All Forum Posts by: Ro Maga

We've used Basil McGregor (McGregor Home Improvement) in the past and had a good experience working with him. After we saw the a complete bathroom renovation he did for our neighbors, we contacted him about a tricky soundproofing job for us. He's worked all over Jersey City doing some pretty neat renovations. His work is skilled, and he has a pretty solid work ethic. In our experience, he stands out because he treated his work crew right day in and day out; they were all early to work, and worked pretty diligently, cleanly, and respectfully while on site; he himself stayed late on a couple of occasion to make sure the job would be finished on time.   I couldn't post his number, but you can easily look him up. 

Good luck with the project!

@Adolph Bellamy, Welcome to BP!  

I'd really would love to know more about what you've read/research about Newark schools that makes you put them in such good light. Newark has a few newer charter schools doing a good job, but the emphasis city-wide has been on tying to turn around schools.  I'm curious to know if there are any new findings that show that all those efforts are beginning to pay out.  Please do share.

Of course that's peanuts compared to what it takes to buy a Brooklyn rental a la @Tzvi Balsam!!

It depends on your market, and the kind of financing you're using.  

Here in oh-so-very-expensive North Jersey, when I bought my first place as OO in 2009, I had a about 18k. That was barely enough to cover a 3.5% downpayment, and the 3 months of PITI required. I rolled closing costs onto the loan. For the second, just to cover the 6-month PITI requirement from the lender, we needed to have at least an extra 35K. Add to that your downpayment, closing costs, etc, and it's a small fortune.

You're missing a lot.  @Corey W. points out some of the major expenses, but there might be more depending on the building, its location, etc..  

Why not use the Rental Calculator?  It'd at least give you a neat way to think through some of the more common expenses, (although not necessarily all expenses) Here: 

https://www.biggerpockets.com/buy-and-hold-calculator

Assuming the building doesn't have much deferred maintenance, and that the tenants you're inheriting are pretty darn good, you might come out even if not a little ahead while house hacking.  And, depending on the property's location, that's not necessarily bad in North Jersey. 

HI Timothy Lon , It all depends on your goals. For the additional comfort of privacy, a SFH; house hacking for getting on the path towards financial independence. I'm going to assume you haven't read Kiyosaki's Rich Dad, Poor Dad, and you just got to. The principles why most here will tell you to house hack are spelled out in that book. There's a reason 90% of the guests in the podcast mention that book as their favorite/most influential.

Whichever you can get. There are SO SO MANY people looking to buy in Jersey City -- investors and retail buyers alike-- that I wouldn't assume I'd get either one unless they are off market deals. I'd also expect people to overbid, especially if they're anything remotely to a good deal. People may have their favorites as far as appreciation goes, but both areas are hot and will continue get hotter. If both units are similar in price and distance to the Path, I'd go for the one with less issues (i.e., no oil tank, updated electrical, newer roof and windows); more amenities (parking in this half of Hudson County is worth the square footage in gold!); and lower taxes. Good luck getting into this challenging but exciting market!

Tom Buttitta , I'll reach out on Monday if I haven't settle thus by then. Thanks!

Thanks Rafael Norat ! I'll give than a call tomorrow.

Thanks, @Ray Reed!  I did reach out to them.  Waiting to hear back.