NJ Real Estate Radio: A Podcast for Home-Buyers and Investors

In this episode, we'll meet my client, Kyle, who chose the "condo-hacking" route for his first purchase.  Kyle reached out to me on March 13, 2020, just a week before NYC shut down all "non-essential" businesses.  Kyle wanted to buy his first property and ended up getting under contact and closing on a 3 bedroom, 2 bath condo in a rapidly gentrifying area south of Journal Square in Jersey City.In this interview, we dive into what his numbers look like as a "condo hacker" (compared to what he was paying renting with a roommate in Hoboken), what lessons he learned during his lengthy purchase journey and in the year since he closed on his first purchase, what he would do differently next time around, advice for rookies just starting their real estate journey, and much more.If you've been renting and are considering buying a condo and perhaps finding a roommate to lower your out of pocket cost, you do not want to miss this episode.As always, you can reach out to me with any questions at max.vishnev@compass.com.And please follow me on Instagram @Max.Vishnev.Thank you for tuning in!  I would really appreciate it if you could take a second to rate my podcast and leave a quick review on Apple Podcasts.  And, of course, please spread the word if you like what you are hearing and feel that you're deriving value from this content.

In this episode, you'll "meet" my clients, Yue and Ke, who closed on their first multi-family property together a few months ago in the Heights section of Jersey City.  We delve into their journey, talk about how and why their first two deals fell through, and discuss the lessons along the way.This episode is chock-full of valuable advice and tidbits if you're just getting started with real estate investing, including:- The importance of choosing a good lender- Building your foundation- Being diligent and consistent - Not giving up and having a support network- Knowing your "why" and what goals you are targetingAnd much more!  I really enjoyed this conversation and hope you'll get a lot of value out of listening to this episode. And please remember to hit Subscribe, if you aren't already a subscriber.  I would also really appreciate it if you could take a couple of minutes to leave a rating/review on Apple Podcasts, so that more people can discover NJ Real Estate Radio.Lastly, please follow me @Max.Vishnev on IG to follow my journey as a Realtor and investor.Thanks for tuning in!

Buying real estate is definitely not a walk in the park!And in this episode, I open up about my own foray into real estate investing, with a deep dive into the Catskills property my wife and I bought in late summer of 2018 and the "adventures" we had as Airbnb hosts and property owners during the first year.Trust me, if you've been thinking about buying your first property, or if you've considered short-term rentals or long-distance investing as investment strategies, you do NOT want to miss this one.But be sure to listen to the very end, because I share some key takeaways in the last segment of the episode.Here is the companion article for this episode:6 Lessons I Learned From My First Investment Property (biggerpockets.com)@Max.Vishnev

I'm very excited to bring you this episode, because it is my first interview with a client.  Jeremy shares his journey as a 23-yr-old with a desk job he realized he didn't want to be in for the next 40 years to catching the real estate bug to buying his first "house hack" to running out of space during the first year of the pandemic and deciding to get his NEXT property to "house hack".  In the span of just 2 years, Jeremy went from living in his parents' basement to owning 2 properties (4 doors), having 3 tenants, and gaining priceless experience as a house-hacker, landlord, property manager, and real estate investor.Jeremy shares some wonderful pieces of wisdom about his own journey so far, some of which may surprise you.If you've been thinking about buying your first property to "house hack", you do not want to miss this episode!Check out Jeremy's blog:  The White Tee Way – Real Estate Investing & Personal FinanceFollow him on Instagram: White Tee Jay (@thewhiteteeway) In the episode, I mention an article I just published about my biggest lessons learned from my first year as a real estate investor.  Here is the link:https://www.biggerpockets.com/member-blogs/12660/96326-6-lessons-i-learned-from-my-first-investment-propertyAnd if you enjoy listening to this podcast, please share it, subscribe, give it a thumbs up, and leave a review.  Thanks for listening!

