All Forum Posts by: Christopher Figueroa

Unfortunately, the seller had multiple outstanding fines/penalties that he failed to pay for many months and refused to do so to complete the closing.  Ultimately I was advised to offer the seller a buyout option to cancel the contract, which he agreed to, and ultimately only paid me 50% of the amount.

I'm no longer in contract but do have a lien on the property for the amount he owes me.  Sadly, it turned out to be a complete waste of time for all involved due to the seller's unwillingness to complete any of the tasks required and failure to pay his outstanding debts.

The current owner failed his fire inspection and rather them having him fix it, our attorneys will have the seller put money in escrow to complete the repairs.

Looking for any referrals on general contractors and/or licensed electricians who work in Essex County.  Need the following work completed.  Thank you in advance.

Replace all Emergency Light in front hall and rear hall

Install new GFCI outlet in basement bathroom

Remove free hanging outlet from rear exterior wall

Remove extension cord in 2nd floor kitchen

Install new 5/8 inch fire rated sheetrock in furnace room ceiling and walls. Tape and spackle seams and nail holes. Fill in all holes with fire retardant caulk

Install ABC dry chemical fire extinguisher in all kitchens

Install battery smoke and carbon monoxide alarms in every apartment of sleeping areas and furnace room

Install 110V interconnected smoke alarms in hallways and basement.

I've been waiting to get a rate lock before passing along the mortgage broker information. Unfortunately, now I am being quoted 5.5% with a rate lock.

I attempted to get quotes for a 3-family that I have under contract, and so far two companies stated my property did not meet their criteria.  An explanation wasn't given.

Does any one have a referral for an insurance company for a 3-unit investment property in Irvington, New Jersey?

@Dan Barli, thank you for confirming this looks good. much appreciated.

Hi All,

I'm under contract for a 3-family in Irvington, NJ. Went under contract in April 2018. Finished attorney review. Finished Inspection. Finished negotiations. Currently obtaining investment mortgage as property will not be owner occupied. Simply wanted to post loan figures and get any input as this is my first time reviewing loan documents.

Any help is appreciated for potential pitfalls. And what I should/might expect with the Appraisal, which should be within the next 2 weeks.

LOAN TERM: 30 years
PURPOSE: Purchase
PRODUCT: Fixed Rate
LOAN TYPE: Conventional
RATE LOCK: No

Loan Amount: $202,500

Interest: 4.75%

Estimated Taxes/Insurance: $658 monthly

A. Origination Charges - $1585

Application Fees $1,290
Commitment Fee $295

B. Services You Cannot Shop For

Appraisal Fee $600
Appraisal Re-Inspection Fee $200

C. Services You Can Shop For

Title - Administration Fee $10
Title - Closing Protection Letter $75
Title - Deed Prep Fee $60
Title - Document Signing Fee $155
Title - Electronic Doc Fee $5
Title - Endorsements $125
Title - Lender's Title Insurance $1,018
Title - Municipal Searches $175
Title - Settlement Fee $500
Title - Title Review Fee $195

D. TOTAL LOAN COSTS (A + B + C): $4703

E. Taxes and Other Government Fees

Recording Fees and Other Taxes $436

Transfer Taxes $1,482

F. Prepaids

Homeowner's Insurance Premium ( months)
Mortgage Insurance Premium ( months)
Prepaid Interest ($28.50 per day for 17 days @4.75 %) $485
Property Taxes ( months)

G. Initial Escrow Payment at Closing

Homeowner's Insurance $100.00 per month for 2 mo. $200
Mortgage Insurance per month for mo.
Property Taxes $558.00 per month for 2 mo. $1,116

H. Other

Title - Owner's Title Insurance (optional) $255

I. TOTAL OTHER COSTS (E + F + G + H): $3974

J. TOTAL CLOSING COSTS: $8677

That's a smart way to filter out the ineligible prospects. Thank you for the valuable insight today.

@Ray Reed Ah, that's a very clever move.  I'll certainly considering doing that.  As far as the phone number, I'll get a google voice number for the rental units to help with the inquiries.  I can turn on and off whether my phone rings and have it go to voicemail.

@Ray Reed Craigslist has limited listings within a mile.  There's a 1/1 for $1050 and a 2/1 for $1200 with no photos.  Hotpads and Zillow had more listings and closer to the rental prices I had estimated.  But I see your point.  Thankfully, I do have some room to work with.

Do you have a preferred way to list rental units?

@Ray Reed Thank you for pointing out the difference between the violations and open permits.  Maybe the seller had open permits with the town to fix the violations from the state.  Still trying to ascertain the details.

And the fact that the green card is now digital, is huge plus.  I had read on another forums that people recommended traveling to Trenton to pick it up on person.

@Angelo Mart  I researched rent-o-meter, craigslist, zillow, and hotpads and for an average rental price in a 3-mile radius and calculated $1500 for the 2/1 and $1650 for both 3/1's.

What numbers do you have for units on the border of 07111 and 07083?  Any help is appreciated.  Thank you.