All Forum Posts by: Marc Seidenstein

Yes, from what I've seen of others build costs, projects such as these tend to cost a lot more than what originally was projected by the builder/owner. I'm wondering if there's a way to get it done at around the $100-$120 per square foot area with myself doing most of the house assembly and interior finish work.

For now I'm looking to stay in the central Jersey or Jersey shore area. Ocean, Monmouth, Middlesex, or Somerset county for the most part.

I've recently began studying and reading up on REI. I've gone through the Beginners Guide here on BP, made a few contacts on the site, and am continuing to read more daily. As it will be about a year before I am ready to make any real moves into investing, I'll be taking the time to consider many different investment strategies to see what works best for me.

Currently the best fit for my situation seems to be to buy a duplex or triplex, live in one unit while I rent out the others, until I am able to purchase a second property and repeat the process. Searching MLS, I've found many two-family houses in central/south NJ under $200K which would fit my needs.

While taking these first steps into learning about REI, I've rediscovered a love of design and architecture I've long held. Searching through the MLS listings, my eye is constantly diverted away from searching for profitable properties to admire a Second Empire Victorian with a beautiful Mansard roof, a stately Greek Revival, or the sleek lines of a Mid Century Modern. The more I think about it, the more I think I'd like to incorporate my interest in this area into a possible investment strategy.

While I am flexible in my early goings as to what type of property I buy, putting chance of success in investing before fulfilling my interest in beautiful architecture, I've begun to thing of ways to incorporate both. Modern style prefab homes, such as those offered for sale by companies such as Blu Homes, Rocio Romero, and especially Shelter-Kit seem to offer ways of building 2 bedroom units for under $130 per square foot. Homes from Shelter-Kit seem especially cost-effective for the owner/builder who is able to do much of the finish work themselves.

Now, I know that these building projects often end up costing a lot more than anticipated at first. I've seen builds priced out on some of these homes which would put me way over my budget of $200K for my first investment property. I suppose my question comes down to this: How viable is a buy and hold strategy, using brand new prefab construction of units of 1000 sq. ft. or less, where the investor is willing and able to do much of the finish work on units himself?

My preliminary idea consists of two of these: Shelter-Kit Barn House, around 750 sq. ft. each (two bedroom), on about an acre of property. The kits are basically weather-tight shells costing about $38K for each unit. I'm sure the range is huge, but what could one expect to budget fully (ball park figure) for a project consisting of two units, building the exterior and finishing the interior themselves?

Hello Jen. I'm a newbie here as well, down in Jersey. Nice to see another newcomer that's relatively local to myself.

Nice to meet you Bob. Chandler AZ hm? I was looking to move there once upon a time. Can't believe the difference in home prices between there and where I currently live in NJ. Super expensive here, but hopefully I can make that work to my advantage somehow, just as I'm sure the cheaper home prices there could be an advantage in its own way as well.

Good morning all, and thank you for taking the time to read my first post here on BP. My name is Marc Seidenstein, a 29 year old automotive salesman also working part time in the fine dining industry as a waiter, living in the New Jersey shore area. I currently put in 80+ hour work weeks while living with family, and should be able to save $50K over the next year to year and a half to enter into real estate investment with.

Currently I am just doing my preliminary research to get an idea of if real estate investing really is for me. From what I've read and learned so far I feel it's a natural fit for me to move into (hopefully full time eventually) from the auto sales industry. Motivation and self-starting are extremely important in my current career, as I would imagine they are in real estate.

Of course we all begin with grand ideas of making millions, retiring to a big house on the beach (or in my case, a Victorian mansion deep in the woods), and living the good life. Though I am able to keep my dreams small for the meantime, I do not have any desire to be the guy who owns 4 or 5 rental properties to provide a small addition to his income at a 40+ hour a week job. If I do eventually take the plunge into this business, it will be with ideas of making it a full time endeavor after 8-10 years in the business.

For now, my short term goal is rather up in the air. The first property may be a buy and hold single family with an FHA loan, a relatively affordable multi-family unit in which I would take up residence in one of the units, a rehab, a flip.... I'm not entirely sure just yet. I will take the next year to learn as much as possible, network and make connections, improve my credit score and stash away cash for that first deal.

I thank everyone in advance for any advice they may provide for me on BP. From what I've already seen there is a wealth of information to be had here, and I look forward to immersing myself fully in this business.