Oh man, I'm so excited about publishing this one!  This is my first Q&A-style episode and it features two brothers, Omar and Ahmed Amin, both of whom are on my short-list of trusted home inspectors.  They share a ton of wisdom, great advice, and plenty of humor.  You won't want to miss a minute of this episode, even if that means listening to it in chunks.Here are just SOME of the topics/questions we cover:- What advice would you give to a first-time buyer preparing for their first home inspection?- What are some of the biggest red flags vs issues that are relatively minor?- What separates a great home inspector from the rest?- What are some of the craziest things you've seen during inspections?- Why are basements so important during a home inspection?- What are tell-tale signs of a bad flip?And lots more.  If you're thinking about buying your first property (or your next one), this episode is not to be missed!My guests on this episode were:Ahmed AminOutlet Home Inspectionsoutlethomeinspections@gmail.com@outlethomeinspectionsWebsite LinkOmar AminBase Home Inspectionsomar@basehomeinspections.com@base_homeinspectionsNew Jersey I Base Home Inspections I About Us And, of course, you can follow me on Instagram @Max.Vishnev and email me at max.vishnev@compass.com.Feel free to reach out to any of us with questions or feedback.Thanks for tuning in and help spread the word by giving this episode/podcast a thumbs up, a follow/subscribe, and a review on Apple Podcasts -- all would be greatly appreciated!- Max, your Northern NJ investor-friendly Realtor and podcast host

To say that the housing market has been a bit nuts lately would be an understatement.  Can new investors and aspiring homeowners/house-hackers navigate these turbulent waters without losing their minds?  I think the answer is a resounding yes, IF you focus on the following 5 things:1) Take the long view (and identify your investing time horizon)2) Focus on the fundamentals3) Know your numbers4) Filter out the noise5) Prioritize experience over trying to time the marketIn this episode, I delve into these 5 topics and much more.  You don't want to miss this one!The book I reference in the middle of the episode is The One Thing by Gary Keller -- highly recommend it.Don't forget to follow me on Instagram @Max.Vishnev.And please subscribe, rate, and leave a review -- thank you!

Buying your first real estate property is stressful enough.  The last thing you want to do is to complicate the transaction and potentially delay closing or kill the deal by choosing the wrong lender.  There are countless lenders and lending institutions out there, but my advice is to never choose a lender solely based on the lowest quoted rate.The loan process is such an important part of your ability to close that the choice should come down to several key factors, which is what I focus on in this episode.  If you're planning to buy your first property, you don't want to miss this one!

In this day and age when qualified contractors that actually have availability and can offer a fair rate is increasingly hard to come by, the decision about whether to DIY or hire out your next rehab or renovation project has become all-the-more important.  It's never black and white, though, since many factors go into your decision-making process, including but not limited to the scope of the project, your budget, preferred timeframe, personal experience and schedule, availability of licensed contractors in your area at any given time, and more.In this episode, I delve into my own recently completed basement DIY project in Bayonne, NJ, as well as another basement project we finished recently in the Catskills, where we decided to hire out the work to a trusted contractor.  I go into a lot of detail and provide a transparent account my experience, takeaways, and thought process, in the hopes that it will help you analyze and decide on your next project.  I hope that you find it useful,  and if you do, please take a minute to rate it, share it with others in your sphere, and to leave a review on Apple Podcasts.  You can follow my real estate adventures on Instagram @Max.Vishnev and you can email me at max.vishnev@compass.com.Thanks for tuning in!Theme music excerpted from:Feelin Good by Kevin MacLeodLink: https://incompetech.filmmusic.io/song/3744-feelin-goodLicense: http://creativecommons.org/licenses/by/4.0/

