All Forum Posts by: Ronak Shah
Ronak Shah has started 9 posts and replied 128 times.
Post: Atlantic County Condo Rentals
- Northern NJ
- Posts 128
- Votes 39
I believe fennie/fradie didn’t allow more than x% of condos in a complex to be rentals so if that is still true be careful with that when looking at condos.
Post: Self Storage Market: Thoughts?
- Northern NJ
- Posts 128
- Votes 39
Originally posted by @Ian Ippolito:
Reliant is a company that has full real estate cycle experience and puts out several deals in self storage a year. 10 First Federal is another company that is younger, only half the age, but has disruptive technology where they replace the on-site operator with technology, which expands operating hours, removes the largest expense and increases NOI.
Looks like Reliant doesn't invest in its' own website! I found 10 Federal (operator with locations in NC and SC) and not 10 First Federal so are you taking about same company? Looks like they are using storEDGE.
Post: From 3 to 43 Units - I changed my life with one incredible deal!
- Northern NJ
- Posts 128
- Votes 39
Congrats on the syndication! I have also slowly built portfolio of 5 rentals and completed 3 flips but now looking at either MF or Self Storage. I was looking at another opportunity 2 months back and needed to raise 500k and was able to get commitment for 650k within 48 hours! I attest that to @Justin Fraser 's Tip: tell EVERYONE you know what you are doing.) You never know where your investors will come from. I had a few people who surprised me when they showed interest! Things worked exactly like that! I dropped out of that opportunity ultimately as I would have received financial independence via it but not financial freedom (I would have bought well paying job)!
Looking forward to work towards financial freedom with more zeal now, thanks to more encouraging stories like this on BP!
Post: Contractor Recommendation for Northern New Jersey
- Northern NJ
- Posts 128
- Votes 39
No personal experience but I see signs of Prominent Builders on renovations around me in Paramus SFHs. Not recommendation by any means, just observation!
Post: A Contractor I Would Not Recommend
- Northern NJ
- Posts 128
- Votes 39
Originally posted by @Jonathan Herron:
@Paulette Midgette I'm very sorry to hear that you had this experience. From what you describe he might be in violation of the New Jersey Consumer Fraud Act. I am not licensed in PA but they may/probably have a similar statute.
In great state of NJ, they have excluded new construction from CFA; home Improvement is covered but new construction is not! Talk about efficient lobbyists!
Post: Bat in bedroom - Landlord Responsibility
- Northern NJ
- Posts 128
- Votes 39
Thanks @Max T. and @Jonathan R McLaughlin!
Post: Bat in bedroom - Landlord Responsibility
- Northern NJ
- Posts 128
- Votes 39
I have a tenant from hell who will go to any length to prevent access to the property. Now she says she has complained to housing department (in VA) about bats in her bed room. What am I supposed to do?
Post: Tenant breaking 5 yr lease, barely a yr in
- Northern NJ
- Posts 128
- Votes 39
Post: What liabilities get transferred at a Sheriff Sale?
- Northern NJ
- Posts 128
- Votes 39
From what I understand outstanding tax liabilities (even with IRS and not just property tax) are another big ticket item that you have to be careful of. Liens by 3rd party (contractors, etc.) are not of a concern!
Post: Total Newbie - Is this a good plan?
- Northern NJ
- Posts 128
- Votes 39
Originally posted by @Kendra Gaines:
Originally posted by @Ronak Shah:
I was at a meetup in Newark yesterday night and ran into someone who purchased his first investment in safer area of Newark! 30% cash on cash ROI. So numbers do make sense if you make effort (this guy moved from Manhattan to Newark so he can make investment). If you buy something, make sure you're ready for contingencies!
Being on biggerpockets is good start! Inspiration is good but inspiration with action is much better!
do you mind explaining the bold parts for a total newb? lol
Cash on Cash ROI = Return on investment in terms of cash flow back to you on your own invested cash (not total purchase price)
contingencies = non-paying tenants, vacancies, major repairs (roof, appliances, HVAC, etc.) and mortgage payments that will be due no matter what while these things are playing.