All Forum Posts by: Chris Cozzens

Hey Guys,

Could someone provide details on how exactly an FHA loan works?

What sets this type of loan apart from others?  How do you qualify? Does this loan count toward your "loan limit"? 

Any insight would help tremendously! 

Thanks,

Chris

Hey Nick, I am a new investor as well from the area.  While i do not have much real estate experience I think I may be able to offer some assistance.  I recently started a business with my friend who put up a large sum of money in the beginning.  We did a 51-49% partnership with me taking 49% We have been working great together and both put in an equal effort in terms of managing the business.  I think that may be the biggest tip i have for you, ensure that you both have great communication with that person and make sure you guys can trust each other.  The best way to figure out what would be fair is to ask!  

Look forward to connecting with you!

Very much appreciated, thank you everyone! Great links, I have already ordered the J. Scott Book, I am looking forward to beginning.

Hey All,

I am wondering if anyone has a detailed way to estimate how much the repairs will cost on a property.  I have heard J Scott's Book is a great place to start. Any other tips? 

More importantly, what is the best way to estimate accurately how much those repairs may increase property value.  

A simple example.  If you purchase a house for 100,000 and realize through your estimation that it needs about 10,000 in repairs.  What is the best way to know that your 10,000 in repairs will add more than 10,000 in property value?  Is it simply looking at comps in the area, or is there more to it? 

Any Advice/ Help would be awesome! 

Thanks,

Chris

@Percy N. Great Advice and very helpful for someone who is just beginning.  Very similar response to what my agent suggested.  I am working with an agent with whom I trust , but just want to verify what they are telling me before making any bold decisions.  

Hey @Monique Rene Coates I appreciate the feedback.  Not sure if it makes a difference, but i was suggesting to offer my ideal price right off the bat.  For example if there is a 2br 1 bath listed at 100,000 and my ideal offer would be 80,00, having run the numbers and everything make sense at approx 80,000.  So I would offer my ideal offer, not what they are necessarily asking for.  

I appreciate the help! 

Ok, over the last few weeks/ months I have dedicated a huge amount of time to learning the basics, learning how to find a deal, what makes a deal, and finding good areas near me to invest in.  

I am now at the point where i have looked at approx 100 deals over the last few weeks, crunched a ton of numbers, seen a few houses, and I think I am at the point of making my first offer.  

I am currently working with an agent on this property which i found on the MLS. I am wondering through experience which shows the best results. I am debating between offering my ideal offer right off the bat, then if they decline/counter with something unreasonable, I will walk away. Or giving them a lowball offer at the risk of offending them, and hope to give them a "win" by eventually conceding to my original ideal/max price.

This may seem like a basic question, however in your experience, which types of offers have you had positive experiences with?  

Lastly, since this will be my first offer ever, any tips?? 

Thanks in advance, 

Chris

Hello BP!!! I am fairly new to the site, I have just finished reading @Brandon Turners book on rental property investing, which was inspiring, informative, and well written.  I highly recommend reading it. When I found this site I was thrilled, I have been a member for about 2 weeks and will be upgrading to PRO as soon as I can take a good picture of myself LOL. 

 I am looking to engage, communicate, learn, network, connect, teach, help, and add value to the community overall. If anyone has experience in the Northern/ Central NJ Area I would love to connect and discuss about how you got started and what you are doing now in the area.  I look forward to talking to everyone here on the site.

Hey @Alex Carestia I am pretty much in the same boat as you.  I just recently graduated from college and am currently living in Bergen County NJ.  I am also leaning towards investing in a multifamily home in northern NJ. I am also looking for tips from some experienced investors in northern/ central NJ.

@Logan Allec Thanks for the spreadsheet.  I have been trying to create something like this for myself to analyze certain deals.  This is very helpful!