All Forum Posts by: Stephen Kappre

I second @Joe P. ... those towns are good and there are others as well. It will be a good ride from NY to PM but I often have buyers, both investors and owner occupants that make that drive several times a week. $150k will be tough to get a multi in most towns In South Jersey, especially B or better as they approach double that price, but in C neighborhoods with good screening of tenants you will get the cash flow you want and be able to stay around $150k ... less if you find the right place to rehab. Good luck! 👍 

I agree with above comments - good stuff - get your feet wet, walk a few places with an experienced agent, maybe with a contractor, and start putting some offers in. Surely do your math. I watch some people take months or more to pull the trigger, or they put offers in at 25% of asking price and get frustrated. Local BP meetups (when they start again) are also really great. Welcome! 

@Rachel Reese @Leonard B. I had some of the same initial thoughts maybe as Leonard ... With a “1920’s” house I personally love the older woodwork, charm, style etc but expenses can quickly run away considering a roof, systems, windows etc and those can take a major chunk out of the income or put you in the negative. Of course I have no idea of the condition of this home, just something to keep in mind. Consider bringing someone with you that you trust to give solid estimates on work needed now or needed soon. Good luck! :) 

Depends on where you are looking ... If the place you are buying is normally like $50-75k, then odds are even in a depressed market (if it is that) right now you won't see a major price drop. I look at the flip side ... a few months ago everybody, their brother and their mother were investors - I have seen less competition the last few weeks and have had clients pick some up that may not have been able to a few months ago. Jump in! 

Check out @Mike Bonadies 

Maybe check in with @Mike Bonadies 

Try Clinton Horton (Horton HVAC). If he's too busy I've got others just reach out. 

@Anthony Sinigaglio

• 03/26/20 06:30PM - 09:00PM 
• The Galam Firm , 8 Kings Highway West, Suite D Haddonfield, New Jersey 08033

I agree with many comments here ... distance to work is an issue I've run into before where, for instance, a buyer lives in NY and wants to buy a home in South Jersey (2 hours away) and call it their primary residence, EVEN when they are currently renting in NY. To make matters worse for this particular buyer, he wasn't making $200k as a stock broker, which may possibly make sense from a cost perspective, he was making a basic income and saying he was going to commute 2 hours each way and/or stay with family during the week in NY. His story may have been 100% true, however it's just a risky scenario for a lender, and most underwriters in my experience aren't going to hang their job on letting a scenario like this go through. An experienced lender/loan officer or Realtor will have been through similar scenarios before and this is just one example why working with the right people matters so much. No one will know everything, but they will have a network of highly experienced pros available at a moments notice. 

Thanks as always @Justin Eaton