Buying a home can be a stressful process, especially if it's your first property.  Part of it is the uncertain nature of the process and the risks involved with buying a home you know very little about.  That's why the standard contract (at least in NJ) has a 14-day inspection period, which allows the buyer to perform all necessary inspections and present any requests for repairs, remediation, or credits to the seller.Most buyers just do the regular home inspection.  However, there are 3 important add-ons every buyer should consider when schedule their inspection.  These are:- Oil tank sweep- Radon test- Sewer line scopeI dive into the importance of all three in this episode, so don't miss it!For more info on radon, check out the EPA's A Citizen's Guide to Radon:https://www.epa.gov/sites/production/files/2016-12/documents/2016_a_citizens_guide_to_radon.pdfTheme music excerpted from:Feelin Good by Kevin MacLeodLink: https://incompetech.filmmusic.io/song/3744-feelin-goodLicense: http://creativecommons.org/licenses/by/4.0/

In this hot seller's market, "highest and best" is a real estate term that gets thrown around a lot. In this episode, I dive into some recent client examples and talk about the various aspects of an offer (the "terms") and the different levers you can play around with before submitting your offer.First-time buyers shouldn't miss this one!Theme music excerpted from:Feelin Good by Kevin MacLeodLink: https://incompetech.filmmusic.io/song/3744-feelin-goodLicense: http://creativecommons.org/licenses/by/4.0/

Last Sunday, Tom Brady won his 7th Super Bowl at age 43. What can we glean from his habits that can be applied to our lives, even if we are just mere mortals and not legendary athletes? That's what this episode is about. And worry, I do tie it into real estate (eventually).Show notes:I mentioned a few books in this episode and would like to include links for them here, in case you're curious. I would recommend all of them:Why We Sleep by Matthew WalkerThe Circadian Code by Satchin PandaThe Omnivore's Dilemma by Michael PollanAtomic Habits by James ClearTheme music excerpted from:Feelin Good by Kevin MacLeodLink: https://incompetech.filmmusic.io/song/3744-feelin-goodLicense: http://creativecommons.org/licenses/by/4.0/

Buying real estate is more like a marathon than a sprint. It’s going to take a while – from the search process to the escrow process, it may be months before you get the keys to your first property.In this episode, I want to share a few things with you to make the process a bit easier and less stressful.1. Assemble your team before you start making offers: Agent, Lawyer, Lender. A great agent usually has a great team already, so ask them for recommendations. a. Get pre-approved before you start looking. That will help you narrow down your search.b. Choose a real estate attorney with experience in the area you are targeting. Knowing which lawyer you will use before making offers allows you to start attorney review as quickly as possible once your offer has been accepted.2. Start with the right mindset. In a competitive market, with historically low mortgage rates coupled with extremely low home inventory, expect to make lots of offers before you get a deal under contract. Expect to lose out on homes you really liked. Remain grounded and try not to let emotions cloud your judgement. Buying real estate, especially if you’re a first-time buyer, is an inherently emotional journey. You’ll probably ride the rollercoaster of human emotions – frustration, fear, doubt, anger, anxiety, and hopefully, joy.3. Set your expectations. If you’re in a seller’s market, where the number of buyers is greater than the number of sellers, don’t expect to find a “great deal”, because everyone else is looking for one too. On the flip side, don’t get so sucked into the bidding process that you bid more than you can afford or are comfortable with. Know your “max” and stay within your limits, even if that means losing out on some homes. It’s better to lose out on homes than to get under contract on a home you can’t really afford.a. “Max, I want to find a deal where I can get a property 20% below market value.” Not happening when everyone and their grandma is looking to buy real estate AND any sensible seller can just pull up their property on Zillow and at least get a ballpark idea of what it’s worth by looking at the Zillow estimate and expected price range.Now for some transactional nitty-gritty:1. Don’t get too excited about an accepted offer. Your offer was accepted! That is exciting. But curb your enthusiasm, because a lot can happen between your offer being accepted and you closing on your first property. In fact, a lot can happen between your offer being accepted and you getting under contract. a. For example, in NJ, a seller can accept a better offer while you’re in attorney review, since the buyer and seller are not legally bound to each other until attorney review is concluded. I’ve seen this happen many times, working with buyers. It happened to al client of mine a couple weeks ago in Hoboken. We saw a nicely renovated one-bedroom condo in Hoboken that he really liked, which was listed at 449k. He initially offered $438,000, with 15% down. The seller’s agent countered 447k a couple of days later. My client came back with $442,000, which the seller accepted. But, a day later, as we began attorney review, the seller’s agent informed me that they received a higher offer and are asking for “highest and best” offer by 5pm that same day. My client was understandably frustrated but decided to come up to 445,000. The seller went with the other offer – presumably higher and maybe with better terms too (i.e. higher down payment). To my client’s credit, he dusted himself off, we saw other propert

