All Forum Posts by: Account Closed

How is the Jersey City market on finding deals for buy and hold properties?

Ben Leybovich you got it all wrong. Darren Sager share his opinion that new investors should not pursue the Newark NJ market and why. I had share my opinion that one of the markets new investors should pursue is Newark and why. There was no negative word exchange or hostile conversation, just a friendly debate with two smart individual on couple of forums.

Pedro Recarey very well said lol

Pedro Recarey sounds like theirs a sales pitch there lol people who are mentioning Darren Sager can they confirm the meetings are free? And while in the meeting he won't try to sales pitch you anything? I been on the same boat going to meetings and having gurus trying to sales pitch. The only thing I know about Darren Sager he does not like Newark properties, anytime you mention Newark on a forum, he is there telling the world not to invest there. That's just bad advice, I rather make a $50k mistake in Newark than a $300k mistake in NYC or $200k in jersey city but hey he expects you to be perfect on all your deals I guess.

Newark, Elizabeth city or Paterson city for your price range

Jonathan Beemer auctions are great, just never go into bidding war, have a set number. If you let your emotions and excitement get the best of you, you'll lose and overbid. the downfall you can't see inside, but some smart investors know how to get inside and if your worry about squatter then make sure you drive by at night to see if any lights are on. Getting deals on auctions are great and wholesalers go to auctions all the time to purchase 10 properties at once and reassign it before closing. I plan to purchase all my properties via auctions, so far I purchase one and got emotional but ended up wining when it was flipped

Terry Naranjo the first B is called buy so you would need to buy the property in order to proceed with the R's. How you buy it? Depends, you could use hard money crooks or straight out cash or get private lending or if the property is not that bad in condition then you might get lucky on getting a conventional loan that would require 20% down or other local bank loans who are investor friendly.

Wholesalers and a real estate agent have the same job skill. It's more safer and smarter to be an agent. An agent gets 3-6% commission but a wholesaler makes up their own commission which ends up being 10-20% from the selling price when you calculate their finders fee or assignment fee, that's basically taking advantage of both seller and buyer, that's just unethical. No wonder they are getting a bad name. 70% of wholesalers are just bad, in my Market NYC they don't even exist here, New Yorkers don't do business with unlicensed agents per say. Recently I been venturing the NJ market and they are everywhere there, and I tried conduct business with them but they were just showing me properties that were on the MLS lol. Keith Goodwine I'm sorry your business went under and I hope you do recover and try to succeed on another path. Since you have expierence you should be an agent.

Paul Amegatcher NYC market is triple the cost of Ohio market were your located. There is no win or lose due to our different market but that was just an example of wholesalers thinking they are contractors without even lifting a hammer but again not all, only 70%.

Gilbert Joseph house hacking is good, just need patience in this market. To find a multi family deal anywhere in queens that requires some work is $300k and up. Sellers know the market here all too well. What most investors do, they purchase single family and just rent out the basement while taking their chances with city for having an illegal basement apartment. This is the New York way of house hacking.