All Forum Posts by: Chris Cozzens

Hey @Omar Ismael  I appreciate the feedback.  I honestly know nothing about Newark.  Have you had good experience with the tenants there? Are there good areas in Newark and areas to avoid in Newark? If so I would love to hear more about it.  

I assume that your investments are cashflowing pretty well. Do you manage the properties yourself?

@David Lichtenstadter Thans for the reply, I have been browsing a broad range of jersey ( union, sommerset, middlesex, bergen, essex, passaic and morris counties ) I know that is quite a lot, however I am not extremely set on one area yet. The home I put an offer on was in Lodi NJ which was a bit of a compromise for me in terms of the town I would like to be in, I would ideally like to stay away from more urban areas such as Paterson, Newark, elizabeth, etc.  

I look forward to your suggestions.

Hey @Simcha Davidman  Thanks for the reply, I was taking that into account as well.  I am going in with the mindset of when i eventually move out in 3-5 years which is my goal, would it be a good deal? would it cashflow? etc. 

Even with taking that into account, i believe it is almost impossible to get 1% in the north jersey area.  Do you have investments in the area? 

Hey All,

I am starting out as an investor up here in northern new jersey.  I am looking to invest in a 2-3 family home and occupy one of the units.  My father will also be cosigning as well.  My budget is right around 350k is the maximum I could afford I have been looking around for a few months trying to spot a good deal.  I actually offered on one which I thought was a good deal but after the inspection it turned out to be way too much for me to fix for my first deal.

Many of the multifamily houses I am finding are going around 350-450k.  I am familiar with the 1% rent rule which would imply that I should be looking to get around 3500-4500/ month for a house in this price range.  A lot of the rents are well below that range in the areas I am looking.

I am wondering if anyone else is investing in multifamilies here in northern NJ and can share some of their experiences with purchase price and rent rates etc.  

Thanks in advance! 

Hey @Stephanie Medellin The loan originator I was speaking with today spoke with an FHA underwriter. I guess since the house is a multifamily and I have a co-signer (non occupying ) that I would need to put 25% down. This doesn't seem right to me, because if I put 25% down, why would i need FHA lol.

Not sure if it makes a difference but i have 760+ credit and my cosigner is 740+

@Account Closed thanks for the tip  The house I am looking at will not need much work ( if any ) Would the 203k loan program still be a good fit?

Hello, I am looking at a two family home in Essex County NJ.  I am planning on making an offer at $350,000.  I will have a cosigner on the property who will not be living in the home, however I will occupy one of the units and rent out the other unit to a tenant that is already there with a M/M lease for 1500$ per month.  

My question is, is it possible to get approved for an owner ( not cosigner)  occupied multifamily home and only put 5% down?  

I have spoken with only one person regarding this and they have mentioned that I may need to put 10% down to be approved.  

BP, please help! 

Hello my name is Chris Cozzens,  I am looking to buy a property in Northern Central NJ ( Union, Morris, Somerset, Essex,  or Middlesex Counties ) I am not extremely particular about the location, I would like to stay within about 45 minutes of Hackensack, NJ where I currently work. 

I am seeking an agent who is knowledgeable about rental properties and ideally owns a few of them as well. If anyone is willing and able to help, I would love to set up a meeting or call as an introduction and to get started! Please let me know if you need any additional information to assist. 

Hey @Jacqueline Pelzer , new investor here from North Jersey.  Welcome! I believe the north jersey, westchester area is a great place to invest.  Lots of great information on the site a tons of helpful folks who are more than happy to share their experience! 

Hello,

New investor here.  Two part question.

1. As a new investor would you recommend getting your license right away?

2. Can you get your license online, if so are there accredited schools, or a gov site that you get it on? I tried googling it, just having a hard time sifting through all of the information.

Thanks,

Chris.