In this episode, I delve into whether newbie investors should try to time the market. As we approach year-end, I encourage everyone to carve out time to listen to this one.Show notes:A great video clip of Warren Buffett and Charlie Munger talking about their philosophy about buying companies rather than trying to guess where the stock market is heading:Warren Buffett says he never tries to 'time' stocks (cnbc.com)Nassim Nicholas Taleb books on Amazon.comTheme music excerpted from:Feelin Good by Kevin MacLeodLink: https://incompetech.filmmusic.io/song/3744-feelin-goodLicense: http://creativecommons.org/licenses/by/4.0/

Buying a home or investment property isn't easy. There are many hurdles between making an offer and getting to the closing table. And arguably the most important is the home inspection. In this episode I take a deep dive into the home inspection process -- what's involved, what's covered, what to look out for, what questions to ask, big red flags vs. relatively minor issues, and what protections and options you have as a buyer.If you're an aspiring home owner, investor, or house-hacking looking to get into real estate and purchase your first property soon, this is an episode you absolutely do not want to miss.And be sure to listen to the end, even if that means listening to it in segments, because this episode contains a lot of useful info to give you the confidence and knowledge you need before making offers on properties.If you enjoy the episode, please share it! And don't forget to subscribe to the podcast, if you aren't already a subscriber. If you're listening to this on Apple Podcasts, please take a minute to leave me a rating and short review -- that helps others discover this podcast.Thank you for tuning in!And don't forget to follow me on Instagram @max.vishnev.- Max V.Agent | Investor | House-hacker | DIYer | Podcaster | Writer Theme music excerpted from:Feelin Good by Kevin MacLeodLink: https://incompetech.filmmusic.io/song/3744-feelin-goodLicense: http://creativecommons.org/licenses/by/4.0/

Real estate is not rocket science. Yes, you can get super fancy with the data and analytics, but at the end of the day, like anything else in a free market, the price (of homes, in this case) ultimately comes down to supply and demand. And right now, at least in Northern New Jersey, demand has been exceeding supply, despite everything that's going on politically, socially, economically, and health-wise in our country. On the demand side, a lot of renters are looking to buy their first homes, driven largely by historically low mortgage rates and the desire for more space (both indoors and out) in the era of COVID-19, remote learning, and work from home arrangements. Many of these renters are coming from NYC for obvious reasons.The supply side is a bit more complicated. Some sellers may still be uncomfortable listing their homes during a pandemic. Other owners may not want to sell & have to look for another home in a competitive market. Yet others who may have considered moving out of state may be delaying that decision until things settle down a bit.The reality though is this (as of August 2020 versus August 2019, according to NJ Realtors):Hudson County -- median price of single family homes was at $452,500, up 16% from last August, while inventory was down 18%. On average, these homes sold at 101.4% of list price (versus 96.5% last August), suggesting that broadly speaking, single family homes across Hudson County receive multiple offers and sell slightly above asking price.Bergen County -- median sale price of single family homes was $589,000, up 14% from last August, while inventory was down a whopping 40%! These homes sold at 99% of list price, up from 98.2% last year.Essex County -- median price was $604,500, up an impressive 21% from last August, while inventory was down 38%! Homes sold at 103% of list price, up from 100.4% last year. Can you say "highest and best"?!Union County -- median price was $460,000, up 20% from last August, while inventory was down 42%! Homes sold at 100.1% of list price, up from 99.3% last year.These stats speak for themselves. Until the supply vs demand tug-of-war changes direction, buyers should continue to expect multiple-offer situations and "highest and best" auctions.Of course, that is not to say there aren't good opportunities to be found. And it's never been this cheap to borrow money to buy a home. You just have to be ready, quick to act, and have a good team on your side (agent, lender, and lawyer).Tune in for a detailed look at these stats and how the supply and demand picture could shift.And if you enjoy what you hear, please don't forget to hit the "Subscribe" or "Follow" button and take a minute to leave a rating and review on Apple Podcasts. That would help in a big way in getting this podcast in front of more people. Thank you!Stats provided in this episode are available at: http://njar-public.stats.10kresearch.com/reports (shout-out to Mark M. for sharing the link!)Theme music excerpted from:Feelin Good by Kevin MacLeodLink: https://incompetech.filmmusic.io/song/3744-feelin-goodLicense: http://creativecommons.org/licenses/by/4.0/

