approval letter faster when you have a W2 income -- less hoops to jump through.  Fast forward ahead, I did both -- RE investing full-time only for 8 months and RE investing par-time while working full-time in a leadership position for a longer period of time.  Hands down, RE investing full-time a lot of fun.  Currently, I have over 20+ doors and I see the value-add of having W2 income because it gives me the ability to scale faster by having a W2 income while using Other People's Money (OPM).  Good luck.

I'm also a New Jersey real estate investor with several doors.  You need to have a quality home as a rental if you want to attract quality tenants.  It takes money to make more money.  I would strongly advise you to consider upgrading the floors and go room to room making the necessary upgrades -- it will payoff.   

Any evictions? People have debt that's a part of life.  Can they provide the contact information for previous landlord/s?  I would be concerned about collections and charge offs, but the rental history also needs to be examined prior to saying No.  If they can afford it and income can be proven with no eviction history -- might make sense to get more information to see if they meet your criteria. Overall, they make meet your criteria and this one is taken care of.

Don't get stuck in analysis paralysis --- so many opportunities could be missed due to over thinking the outcome and results.  Invest and strategize as you go -- you will have growing pains -- it's a part of the real estate business.  Join some Meet-Up Groups, speak with some real estate agents, watch some YouTube videos, get more real estate education, but most important get in the real estate business and buy an investment property. 

2.5% yearly increase for counties with rent control requirements.  This is a question that is generally asked by me when looking to invest in different parts of NJ.  This is a necessary step in my due diligence process.   

@Michael Brattelli  There is rent control in several different cities throughout NJ - to name a few - Union City (Hudson County), Teaneck (Bergen County), and there are more.   As far as investing in NJ, I agree @Vaughn Smith - NJ is not landlord friendly, but the revenue returns can be great.  In North Jersey, I can market and rent a 3 bed 1 bath in an older apartment building for $2600+ and get a lot of activity.  LOL - Try that in PA or TN.  Is the housing market as strong?

Update - I did not sell the duplex in Ventnor. In fact, I purchased a second duplex in Ventnor.  Multi-family investments have become my sweet spot.  Thanks all.

Nope!  Keep it KISS -- "Keep It Simple Stupid" Too many moving parts.  Don't get me wrong, I love the interactive world of real estate, but you should have a pulse on your business goals and objectives.  You should be guiding the boat or you should connect with a mentor who can get you to the shallow and deep water until you ae able to swim on your own.  Best Success!  

Hi Tim,

I hope all is well.  What is the current status of this real estate meet-up group? Did you guys ever meet up?