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Author Topic: Looking for multi units to rent out...no luck so far  (Read 2332 times)

Offline slofizz

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Looking for multi units to rent out...no luck so far
« on: February 11, 2005, 09:03:28 am »
Hi all,
First post and i am a newbie investor:).  I hate talking to family or friends bout this topic(negative), so i'm glad to find a forum like this.   I live in southern new jersey(15 min from philadelphia) and i am having problems finding a multiplex.  It seems like everywhere I look within a 10-15 mile radius is overpriced.  Lot's of them are already being rented out, and the price they are asking for would bring a negative cash flow.  The only area that is within my price range is in philadelphia or camden(across the river from philly).  I'm kinda of scared to invest in these areas because of the obvious.  What do you think of investing in these  low income urban areas. Any advice? anyone invest in these types of areas?


Offline Frank J. Festa Jr.

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Re:Looking for multi units to rent out...no luck so far
« Reply #1 on: February 12, 2005, 08:53:17 am »
Slofizz:

I am from North Jersey, welcome to the site.

Do you belong to a REI Club?

Have you found the Sheriff Sale list for Philly yet? That may help you locate property. However, it will not change that City.

I have been going up to Northampton County with very little luck.

Are you a PT or FT REI?

Regards, Frank


Offline slofizz

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Re:Looking for multi units to rent out...no luck so far
« Reply #2 on: February 12, 2005, 09:18:52 am »
Hi Frank,
There are 2 clubs over here in south jersey and i plan on going to at least one of them.  And yes i just found the sheriff website last night.  i'm going to have to get a book on foreclosures.  I'm pt rei.  north jersey is really overpriced right now.  more so than south jersey.  what about jersey city?

Offline Frank J. Festa Jr.

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Re:Looking for multi units to rent out...no luck so far
« Reply #3 on: February 12, 2005, 12:16:59 pm »
Slofizz:

Go to the meeting before you join. I belong to MREIA, we have members from Down the Shore.

I look in J.C. all the time and always come away empty handed. The ARV in most of J.C. is very low.

I found that the money is in high end deals.

Good luck, Frank
« Last Edit: February 13, 2005, 04:38:44 pm by TRandle »

 




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