This morning, while I was making my coffee, I had a little "light bulb" moment. I've been trying to reconcile in my own mind the obvious discrepancy between all of the anxiety, uncertainty, and devastation in the United States, with how hot the real estate market has been, at least here in NJ (and I know it's true in other markets in the NYC Metro Area as well), and it hit me -- during times of great upheavals, unrest, and volatility, people flock to what they know and what they understand. They flock to what's real. And what's more real than real estate?In this episode, I dig deeper into this concept. I also discuss mortgage rates and the Fed's recent announcement about its revised policy on inflation, so be sure to listen to the end.This episode is a short one (for me), clocking in at just under 10 minutes. Just long enough for you to enjoy your morning (or afternoon) coffee.Theme music excerpted from:Feelin Good by Kevin MacLeodLink: https://incompetech.filmmusic.io/song/3744-feelin-goodLicense: http://creativecommons.org/licenses/by/4.0/

Becoming a property owner has transformed my life in many ways, so in this podcast episode, I wanted to focus on the many benefits of owning real estate, including pride of ownership, the opportunity to learn and develop new skills, the many tax advantages, as well as real estate allowing you to diversify your portfolio, hedge against inflation risk, and pass on a financial legacy to your children in a tax-advantaged way. I cover that and more, so be sure to listen to the end.If you would like to get in touch with me directly, whether it's to share feedback, ask questions, or just to say hello, the best way to do that would be via email (max.vishnev@compass.com) or via text (718-306-2687). Please follow me on Instagram @Max.Vishnev!And don't forget to hit Subscribe/Follow and leave a rating/review on your favorite podcast player.Thanks for tuning in!- MaxRealtor | House-Hacker | RE Investor | DIYer | Podcaster | Writer | Coffee LoverTheme music (excerpted) by:Feelin Good by Kevin MacLeodLink: https://incompetech.filmmusic.io/song/3744-feelin-goodLicense: http://creativecommons.org/licenses/by/4.0/

The pandemic has changed our lives in many dramatic ways, and it's also had a huge impact on the NYC Metro real estate market, including many parts of NJ. As a busy buyer's agent, I'm seeing "highest and best offer" situations all over the place. The market is very competitive, especially for well-priced properties. Demand is very strong, despite the steady stream of scary national headlines. This is largely driven by historically low rates (30 yr average mortgage rates are now below 3%!) combined with the twin goals of getting out of crowded cities and neighborhoods and finding more indoor and outdoor personal space. Throw in the fact that inventory remains low, and you end up with a lot of multiple-offer situations and bidding wars.So in this episode, I discuss important ways to make your offer stand out in this real estate environment. If you're hunting for your first property, this is an episode you cannot miss!Thanks for tuning in!Your host,Max VishnevNJ Realtor + real estate investorCompass RE | The VIP Teamc: 718-306-2687max.vishnev@compass.comPlease follow me on Instagram @max.vishnevTheme music copyright:Feelin Good by Kevin MacLeodLink: https://incompetech.filmmusic.io/song/3744-feelin-goodLicense: http://creativecommons.org/licenses/by/4.0/

