All Forum Posts by: Ryan Paltridge

Hey @Ben Trageser

I agree that deals in Montclair are hard to come by. Since you live in the area, have you "driven for dollars"?, or tried to find properties that look like the owner hasn't taken great care of the property? May find a motivated seller with these types.

Rent and property values in Montclair are strong as of late. I just sold my new construction single family for 175k over ask. Lots of buyers from NYC/Brooklyn/Hoboken looking to get more space for their money, and don't mind paying 20k+ in taxes.

Let me know if I can be a resource in any way.

Hey @Ikenna Okoli,

I would recommended really ironing out what your investment criteria are and speaking to as many people who have invested in properties that you are currently looking for.

Jersey can be a tough market for cash flow with taxes being so high, but the more south or west you go, the numbers can get better. You will see strong rental demand anywhere along the NJ Transit lines, as many people in this state as you know commute into NYC.

Are you looking to put any work into the prospective property? This may be a good route to take in regards to forcing equity into the home and being able to cash some of your money out once you refinance, especially if you are living in the property (FHA loan, 3.5% down).

Let me know if I can be a resource in any way.

Hey @Anthony Sanzari,

What was your reasoning for investing in the condo first? Jersey is a tough market with taxes being so high, but in regards to your single or multi family investment, it really depends on what ROI you are looking for and risk tolerance. Right now, i'm building a three family in the ironbound section of Newark. Blue collar, sub-market with great rental demand. If you can use the BRRR (buy,rehab,refi,rent) technique, it's a also a great way to force equity into your project and be able to cash out a lot or all your money if you invest wisely. Let me know if I can be a resource for you in any way.

Very much interested in a meet up in Montclair. We are under contract on our new construction single family development we just completed. Actively look for some more development projects or buy and hold opportunities.

Thanks @Nathan GesnerThis is some great info!

Hi guys,

My team is looking at mid-large scale multi-family properties in the St. Louis area, and we are looking for some solid property management companies. Anyone have any recommendations? Looking to team up with someone who is more local, and doesn't have national footprint. Appreciate the suggestions! 

@Damian Seguen No problem! 

@Damian Seguen If it's vacant land, usually the bank with make you put more money down. You may have the unique advantage to use the current 2 family on the lot as collateral which could increase your LTV.

300k to build seems low to me, even if you were going to GC the construction yourself. I think a number close to 400k is more reasonable number, at least thats in line with the bids i've been getting from contractors. 

I've had new construction deals where i've had to put 20-25% down, and have had 100% on constructions costs covered. The smaller local commercial banks can do this. 

@Curt Smith great info, thank you! I'll be in touch.

@Brian Levredge Awesome, thanks for the feedback. We are looking right now in the 20-50 unit range, so i'm glad there is a market for those type of investments. Would love to pick your brain. i'll be in touch!

Hey BiggerPockets Fam!

I'm a investor/agent from NJ and i'm looking to possibly expand my buy and hold portfolio to Chattanooga Tennessee. Currently i'm looking for excellent property managers who deal with bigger sized units/complexes, attorneys, credit unions, inspectors, agents, etc. to build my team. 

Any referrals or help you could provide would be greatly appreciated! 

- Ryan Paltridge