All Forum Posts by: Alex V.

Welcome to BP @Lyndon Timbang! There are deals to be had in Bergen County but the competition is fierce. Don't let that deter you, you just need to build your criteria and then put a lot of work and patience into finding properties that fit your criteria and market. Are you guys interested in doing a house hack? While the inventory is low there are 2 families in Bergenfield and the surrounding towns. Happy to share what I've learned so far. Feel free to shoot me a PM.

Welcome to BP Joe! As many have mentioned, returns are hard to come by in this area but I know several people who have successful BRRRRs in NJ. It just takes a lot more work and patience than other markets. If you want to do a residential buy and hold, then 3-4 families are really the only things that cash flow at current prices. Feel free to drop me a line. Happy to meet up and share what I've learned so far.

Sewer and sometimes garbage are baked into the property taxes in northern NJ. Not sure about Philly area but give the town a call.

@Carol C. happy to help!

@Carol C. I believe there is PMI, generally the case for anything over 80% LTV. Not sure about if the financing options are different for owner occupant vs. investor. The best thing you can do is talk to a participating lending officer. They will know the ins and outs of the program.

Here's info on the companion financing program (HomeReady)

https://www.homepath.com/homebuyers.html

http://www.knowyouroptions.com/buy/affordable-mort...

Also, since HomePath properties are FNMA, they offer very good financing options (low down payments, less restrictive requirements than FHA, better rates than FHA if i'm not mistaken), including construction loans.

@Carol C. funny timing. I just saw a MF property in Leonia pop up on HomePath (Fannie Mae's REO site) the other day. It's not active yet but you should create a homepath account and set up an automatic search for Leonia 2-4 units. Here's the listing in your town. Hope it all works out!

https://www.homepath.com/listing/201-grand-ave-leonia-nj-07605-46319653

Thanks for the response @John Spurlock. The situation is not that complicated. I will retain 50% ownership. My partner is one of my closest friends for a very long time so trust factor is not an issue.

My partner and I acquired a property in Lee's Summit and would like to transfer the title from our LLC to his personal name (so we can get a FNMA conventional on it). The title company that helped us close the transaction said, "they only do sales" and that in order to transfer a title we need an attorney. This leads me to a few questions:

1. Is this true? Can you not handle a simple title transfer through a title company in Missouri with a quitclaim deed?
2. If it's not true, does anyone have a good KCMO title company recommendation?
3. If it is true, does anyone have a good real estate attorney recommendation?

Welcome to BP @Luis Soto! @John Errico runs a meetup in Hudson County and @Kevin Schaefer runs one in Bergen. Both meet monthly.