In this episode, I share my thoughts on what I've been seeing in the Northern NJ market lately, in terms of buyer demand and competition, how long properties are sitting on the market, and the latest on prevailing mortgage rates and what that means for real estate prices.Other important topics discussed or questions answered include:- Will foreclosures spike and should I wait around for more bargains?- How much more home someone can afford today vs. same time last year- Why prospective first-time buyers shouldn't be afraid to make offers (the 3 key contractual provisions that provide buyers important protections)- Can I put down less than 20%, and what is PMI?- What two key players you need on your team before you start making offersBe sure to hit Subscribe, so that you don't miss future episodes. And if you like what you hear, please share it with colleagues, friends, and family members you think can benefit from the content of this podcast. To reach me directly, please email me at max.vishnev@compass.com.You can also follow me on Instagram @max.vishnev.Theme music info:Feelin Good by Kevin MacLeodLink: https://incompetech.filmmusic.io/song/3744-feelin-goodLicense: http://creativecommons.org/licenses/by/4.0/

This is episode is a "must-listen" for anyone looking to purchase their first home. I dive into the top reasons why it's critical to work with a great buyer's agent when looking to buy a home, especially if you are a first-time home buyer. The reason this topic is important is because a great buyer's agent brings a ton of value -- from the search process to negotiations to closing -- while costing the buyers nothing! That's right -- buyer's agents get paid by the seller (from the total commission split between the seller's and buyer's agents). So why don't more prospective home buyers start their search by first finding and forming a relationship with a professional, reputable, top-notch real estate agent to represent their best interests? Because we live in a world of instant gratification: we can order (almost) anything we want with one click, stream endless entertainment without getting off the couch, and browse limitless properies on Zillow. And there is nothing wrong with Zillow. It's a great, free resource. But when it comes getting serious about your search, don't revert to the "easy" option of just calling the listing agent for a particular home listed on Zillow. Instead, start by finding a great agent to be on your side and help you with every step of the way. The home-buying process is a long and complicated one, full of various hurdles (both expected and unforeseen). A great agent on your side can guide you skillfully from narrowing down your search to helping you make offers and negotiating a deal to managing every step of the escrow process to get you to your ultimate goal -- keys to your next (or first) home.If you enjoy this podcast, please take two minutes to leave a review. It would really help me spread the word and reach more people interested in home ownership and real estate investing, especially those in the NYC Metro Area.Thanks so much for listening!Yours truly,Max VishnevHost & podcast creatorFull-time NJ Realtor with Compass RE | Long-time NYC renter turned NJ house-hacker & landlord | Catskills property owner | Happy husband | Proud father of two | Avid reader & coffee drinker | Lifelong learnerCheck out my real estate articles on BiggerPocketsLet's connect on LinkedIn | Instagram | YouTube Intro and Outro music (excerpted) copyright:Feelin Good by Kevin MacLeodLink: https://incompetech.filmmusic.io/song/3744-feelin-goodLicense: http://creativecommons.org/licenses/by/4.0/

In this episode, we discuss 5 ways the pandemic will impact NYC Metro real estate market.

The combination of historically low mortgage rates, some buyers sitting on the sidelines, and potentially move motivated sellers makes this a great buying opportunity.We are living through a period of tremendous uncertainty, fear, and social upheaval, bombarded with scary headlines, images, and daily death toll reports, stuck at home “indefinitely”, hoping to remain healthy and employed. Face masks, gloves, and social-distancing is our “new normal”. Those of us that do leave the house encounter mostly shuttered storefronts, bars, and cafes. Entire sectors of the economy are at a virtual standstill.In this environment, what’s a homebuyer or real estate investor to do?Well, to paraphrase the Oracle of Omaha, Warren Buffet: “Be greedy when others are fearful and fearful when others are greedy.”I think history supports this sage statement. The best buying opportunities have typically been in times of great uncertainty and high volatility. Intro and outro music courtesy of:Feelin Good by Kevin MacLeodLink: https://incompetech.filmmusic.io/song/3744-feelin-goodLicense: http://creativecommons.org/licenses/by/4.0/.