All Forum Posts by: Adam DAnna

I am looking to finance a foreclosed condo in Mercer County, New Jersey.

- Purchase Price: $92,000

- Repair Budget: $25,000

I was quoted the following terms with a Homestyle Renovation Mortgage:

-Total Loan Amount: $96,040 

- Interest Rate: 5.125%

- Origination Fee: 3.50% ($4,356.40) 

I am wondering if these loan terms (particularly the high origination fee) seem fair. Am I better off looking for a Hard Money Lender then refinancing when the property is rented out? 

I appreciate any and all feedback. 

Thank you all for your responses! @Suzanne Griffiths I agree that finding a great agent will be key and I will be sure to account for the management fee. @Katie Heer I am mostly looking on the outside of the city (lawrence or hamilton border), but would be open to other areas and possibly Philadelphia

Hi,

I am looking to start out in real estate investing in Trenton, NJ using a buy and hold strategy. Despite some possible hoops to jump through, my plan is to use the Section 8 program as a way of partially receiving guaranteed rent.

I am currently a Financial Analyst at a commercial real estate brokerage and my partner runs a small construction company in Central NJ. I currently reside near Philadelphia, but am from the central NJ area and am relatively familiar with the area.

I would appreciate any other advice/insight on this. Thank you all in advance!