All Forum Posts by: Drew Slew

Great replies thanks a lot. Ok i may have gone overboard with requesting too many things :)

i hope so. i asked for documents and pipe diagram but i havent received any. mortgage bank ordered appraisal so I assume they would check everything is legal, no?

Buying a 2 family (last stages, appraisal right now) in Jersey City - Bergen/Lafayette area, right next to MLK light rail. Great location, ok price. Its a conversion from single family and seller hasnt approved ANY of my after inspection fix requests, any suggestions/ideas? 

- Building is nice, seller essentially bought it as a single family, rehabbed it and converted it to a 2 family, but has some issues i wanted to fix but seller simply gave a 5k credit without fixing anything i asked for. I know things cant be perfect, but some things I thought will be fixed:

things i wanted fixed:

flooring - is a bit dented on one of the units, living room - seems like they just did a quick flip, and floor tiles are not perfect and level

washer dryer - no hookups and none present - wanted at least a hookup or one in one unit

pipe diagram - this i believe should be a must, since i want to know where the pipes run behind the walls. documentation of the flip/fix so I have public records as the new owner on what they actually did

refrigerator/microwaves - this is a must, seller claims broker told me these will not be provided..

Not sure what seasoned investors do usually at this point (probably they fix rehab things themselves). You either keep pushing with requests until the fine line before seller had enough if it, or just take it as it is and believe your gut that you are purchasing a good investment? 

Or ask for 10k credit instead of 5k

Thanks for any ideas.

Great thread, interested in where you ended up investing. Im in the process of purchasing a 2 family around MLK lightrail in Jersey City, bit above 300k, just remodeled. Taxes seem crazy low at 4k/yr or so. Ideas on the area, lot of big condo complexes on the corners being built i see.

He would live in the basement in 1 bedroom 1 bath there, and rent the ground/first floor out whcihis a 2 bed 1 bath. 

Agent suggested we may try to just rent each room separately, so 500-600/room then. 

So these 2 options. Taxes are 2000 on the property, 20% down 30 yrs.

We are about to purchase a 3bed 2 bath single family in Northglenn for 315k, right around the Muriel dr middle school area. Issue is, my brother would live the basement and try to rent the first floor out (house hack). I cant find any rental stats for that, most single family homes are rented out full around there, for 1300-1700/m i see.

Any ideas if this is a good idea, what rents are generally for something like this? 1100/m?

We are also considering maybe doing a 2bed 2 bath condo more downtown where it may be easier to rent out, but there is HOA fee with that.

Happy to hear or connect with anyone who rents their primary home out while living there in Denver.

We are about to purchase a 3bed 2 bath single family in Northglenn for 315k, right around the Muriel dr middle school area. Issue is, my brother would live the basement and try to rent the first floor out (house hack). I cant find any rental stats for that, most single family homes are rented out full around there, for 1300-1700/m i see. 

Any ideas if this is a good idea, what rents are generally for something like this? 1100/m?

Very helpful, thanks a lot. Good insight on ARM.

Helpful, thanks, thats what i thought. Would you go with points, and a 10yr ARM vs a 30yr fixed? i might sell the place before 10 years, most likely, idk. You can always just refinance later into a fixed rate mortgage i assume (hoping of course rates will be better not much worse)

For a jersey city multifamily purchase i am looking at some 20% down 30yr fixed mortgages. It would be an owner occupied 2nd mortgage, and have to rent my current place out - it seems they need to see a rent lease to show how much I would be able to get for my current place. 

Anyone in/been in a similar situation? Im seeing around 4.25% w 0.75 points on 30yr mortgages, anyone seen better in Feb 2018?