All Forum Posts by: Gary Bracken

@Chris Magma Hey chris, thanks this is great advice. I had though about going down this route but thought it would be a lot of manual work to input all of the data, but I guess if there is no online database where the information already exists, this is probably my best option.

Would you have any recommendations on a good 'affordable' mapping software tool? I see websites like 'espatial', 'mapline' and 'maptive', but have no experience or information on them. I will look into them myself, but if you had a recommendation, that would be a good start.

Thanks again!

@Aaron K. Thanks for your advice. Ive never seen what the interface for the MLS looks like or the information which it provides myself. Would I expect to have much more information on listed properties which I cannot find on Zillow listings? Or is it more or less the same information with a bigger scope?

Hi All, 

I am looking at purchasing my first rental property in Newark, NJ (3-Family), although I am not from this area myself. I would love to know if there is a method I can use to plot out which areas are historically more expensive or inexpensive? Essentially, which are the 'good' parts and 'bad' parts.

I have been searching through Zillow, Trulia, Redfin etc. which gives you current market value of what's available, but I would like to build a  more detailed historical map of 3-family homes throughout the different neighborhoods so I understand completely the dynamic of the city and know whats changing or has already changed.

This may be a big ask. I have already visited the area for multiple days, driving everywhere to get a feel for it, but it is not enough for me to make an informed decision on my investment.

Any info or advice that you guys have used in the past would be greatly appreciated.

Thanks, Gary.

Hi Everyone,

I have seen some similar posts relating to the topic, but none seem to fit the purpose of what I am looking for.

Essentially, I am thinking of purchasing a multi-family property under an FHA mortgage, renting out one unit and living in the other for one year. I believe this will allow me to have a small downpayment of 3.5%, while possibly benefiting from lower interest rates than a conventional loan.

After the one year occupancy period has passed, I was hoping to sell the property directly to my own LLC. This should allow me to be more protected and I can rent out the second unit for more cash flow. Does anyone know if this is possible to achieve?

Secondly, if FHA loans can be 'assumed', then would it be possible for my LLC to take over the FHA mortgage from myself to continue benefiting from the lower interest rates?I'm looking forward to hearing peoples thoughts on this.

I am trying to get myself into the real estate market, so I am a complete newbie here. Any info you guys can provide would be greatly appreciated.

Thanks,

Gary.