All Forum Posts by: Chrissy Gillo

Thank you guys for all your input!

We all have mentors that have shown us the ropes whether it's finance, business, or real estate.

I was wondering about your mentor or mentors. What important lessons did they instill in you in regards to finance/real estate?

@Miguel Bautista I live in NJ and I highly recommend you NOT invest here. Trust me this is the worst place to live besides California. Taxes are extremely high and the properties are falling apart.

@Christian Walker

Currently in the process of doing a business deal with my father as well. My father always taught me that business is business. If both parties (you and your father) do not agree on the terms and conditions do not go through with it. There are other options like you said. Stick to what’s profitable.

@Kelsey Herbst, Thanks for such a detailed response! NJ has crazyyyyy property taxes, but Elizabeth actually has really cheap taxes. You can get a 4 bedroom house with property taxes of 5,000ish. So you're saying that if I go multifamily (2-4 family) then  I will get more purchasing power? Single home will only get me so much, but I would definitely go multifamily if I can get approved for more.

@Brenden Mitchum, Thank you for your response! Elizabeth is an inner city that ranges from low 200s to 350s in the better quality homes. I'm not sure if you heard of Newark, NJ but it's right next to Newark. You are correct in regards to the banks not considering OT. They don't. I went to a bunch of banks and they all said the same thing. BRRRR is a possibility for sure. 

Hello everyone! I'm currently a senior at Montclair State University graduating with a business degree with a concentration of real estate. I currently live in NJ and plan on purchasing in Elizabeth, NJ. I'm looking to purchase my first rental property, but my base salary will be $39,520, but has an annual target pay of $51,357 (including overtime). The target hours per week ranges from 48-50 hours which is mandatory. I have already gone to the banks and they said that they will only take the $39,520. My concern is getting qualified for an FHA loan. The FHA loan will only allow me to purchase around a $200,000 property with my salary. They don't care about overtime. In order to purchase $300,000+ I need to have a set base of around $55,000 in order to purchase the property I want. My target purchase price is $290,000-$350,000. What options do I have to land this property before July 2021? I have a time frame because my girlfriend is supposed to be moving up here for college. The whole plan is to purchase the property, rent it out, and have her move in with me. Please help!! How do I land this property?!