All Forum Posts by: Fasil Khan

@Leonardo Carrasco 

I would look into how much cash you have available and what you qualify for as loan. etc. Do you want to be hands on or looking for vetting teams and put your capital to work. Example if you invest in NJ are you looking for a partner, solo by yourself and do you want to manage the property. Most of all study the market and numbers once you decide how much time you want to commit to for the rentals. 

@Anthony Henriquez I am a police officer in Paterson, what specifically would you like to know? 

@Jeff Puchik First congratulations, on taking steps to get an investment deal done. Really, comes down to the numbers seems to me that the if the purchase prices is 225k + 50k rehab you are at 275k, what is your cost for the money, also how long is the project going take, what is your contingence factor that you allowed for 20k,  30k or etc. Roughly looks like you make may make 385-275 110k but that is deceiving because I would factor in holding costs, selling and acquiring cost, the oh **** factor, worse case if the market shifts what would be the bottom line for you to sell to get out of it. Double check the comps with an agent or etc. "he house has really great potential, but two major drawbacks with the house is there is no garage/driveway forcing you to park on the street, and there is about 20 steps you need to climb to get to the front door as the house is situated on a hill." There is a cost for this drawback an investor agent could help you with that. Once factor these variables that should give you can idea if you should stay, go or another exit strategy. 

Hope it helps! Awesome job in taking action. 

@Ryan Saulle Not my wheel house however, I sent you information of a person I recommend. 

@Justin Lugo Welcome to BP! You will do awesome especially due to your construction skill set. If you sign up on meetup.com you can look up all the local real estate meet ups. https://www.meetup.com/topics/... 

Just curious what is/are your goal(s) for 2020? 

@Si Marlow Welcome to Bp 

@Ryan Saulle Not clear on your question, what is your obstacle or problem that you are looking for feedback? 

@engelbert I would wait it out, also know your numbers even if you went to 90k would it make sense then wait it out if it only makes sense at the 82k then see what they say if they want you to go higher then walk away. My assumption is that it's a competitive market see what happens the make a logically and numbers decision not emotional decision. Hope it works in your favor and great job finding deal 

@Jesse Runyon FHA some requirements but not limited to:

• FICO® score at least 580 = 3.5% down payment.
• FICO® score between 500 and 579 = 10% down payment.
• MIP (Mortgage Insurance Premium ) is required.
• Debt-to-Income Ratio < 43%.
• The home must be the borrower's primary residence.
• Borrower must have steady income and proof of employment.

FHA is good loan however, in this market finding a little harder to get then accepted not impossible just competitive right now. Yes, you are correct by saying going for conventional is better.

@Alexis Manco

Mendez Home Improvements

Leoan Mendez

Owner, Home Improvement LLC