All Forum Posts by: Abi O.

Hello! I am from the Essex County Area and will be closing on a 3 Fam property soon in the area. I am looking for recommendations for contractors that can help with an upgrade in one of the units. I will also need to replace the roof so send over recs for that as well please. Thank you

Hello -

I am a first time homebuyer and I am currently in contract to purchase a 3 family home in NJ that was built in the 1920s. I just completed the inspection yesterday and it seems the roof will need to be fixed(over 20 years, the boiler system is very old(there are 3 boilers), one of the 3 hot water heaters(HWH) is leaking and the 3 car garage (which is one of the main reasons the property is compelling as an investment purchase) is not structurally sound and may need to be demolished. Outside of those issues, the house seems pretty decent, is in an up and coming neighborhood and the rental income will cover monthly expenses (M/I, Taxes, HOA+Utilities) comfortably. I do not plan to sell this house within the next 5-10 years unless circumstances call for it so I am basically planning to buy and hold for the long run.

I am hearing that all of this work could be well over $60K ($25K for garage, 20K+ for 3 high energy efficient HWH/Boiler combos, and $15K+ for roof)) which is causing me great concern. Main reason being, I had planned to renovate the unit I will live in once the contract closes and do other minor work so and that work alone will be $20-$30K.

I initially hoped to ask the seller for a credit to fix however I am hearing that the amt of credit you can ask the seller is limited by the closings costs amount (in my case max it will be $12K) so I am not sure what to do.

I am aware of the 203K option, but I am not sure I want to go that route as I am comfortable with my plans for down payment and monthly expenses currently. Also, I would like the seller to pay for as much of this as possible as the house was NOT advertised (As-IS)

Any suggestions from seasoned homebuyers, or someone who has experience buying an older home?

Hello -

I am a first time homebuyer and I am currently in contract to purchase a 3 family home in NJ that was built in the 1920s. I just completed the inspection yesterday and it seems the roof will need to be fixed(over 20 years, the boiler system is very old(there are 3 boilers), one of the 3 hot water heaters(HWH) is leaking and the 3 car garage (which is one of the main reasons the property is compelling as an investment purchase) is not structurally sound and may need to be demolished. Outside of those issues, the house seems pretty decent, is in an up and coming neighborhood and the rental income will cover monthly expenses (M/I, Taxes, HOA+Utilities) comfortably. I do not plan to sell this house within the next 5-10 years unless circumstances call for it so I am basically planning to buy and hold for the long run.

I am hearing that all of this work could be well over $60K ($25K for garage, 20K+ for  3 high energy efficient HWH/Boiler combos, and $15K+ for roof)) which is causing me great concern. Main reason being, I had planned to renovate the unit I will live in once the contract closes  and do other minor work so and that work alone will be $20-$30K. 

I initially hoped to ask the seller for a credit to fix however I am hearing that the amt of credit you can ask the seller is limited by the closings costs amount (in my case max it will be $12K) so I am not sure what to do.

I am aware of the 203K option, but I am not sure I want to go that route as I am comfortable with my plans for down payment and monthly expenses currently.  Also, I would like the seller to pay for as much of this as possible as the house was NOT advertised (As-IS)

Any suggestions from seasoned homebuyers, or someone who has experience buying an older home?

Thank you @Brian Adzadi! So it seems I was wrong - both BofA and Weichert offer me the option of including rental income. The property is currently fully occupied (due to the seller having it as investment property in the past) and has current leases so I believe this may be why they are willing to consider it. 

So the goal is to now choose between them? Any suggestions on which may be a better bank to work with (Weichert vs BofA)?

Hi Everyone -

I am trying to locate a mortgage company that will count rental income toward my income when I am being approved for a mortgage. My situation is unique so I'm seeking some specialized advise.

Details :

1. Property is a 3 family in Northern, NJ 
2. 1st time home-buyer
3. It will be my primary residence
4. I am self employed so my tax returns are funky and inconsistent

Additional Info:

Weichert seems to be the only company that does this, however I hear they are horrible to work with so I am looking into other options. Already speaking to Chase and BofA (both wont count rental income).