All Forum Posts by: Brook L.

https://www.zillow.com/homedetails/1821-Stratford-Ave-Neptune-NJ-07753/124761626_zpid/

It looks like there was an auto theft in this area about 4 months ago which isn't awesome...

I looked at Chase.com home value estimator and it says this home is worth about $235,000. 

Average rent in this area is $1900 but the current occupant is paying $1800.

I have zero experience in buy and hold, and I live in Jersey City, and know not a whole lot about Neptune, but i do love Asbury Park (which is way out of my price zone).

edit: thinking this is NOT a good investment... thanks for reading though!

I asked the real estate agent about to 203k/ FHA loan and she said she talked to the other potential buyer and they said they would do a conventional loan at the same offer price. Something about this sounds fishy, because she's a very experienced real estate agent and she would know about the 203k/ FHA loan. Any idea why she would maybe lie about that?

Hello! It is habitable as is, but it's not the prettiest. Real estate agent said that I could have roommate but the board would have to approve them which is ok for me because my standards will be high for who I want to have living with me.

Hi all! I posted a while back about renting out or selling my one bedroom condo and buying a new place. I've found a 2 bedroom co-op in an amazing neighborhood for a good deal and would like to put a bid on it. The unit needs some rehab (looking into getting those estimates now) but the location and price is great for the NYC area. The area it's in is one of the most lucrative areas in NJ with average home values going up 25% in the past 2-3 years. 

I'm hoping to get this place, rehab it, and rent out the other room and significantly reduce the amount of money I'm paying towards housing for myself. When I move out of the condo I would be cash flowing at around $350-$500 per month.

The unit is listed at 169k and the real estate agent told me that there is another offer in on this place for slightly more than the asking price and that it's a 203k loan. I have no experience personally with that kind of loan but it sounds like its maybe not the type of loan that the co-op board or seller would love since the closing time on those types of loans can be long and down payments can be as low as 3.5%. The agent told me that the co-op board would view a higher down payment amount as more attractive since it shows that the potential buyer is more financially stable.

I'm thinking about offering 150k with at least a 20% downpayment (but can put down more if I had to). What do you guys think? Any insight as to how I can make myself a more attractive buyer even if my bid will be lower? I think I would be willing to go up to $160k but would prefer $150k obviously. 

Thanks! 

Thanks all! @Odie Ayaga

@Odie Ayaga

@Odie Ayaga my wife wants to stay in Brooklyn.

Hi Jess! Saw your post about your meetup as well. I'm interested in meeting up and discussing real estate. I'm not very experienced but am very interested in learning more about the world of real estate investing. Feel free to PM me if you'd like.

Hi all! Long time lurker here. Looking for some feedback; what would you do in my situation?

I live in Jersey City, NJ in one bedroom condo that I bought in 2009 for $140k. I put down $40k initially, and refinanced in 2013 to a 20 year loan at 4%. My loan balance is now around $72k. My condo is worth around $210k - $250k currently.

I am married, and my wife and I do not live together currently, though we have a pretty good relationship. I guess you could say our relationship is very non-traditional in a lot of ways. We are both employed full time. I bought my condo prior to us getting married and her name is not on the deed. She lives in Brooklyn with a roommate and has a year lease; I would like to live closer to her and ultimately with her when the time is right for us. The reason we do not live together is very complicated and I don’t really want to get into it here. I also would like to set up our lives so we can be less stressed about money! All of this does factor into my decision. 

So, I think I am in a good position to get more involved in real estate. These are the options I’m thinking about:

1. Move out of my condo and rent it out. Mortgage, taxes, insurance, and HOA all add up to about $1100. I think I can rent out my condo for somewhere in the range of $1250 - $1500. In this case, I could move closer to my wife. To rent a room in Brooklyn it would cost between $850-$1200.
2. Sell my condo and buy another property in Hudson County and rent it out entirely. I could then move to Brooklyn and rent a room somewhere. In this case, I’d probably have a decent down payment to use, but would end up with a 30 year loan in all likelihood, and the interest rate would be higher than 4%. I would look for a property where I can get some cash flow. 
3. Same as situation #2, except I would live in the space, and maybe not get cash flow, but most likely would financially benefit because I could end up paying less for my own housing costs than I would otherwise. I think also in this situation I would be a little less worried about bad tenants.

Some other things to consider:

• I really want a back yard! It’s not necessary but would be nice.
• I don’t think I’d want to buy a place that needed many or any renovations.
• If I stay in NJ, my commute to and from will be a little easier and less stressful than it would be from Brooklyn. Riding a bus is easier than being packed into an over crowded subway like a sardine. 
• If I bought another property, I could live in it for a while and then move to Brooklyn once I feel more comfortable with tenants I’ve found. 
• I don’t really want to live with random people but will do it if it means my financial situation will benefit. 
• I’m a newbie to the rental game. It might be better if I found a property manager, but it also might cost a lot of money, I haven’t really looked into that. 
• Living close to my wife would be nice because then we can have more impromptu hangouts and dates. 
• The real estate market is cooling in the US, but it’s hard to say how affected the NYC metro market will be, especially considering Amazon is building a headquarters in Queens.

Regardless, I think I’m losing out on money by continuing to live in my condo so I really need to make a decision.

Any feedback/ advice? Other options I haven’t considered? Thanks!!!

Hello and welcome from another newbie. I am also in northern NJ! 

Thanks for the warm welcome!

Hi Nancy, I am a total newbie to all of this, but do you have a lawyer you can contact about the situation? It seems there is some uncertainty here about legal status and protected class, allowing additional family members to move in, etc. Good to know all your legal options!