All Forum Posts by: Tao Chen

@Diana Tian I was interested in Union City at one point but the tax is even higher than JC. I’m curious how North Bergen and West NY compares to JC.

@Alina Trigub Thanks for the info and invitation. I am certainly looking to attend more events. I will check to see if the time works. I work in New Brunswick which makes the commute up North a bit inconvenient during rush hours.

Thanks for the input guys. 

@Michinori Kaneko Funny you say that cuz I am already House-hacking in JC and have extra money to venture elsewhere. Prices in JC heights is too high for additional investment for now.

@Andrew Giunta Thanks for the input. My partners and I have full time jobs and I own 3 multifamily properties. At the moment, it is hard for us to manage anything outside of NJ.

@Grant Rothenburger Thanks for the welcome. Im super excited to see that people are replying to my thread. 

I would be glad to provide my insights in the JC heights area if anyone has any interest to talk. 

@Joe Sadusky Thanks for the recommendation. That does sound nice only if I can find the $100k properties with only $20k down. I will keep an eye out for those deals.

@Chris Reynolds

I am new here but there are some things that caught my eye:

1. Your LTV can get up to 90%? Thats kinda high

2. Your insurance cost may be an overestimate. I have a property at $900k with a monthly insurance cost of $120.

3. Your total cost of project is not less than 70% of ARV if you intend to refinance it later, meaning that you might not be able to cash out all your money ($14000).

Math seems right but cash ROI is kinda low but that's my opinion.

Tao 

@Joe Sadusky Thats awesome. I live in Jersey City and work in Edison NJ so I prefer to stay between those two areas as my time will be very limited. Burlington and PA is just too far for me. My friend suggested to purchase near Lehigh University but I had to turn it down due to the long distance. The high supply of student rentals in that area is quite attractive for rentals. 

Hi Jason,

Thanks for the reply. I was hoping to use all $100k to buy the property but to use it as down payment works as well. Though I am a fan of PA (low tax and low price), it is too far for me to operate. Logistics will be difficult to manage. 

Is your Single family used for rental? 

Hi Guys,

I am new to this forum and wanted to ask for some expert advise. I am looking to purchase a cash-flow rental property with about $100k cash/finance in the North and Central New Jersey area with a good cap rate (>7%) and good ROI cash flow. NJ is notoriously known for high property taxes and high housing price. Can it be done? What areas do you recommend?