All Forum Posts by: Dmitry Marutov

Hello Everyone.

Can anyone recommend an attorney in the Hudson County NJ area.  I just negotiated a CONDO in West New York and looking for an attorney that specializes in real estate in the area.

I'm also looking for a home inspector that specializes in CONDO's in Hudson County area.  Any recommendations are greatly appreciated.

Thank You All

Thank You @Taylor Redden

Appreciate the insight.  Ill provide an update on the my experience and the route i choose to take.

@Taylor Redden

I'm dealing with a similar situation now and just wanted to know if you dad success securing a HELOC. A major obstacle that I'm encountering is the owner occupancy vs renters ration. If the condo building contains less than 50% of owner occupied units, banks that I've spoke to refuse to go further. Is this something that you have experienced as well?

Hello @David Weintraub

The property is currently vacant. It's an REO property that requires an all cash offer

Hello everyone,

I am relatively new to investing and looking to purchase first property. I live in the greater New York City area and found a condo that I am interested in that is in New Jersey, just a short drive away. Its an all cash deal. I have contacted several lenders about possibly taking out a home equity line, or doing a cash out refinance down the line, and what I found out is that most lenders are requiring that 50% of the condo building is owner occupied. The building I am currently looking into is 100% renters. Does anyone have any experience with doing a cash out refinance or taking out a HELOC on a condo? My strategy here is to use the BRRRR approach, refinance after a year, and use that cash for a new investmeent. Any advise is greatly appreciated.