All Forum Posts by: Diana Tian

Hey Everyone,

I'm pretty new to BP.

So...I'm in search of a few key people that I can build a trustworthy, long lasting business relationship.

First, i'm looking for a real estate attorney in NYC to sell my current Manhattan apartment.

Second, I'm looking to find a NJ real estate agent, NJ banker/lender, and NJ real estate attorney.  I plan to start investing in the NJ market (Jersey City, Union City, Weekhawken, West New York) after i sell my Manhattan apartment.  

Does anyone have any suggestions on finding a reliable team?

here is a second opinion to site X which is a fidelity company... This is First American Title/CoreLogic company.. change the state and county to yours and then input address and click on APN in blue then click on comparable sales

Data

Login reiuniverse

PW 1800sell4cash

 I put down exactly 25%

I closed on Rentals 4 and 5 today.

These are two condos in the same complex where we already have Rental #3.  These are solid, base-hit condos.  We didn't get an awesome deal on either one, but neither are the deals anything to be ashamed of.

#4 is a 2 bed, 1 bath condo that is turnkey.  Bought it for $127,000 and have had lots of interest and showing on it at $1250/mo rent.  Expecting about $430/mo cash flow.  I have applications in and am just waiting for the reports to come back from Smartmove now.

#5 is the same floor model as #4 (and #3, coincidentally).  Bought it for $119,500 and it's also going to rent at $1250.  Expecting about $450/mo cash flow.  Needs some paint and some other minor repairs that will probably all come in at less than $1000.  Have applications in on this one as well (hurry up people, click the button, send the report!)

2 years ago, these units were going for $40,000.  Last December, we picked one up for $85,000 and now, 6 months later, they are at $120 - $125.  That's the Denver market right now.  There is already another unit listed at $130 and it'll go for that, I'm sure.  I'm not counting on appreciation, but if I had to speculate, I'd say these will be at $150-$160 in another 8 months.

Hello everyone, 

Complete noob here. I started investing in a set it and forget it type stock/index portfolio and it has done well. Had to do a lot of research.

Now I am jumping in real estate, going for that multiple streams of income, I'll probably make a lot of stupid errors, hope some of you find it amusing, but just want to help others. 

Biggest theme I have seen is across any endeavor is just get started, probably the hardest step and now time to get on moving~

Initial strategy was to buy a MF house, but after realizing the places we want to live are costly, decided the new strategy will be to buy our primary condo, then leverage the equity in that to buy a second house as a multi-family. 

Journey started roughly two weeks ago, after months of looking on zillow. We came across a beautiful 1 bed 2 bath for 355k, until we realized after the first showing that it's a duplex split between a basement and ground floor, where the toilets were flooded from hurricane sandy hence the new tile flooring. Real estate lady was using mind games to get us to buy a pricier house, i just nodded my head and played stupid.

Decided to go with the mortgage person that works with her, got a pre-approval without sending any documents? Weird, anyway, continuing to work with her to see what rate she can get me. 

Checked out another house but not really a fan of this mom-like lady who clearly is green-eyed and money hungry, talking about her greedy associates. You are who you hang out with, so decided to definitely not work with her. Nor was she investor friendly.

Came across another guy on this site, he showed us the first place that was a 1 bedroom, 1bath from 249k, and was honest! Also he's investor friendly, prompt with messages, and so glad I found him. He's also a 29 year old dude, so that is cool.  A property manager as well, so I felt safe with the guy. 

He recommended an attorney and mortgage guy, so now I just finished submitting all the paperwork( so much freakin paperwork. all my bank statements, 2 years of W-2, IRS, passport photo, driver's license photo, i was a bit slow with this and took me over a week). waiting to hear back, see what my max on my pre-approval is. 

We will be looking at another house, the next one we was was a foreclosure at 76k near journal square! So sad that I didn't have the funds, looked like a great investment but not the best first opportunity. 

Main goal is to now find a multifamily house, probably near market price with no major rehab, just to get the swing of things. Kind of a boring post, but just wanted to catch you guys up to it. Will start to post pics on this next multi-fam that we see.

I'm in the process of closing on a duplex property where both units have 80 yr old tenants that have been living there for 15+ yrs with very low rent. The ladies keep the apartments very clean and neat but the rent they have been paying are 50-60% lower then the current market. I would like them to stay but can't keep them at the current rent with a new mortgage to pay. They have no leases. Should I up their rent gradually once I own it or just tell them the new rent and let them decide to stay or leave?

Consider tax appeals.  Several NJ lawyers specialize in this area and are paid based upon the successful appeal.

I would think it is hard to reduce the tax lower than the average of that neighborhood.

@Jonathon B I think @John Errico nailed it. 

I'm a former resident of Union City, and manage/lease/sell property in the area. It is very much block by block, so driving the area is a very good way to get a feel for it. As others have mentioned, the market in Journal Square and the Heights markets are pretty competitive, due to a lot of foreign investment, and a couple funds still gobbling up properties, with others holding onto the properties they've purchased over the last year or three.(Look to US Masters Residential Fund out of Australia and Dixon Leasing if you want to do some research).

I'll second that Greenville is not the best spot to get started. The areas 10-15 minutes outside of Journal Square are still competitive, but deals can be found. 

West New York and North Bergen are good options as well - bus access into the city is convenient, but traffic may bother driving commuters, as it can get pretty jammed up during rush hour. I'm struggling to find more to add, as @John Errico pretty much knocked it out of the park.

If you need any market data or property info (sold pricing, rental comps, actives, etc.) just let me know, I'm happy to help with whatever I can.