All Forum Posts by: Vincent Priore

@Fred Gonzalo

I work with Spencer Savings bank currently, they offer a 10 year and a 30 year product, both in the 4's currently.  PM for my contact at the bank.

@Chris Toedter

Definitely have it removed, way too many potential issues down the line.  Have you closed on the property yet?  If not, I'd get a soil sample done ASAP to determine if this will be quick and relatively cheap or long and expensive.  Good luck and keep us posted.

@Account Closed

What type of flooring are you installing?  I am an active investor in East Orange and do a lot of my own work, I may be able to help.  If not, I likely have a recommendation for you.  PM me if you'd like to discuss.

@Fernando Asencio

I work with a lender that's local to you who requires no seasoning and will re-fi out up to 75% LTV. PM me for details...

@Account Closed

Are you doing work to the property?  If so, you should be able to obtain a temporary CO very easily and that will allow you to close on the property.

Good luck!

@Monique Bowie congrats on your first deal.  I invest in Elizabeth and know the market very well.  So I understand, your current units are bringing in $4,300 total and you'll be living in the fourth?  What are your taxes?

Does the property need any work or is it turn-key?  Hard to assess the deal without more information.  Did you run your numbers and account for things like vacancy, maintenance, etc.?  PM me if you'd like to speak offline...

@Account Closed There's definitely a speculative element to grabbing empty lots in Irvington, but there is some development going on:  https://jerseydigs.com/irvington-real-estate-devel...

I've seen a few other projects happening, not to that scale, but investment nonetheless.  I just pulled the trigger on a big 3 Family there yesterday.  It will be for cash flow but appreciation would be nice as well.

@Hubert Sarfo Congrats on taking the first step, its the hardest!  House hacking is a great way to get started, I did the same thing in my early 20's.  As @Jonathan Greene mentioned, if you're looking for a 3 family in Newark, you will more than likely need to do some rehab. His second point about tenants having ready access to you is a good one. I would advise that you screen really well. That said, its a great way to learn and you can build off that as you grow your REI business. Happy to offer any other info/guidance. All the best!

@Alex V.

Like many on BP, I initially house-hacked my first property.  That was some time ago in Bloomfield where I grew up.  I still own properties in Bloomfield and it has gone through a serious transformation in the last few years.  Prices have gone up and taxes are on the high side, but there are still deals to be had if you are willing to do some work.

I know a few guys here on BP who have bought recently and are doing just fine.  

Wherever you wind up, if you're close to mass transit, prices will be higher.  Keep in mind that you need to add value, that's the best way to keep your cost basis relatively low and build in some equity for yourself upfront.

Best of luck, let me know if I can help...

@Dylan Pereira

Welcome to BP and congrats on taking the first steps in REI! Have seen some good advice from seasoned pro's already in this thread, hoping I can add to that.

Agree with @Darren Sager that having a lender is a key first step.  I also have one that I'd recommend, PM for details.  I'm active in the Elizabeth market and think there are great opportunities there for cash flow and appreciation, in the right sections of course.  We own several properties there and I'm happy to walk you through some of our deals to get you more comfortable with the numbers we are seeing.

Finding brokers/agents who are investors and can help find you good deals is tough, but they do exist and can help immensely when you find the right one.  I have a terrific agent but she specializes in East Orange and Newark.  

Same thing applies to wholesalers.  There are a handful of exceptional folks out there and you have to sift through them.  Happy to make some connections for you.

Final thing I would recommend is to really immerse yourself in the area you want to buy in.  Do this before you start actually looking at deals with agents/wholesalers.  Know what's selling, understand the trends and be able to spot a good deal when you see one.  It takes time, but becomes second nature when you do it enough.  Happy to give you some tips on that....