All Forum Posts by: Christopher Guerriero

Try Elise Marquette with Paramount Residential Mortgage Group. You can find her through a search on here. I'm in NJ and I highly recommend her and her partner Jeff. They have many financing options for investments available including 15% down. 

@Dylan Salem

I'd do it without hesitation, that's your family man come on.

@Ciji Masser

A few tips that I've discovered are find 85 LTV lender, have seller pay closing costs, find properties with tenants in place to start collecting money upon closing. Assuming you own your home you can find credit unions that will do 100%ltv heloc or loan. Not that you should as it might limit your buying power with your debt calculations but its definitely an option. I'm 35 with 3 kids, 3 sfh, and 1 two family. My experience is that one house was the hardest phase because your normal income will be a big contributer to maintaining this one unit where as multiple properties pay to maintain one another when there are issues. Be ready, have safety nets people and places that will lend you money if necessary. And get ready to commit to adding houses. Good luck

Great advice. I haven't actually previously considered much of what you said as I am just trying to acquire single family rental units. The past years I've had deals fall onto my lap but this year seems a bit different. Do you have any advice for direct mail campaigns?  

I have a very specific target area that I am interested in buying more investment properties. Probably 2000 houses or so in the entire area I am looking. Are there any companies that would campaign this area and find potential sellers? How much does a project like that cost and are there companies that would take on that project?

Hey Kevin, thank you for the reply. 

Do you know if the seller is allowed to put money toward the entire closing costs including the taxes, insurance, etc., or is it just the loan related expenses? Also, as far as you know is that allowed on investment properties as well? 

Do you offer 85% LTV on single family Investment properties? I would be very interested in that product if that's something you offer. Please let me know.

Also, yes, North Jersey transactions are almost entirely completed with attorneys. I know that isn't typical in many places including the bottom half of New Jersey. Why we do it, I have no clue, but that is the norm around these parts. 

Thanks again for the reply

I'm sure this topic is beat to death but here I go. I own 4 SFR properties that I purchased using conventional mortgages with 80% LTV. I am not a great deal hunter. In fact I pay a premium to purchase excellent cash flow properties (rent double PITI). The cash required to buy a 250k house is 50k down payment plus typically 15k additional closing costs (3mo taxes 2k, 12mo. insurance 1k, loan fees 6k, title 2.5k, lawyer 1.5k, additional fees and other 2k). I am dying to lower the amount of cash needed to get these deals done but I do not know what that may be. Are there any methods of rolling in closing costs with the mortgage, or having the seller pay for them as part of the deal. Can I negotiate with the seller to put money toward the equity portion of my purchase? I have enough cash on hand to purchase right about 4 more of these deals, but would love to stretch it to 5 or 6 if possible. Does anybody have any strategies that can help?!?! Thanks

Congrats! Where do you buy these houses that you can get it for 78k put in 40k and appraise at 185k. I live in NJ and this means you are in the ghettoest of the ghettos. Is this method possible in NJ or other metro areas?

Hi, I am currently the owner of a construction company and a property management company. I currently buy my own house rentals and manage them through my company. Recently, I had the probably non-unique idea of reaching out to multiple investors to pool money to make a large, quick series of rental purchases. I was going to try to accumulate 2-3 million from around 30 investors including myself and make a series of purchases that I would like to personally manage for an additional percent of the profit. Ideally I would be compensated for additional repairs and upgrades through my construction company. Obviously this leads to a large potential for abuse and so this is just a soft idea thus far. My questions are as follows.  

? Is there a preferred method of establishing such a fund through a particular entity? 

? Is this a common strategy for accumulating properties and income? 

? Does this break any particular conflict of interest laws if this is a private venture and the parties all have a clear understanding of my role in multiple aspects of the project?  

I am positive I am missing alot of things as I am just in the beginning of strategizing such a concept. Perhaps others have seen or tried something like this and have some input. It would be greatly appreciated. Thanks 

Chris

Interesting take. None of them are owner occupied. They are all rented to tenants. All located in the same township within the same public school system. The interesting thing is you can take any street in the town and the taxes are seemingly unrelated to the tax assessment from one house to the next. I will talk to the assessment department and post the answer.