All Forum Posts by: Emmanuel Alexandre

@Jonathan Greene good point. I think I was trying to avoid what ever their situation was and ask just for them to contact me. When getting into contact with them then I would speak more personalized toward their situation.

Decided to go the “Off Market” deals route to supplement our search for a multifamily in New Jersey. Used a link to use propstream and see some propects. We have decided to send our own post cards with our pictures on it to these prospects. Does anyone know where we can get a template or example of what to send to the owners of this properties? Should they be more personalized due to them being distressed for different reasons (I.e. pre-foreclosure, widower, tax lien)? Any other advice? Thanks in advance.

@Tracy Opoku I will def keep my journey updated on this thread. Feel like this loan has a lot of great potential in this type of market and more people should see how it works. Will keep everyone updated.

@Matthew Porcaro great information. Thank you so much this was so informative.

Hi guys, I am excited to start my Real Estate journey. I’ve done hundreds of hours of research on what to do for my families’ first purchase. Unfortunately this housing market seems a bit daunting. I’m trying to stick to my numbers but the prices I see are crazy to me, especially if there is a correction in the market one day. Looking in central NJ, the prices can reach 600,000$ for a 3-4 unit were looking for.

After listening to a recent podcast of BiggerPockets, I decided to look into a FHA 203K loan to get a house that needs work, build upon it, and build equity. I do have a couple of questions though:

Does the 3.5% still apply to this loan?

Is there certain types of construction that this doesn’t cover?

Is there a “certification” or some sort of special license that a contractor needs to work on a house under a 203K loan?

While the house is being rehabilitated, will I need to start making mortgage payments while it’s under construction or does it start once the house is done?

Do refrigerators, ovens, and other appliances fall under this loan?

Any random advice you would give with this loan? Recommend or run far away from it?

Thank you guys in advance. I can’t wait to start my real estate journey!