All Forum Posts by: Ryan Donohue

Quote from @Tyler Gilbert:

Quote from @Ryan Donohue:

Hey Tyler, congrats on digging in and drilling into details for funding your first home & investment! I was very analysis paralysis on my first deal so I know the feeling. 

Currently, the market is still short on supply so when putting in offers you need to put on the 'seller' hat and think what they would want. Make the offer very attractive and chat with a bunch of lenders until you find one that speaks investment properties. 

Would love to help in anyway possible, shoot me a dm. (P.S. I house hack in Hawthorne NJ)

 Hi Ryan, good point on changing my perspective to the seller. Based on the comments I've received, it seems like maximizing the down payment I can afford while remaining realistic on additional costs is the best way forward. Likely through a conventional 5% down I would imagine. How did you end up getting through the analysis paralysis stage for your first deal? That's very inspiring to me as I can tell once I have the capital prepared, it will take me some time to get to the action phase too. Would love to chat about house hacking and your experiences. I'll send you a DM! 

For me, I think finding a true deal was the turning point. When I saw the 2-family I'm in now for the price it was and rents at $500 below market and reviewing my own expenses for days I knew it was time to take the jump and made the offer. Everyone is different but maybe that can help you too?! Would love to chat, anytime!

Can't this be avoided by writing in your lease no renewals? Then just bump the rent to market value when a new tenant moves in. Or what if you do what restaurants do with an extra 3% for credit cards...charge a monthly fee for market rent? 

I'm sure it'll never pass but for us RE Investors, creativity is out specialty. We'll think outside the box, the government is too slow for us. 

Tough to formulate a plan for the info given. 

I may be speaking out of line but most people on here aren't at the $30k/mo level. You want to talk to tons of people at that level(sum of the 5 closest people saying). Partner up with a developer or 2000 unit level guy, etc. I could try to give you pointers but I can't speak from experience. That's what I'm telling myself at least...syndicating value-add garden style apartments here in NJ. 

Hey Charles, 

Congrats on making the jump and diving into a specific area and strategy! My first place to go would be check how long units similar to the one you're looking for are listed for lease. I'm sure you've seen but rents are still pretty high in NJ which means tenants are having a tough time with short inventory. If you really see potential and like the overall quality of the property you may need to get creative on making sure you're covered if the units take longer to lease there. 

DM if you have any other questions I could help out with!

Nick Sansivero, I have a 2-family in North NJ and honestly don't think Property Management is worth it on something that small. Unless you have a very high maintenance tenant or tons of old plumbing/mechanicals you can do really well by having an 'emergency list' of really good handymen, plumbers, hvac tech, etc. Always ask for referrals and get into a rhythm of maintenance plans. Guarini Plumbers in Jersey City are great and A Degree Above Heating & Cooling are very personable. 

BONUS TIP: I just read on a listing that I'm going to adapt: Include in tenants lease they must pay for PSE&G Worry Free service. That way any water heater, furnace/boiler, etc are covered by that insurance policy. 

Brechman, the foreclosure process can be a bit confusing. If you're talking about Sheriff Sale you will need to go to the County Clerk and see where they handle the auctions. Typically you'll need to bring a significant amount of cash in the form of cashiers checks to put the downpayment the same day. Each County may vary and may say you need all of the money that day or give you 2-5 days for the full amount. 

Any further questions, let me know!

Hey Leah, when I was wholesaling I came across that a lot. For me there was no excuses I'd accept, you need to see inside to verify condition and run repairs. An experienced investor will never buy in NJ without seeing inside or they'll really low ball you. Come up with a creative excuse to see inside so you can market it to your buyers. 

Hey Tyler, congrats on digging in and drilling into details for funding your first home & investment! I was very analysis paralysis on my first deal so I know the feeling. 

Currently, the market is still short on supply so when putting in offers you need to put on the 'seller' hat and think what they would want. Make the offer very attractive and chat with a bunch of lenders until you find one that speaks investment properties. 

Would love to help in anyway possible, shoot me a dm. (P.S. I house hack in Hawthorne NJ)

What's your strategy for their unit? Does it need work and you want to renovate or are you happy with them and maybe want to offer an extension or renewal? 

I've been house hacking since 2017 and have asked my tenant 3-4 months prior to renewal if they wanted to renew. My strategy is to have consistent monthly payments and I'm okay with putting off renovating. 

Quote from @Guillermo A Rios:

Hello BiggerPockets community! I'm GUILLERMO RIOS from NEW JERSEY, passionate about real estate investing for25 YEAR. I'm particularly passionate about CENTRAL & NORTH JERSEY

Outside of real estate, I AM A CONTRACTOR FOR MORE THAN 30 YEARS

Excited to learn and connect with you all!

 Welcome to BP!

Fellow NJ investor here! What strategy are you going after and what are your long term goals?