All Forum Posts by: Carlos Rodrigues

@Bob Okenwa so would I be able to refi to conventional within 3 months from getting a FHA loan?

Good evening y'all. I finally purchased my first two unit property last month here in Union County NJ. I got it for $274k and I'm putting $25k into it, completely renovating it. I was thinking if I'm able to refinance the property in such short time. I bought the property with FHA 10% down. As a agent I looked at the comps and I believe its worth in the near $350k's.

Lets say the property were to have $75k in equity do I still need to put down the other 10% to remove the MIP? Or would the equity over that?

Also would I be able to get a HELOC and purchase a second unit?

Thanks in advance, I'll be reaching out to my Lender sometime this weekend but I'd like to have an idea so I'm a bit more knowledgable.  Thank you kindly.

Good evening I'm a Licensed NJ Real Estate Agent.  I found a wholesaler thats wholesaling a property and I have a Client of mine that wants to take a look at the property, and I've reached out to the Wholesaler and we're going to see the property.  Now as a Licensed NJ Agent can I legally claim a Finders Fee if the deal goes through?  If so what can I ask for?  Thank you in advance. 

Any advice?  

Good evening BP.  I'm closing on a property soon and the Seller wants to push back the Closing Date because the Seller has Personal Property and she doesn't know how to get rid of it.  She's a older lady and she's alone and has no help, most of the stuff is old and not wort much.  She's tried Yard Sales and Ads but no one cares for the stuff in the property.  I was thinking what if she leaves everything behind and I charge her a "disposal fee" or how ever we can word it.  Any ideas?

UPDATE: I went along with paying for the CO. Paid about $270 for smoke detectors, fire extinguisher and carbon monoxide plus $75 for the CO application. Will be installing them tomorrow and I'll have the Inspection Wednesday morning. Thank you guys for helping me not lose the deal because of $345

You're probably right so I recalculated the numbers 

4.375 $890 Credit Back Day of Closing

4.250 $690 Cost - Save $18 month or $230 in 60 Months

4.125 $1,211 Cost - Save $37 month or $1,009 in 60 Months

4.00 $1,581 Cost - Save $55 month or $1,719 in 60 Months

What would you do? @Andrew Postell

Good evening, I'm in the middle of purchasing a 2 family property for $274k here Central Jersey. I believe I can get a total of $3,300 total rental income. I'm talking to my lender about locking in my interest rate. My question is it worth paying points?

4.375 $890 Credit Back Day of Closing

4.250 $690 Cost  -  Save $18 month or $6,480 in 360 Months

4.125 $1,211 Cost  -  Save $37 month or $13,320 in 360 Months

4.00 $1,581 Cost   -  Save $55 month or $19,800 in 360 Months

What would you guys choose?

I'd honestly would like the extra $55 monthly cash flow.

I'm seeking to hold this property for possibly 8-10 year, it's kind or hard to plan long term but it's defiantly an investment property. This would also be my first deal and I'm planning on getting another deal within 6-12 months. Thank you in Advance.

You're all right not sure why I over thought this.

Good evening BP. I'm currently working on a Two-Family Deal in New Jersey that is Under Attorney Review. A little about the property, it's currently owner by older people who are looking to move and the property is outdated but nothing seems to be broken. They want to Sell the property as-is which I'm fine with as long as it doesn't have a Under Ground Oil tank. But they also want me to be responsible for the Certificate of Occupancy. I told my attorney I want them to be responsible for it, but now I'm hoping I don't lose out on the Deal because of a CO. What are your thoughts on all this? I found a website on what the CO for this town requires (see link below).

http://www.uniontownship.com/DocumentCenter/View/76

@Russell Brazil always with great answers!!