All Forum Posts by: Allen Collins

 It's from a few businesses I own, all my income is from self employed work which seems to be the issue. Not sure why, I always pay on time :)

 What instances would those be? I should have stated this is for a single family home for my family, not an investment property.

 That's very interesting I never thought about that, I will have to browse over my statements and see if anything stands out that would be a one time purchase. Thanks for the input!

 Hey Andrew, thanks for the response! I should have stated this is a home for me and my family. We currently own a single family and plan to keep that one as an LTR. My W2 income is from my businesses, we are just pre-qualified at this point. For the bank statement loan it's 25% down with a high interest rate. I am trying anything I can to avoid putting so much down so I can keep my reserves to improve the property I purchase.

Hey everyone! I’m trying to get a loan from that won’t  they won’t have to consider my business. My W2 income alone would qualify me for a $600,000 loan but when they apply the losses some of my businesses took I can’t get any loan except for a business statement loan and they want me to put down 25%. Is anyone able to help? 

Have any realtors had any experience with the nosy neighbor service? For a 6 month commitment, $749 per month they offer their services which include automated farming, automatic emails, mobile app, digital ads, mailers, etc. My wife is a newer realtor and trying to get her feet off the ground. Any input would be greatly appreciated!

Are you looking to do LTR over STR because it's less work? I'm currently looking for a home to rent out and the main reason I'm going STR over LTR is because how difficult it is to evict someone especially in NJ. If you are looking to make it more passive why not just hire a property management company? You'll still make more than if you did LTR with little to no effort on your part.

That's a ridiculous salary for someone with no experience, if they know that and are willing to train you I would take it! Take notes, pay attention to everything and you absolutely can learn a lot through the process. House hacking at 22 is an amazing start in RE, good luck!!

Hey guys I have a scenario I would love some opinions on. 

I currently own a home in NJ and I have saved enough to be able to purchase another home. We are moving soon (2 hrs away) and I'm stuck on what to do with my current home. We owe about 215k on it and expect to sell for 325-340k. I'm in a hot area, 20 mins from the beach, direct access to all major highways and a mile from a county park that people absolutely love, huge reservoir with a 5 mile trail loop. Our mortgage is $1600, current rents in this area for this home are $2-2500. We did a ton of work to this house, it needs no work, new roof, new heat and A/C, hot water heater, finished basement, new Andersen windows, new landscape with a private backyard. Since everything is update everything I put away for CAP EX and repairs will likely grow and be a nice reserve for down the road.

My other option is to sell, take the 100k+ and hang onto it until I find a home closer to where I'm moving to invest. The area I'm moving to is a lot more affordable in an area that is being developed and growing, whereas my current area is already extremely populated. The area we are moving to is near a ski resoirt, the Appalachian trail and lots of outdoor activities. I don't see gaining much in equity at the current home but in the new area I see equity growing as the population grows. They also have plans to build another huge resort hotel and hard rock. Any input would be greatly appreciated. 

Also, this new area is Vernon NJ in Sussex County, if anyone is in this area I would love to connect! Thanks for reading.

 Yessir. I am trying some creative means of financing, I will shoot you a message with what I come up with maybe it can help you as well.