All Forum Posts by: Ryan Paltridge

@Orlando De Los Santos, let me know how I can help!

Welcome @Jason LePage,

I'm currently building my second new construction in Montclair. The cost of entry is high for the Montclair market, but depending on the job, the ROI could be well worth it. In regards to @Allan Szlafrok point, taxes are high in essex county, so it can definitely eat into the cash flow for buy and hold investments. Please reach out if I can be a resource or help in any way. 

- Ryan

Hey @Sean Wang,

Welcome to BP! Congratulations on breaking into the Montclair market. Being a investor and realtor in the area, I know how crazy the bidding wars have been there. I've seen properties going 300-400k over asking! The montclair market is saturated and hard to find deals that cash flow, but there is a tremendous demand in that town, especially from the NYC crowd looking to make the move across the river. 

We sold a single family new construction over the summer that my group built, and I would say 80-85% of people coming to the open houses were from NYC, Jersey City, or Hoboken. In  the long term, I don't think you can lose in that town from an investment stand point. 

Let me know if you ever want to grab a coffee and talk real estate, or if I can help in any way! We're building our second single family new construction there, so i'm in town often. Best of luck!

- Ryan 

Hey @Peter Liguori, I deal with Manasquan bank for some of my properties. Pleasant to deal with and offer competitive rates/loan packages. DM me for more info. 

0.57 AC (24900 sq/ft) of Off-Market Commercial Land in Redevelopment Area of Ewing, NJ!

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Phase 2 Environmental Done 

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Possibility of using land for Residential 

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Reach out for more details. 

@Eli Attias Somewhat familiar with Monroe. I know there has been a influx of new development the past ten years or so. 

Hey @Eli Attias, 

Welcome to the community! NJ and specifically NJ real estate is a great market to be in. I too, had a similar vision as you, leaving the corporate world a couple years ago to focus in on my passion of investing in real estate and becoming a agent. Best decision I ever made. I'm very familiar with many areas of the NJ market, so I would be more then happy to be a resource for you. Please reach out anytime if I can be of assistance!

Hey @Ryan Champin,

Working and living in the northern NJ market, I know it can be tough to find the right investment for the right price in this competitive market. It's not impossible in my mind for your current situation. To get a better picture, what areas are you looking? There are plenty of growing towns in northern NJ that can work within your price point. Clifton, bloomfield, bayonne, etc. 

In terms of loan packages, I know there are banks giving 10% down, with no PMI. With FHA, have you considered doing a 203k loan, where you roll the construction costs into the loan? Gives you the option of still having that low down payment and you can still do some rehab to build equity into your home.

In terms of construction/rehab costs, 20k will not get you very far, especially if you are trying to use it on both units. For exmaple, a total kitchen rehab can cost you 25-30k, depending on finishes and how you want it to look. New windows can cost you sometimes 15k. 

If I were you, I may try and target a property that needs a significant amount of work, whether on the market for a long time or off-market where you can get a deal and don't need to be in competition with other buyers. Go the FHA 203k route and build equity in the home, refinance after the loan seasons, and if you invest right, the total cash into the deal will be low (commonly called the BRRR method). Hope this helps.

Reach out if I can help you in any way. I'm familiar with the markets you are looking as in investor and agent. 

- Ryan 

12 Unit Off-Market Commercial Apartment Building - Heights Section of Jersey City, NJ 

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Asking Price: 1,885,493.33

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Cap Rate: 6%

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Brand new boiler and hot water tanks installed winter 2016 (Cost $23,500)

New Fire Alarm w/ central station monitoring installed winter 2018 (Cost $9,500)

Most recently renovated units (Cost $60,000)

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Message me for more details!

@Erica Cohen I'm currently building a new construction 3 family in the ironbound section. Am also looking into other areas of Newark to invest. Let me know if I can help in any way.