All Forum Posts by: Gerardo R Gonzalez

I'm approved for an fha loan and in my search I found a range where I can put 5% down instead of the 3.5% for the fha. My question is if I put the 5% do I still have the requirement to have that property be my primary or can I just rent it out 

The shore house idea I let go of already and for the same reasons you posted thanks for taking the time to reply btw

The 3 family even at 400k would cash flow for me and still have like 16%cocroi the price is high and in the areas I'm looking in the rents are high as well. However everything I'm looking at is doing best and highest so anything over the numbers I'm sticking too I lose out on but I'll get a place eventually lol

 On the beach house like less than 10k. On the multifamily I'm gonna go see it with a contractor on Tuesday but mostly will be more than 10k since it's a 3 family with an unfinished walk out basement that can be done (asking 380k)

OK so a deal just dropped into my lap. A single family shore house in keansburg nj (2 bed 1 bath) I can get it for 150k or less from a friend of mine. All that needs to be done baring an inspection is a new bathroom a few windows and a water treatment. It would rent out for 1600 a month. All for sale by owner so I have no clue how to proceed.

Im new to this game and I started with the idea of getting a multi family home so that I could house hack and potentially live rent free and then repeat.

If I buy this shore house I won't be able to live in it because it's too far from my job and my kids so my original plan won't work in that case.

I'm lost and not sure what to do here should I say screw it and try my hand at this single family home or should I continue on with my multifamily home hunt which isn't going to great (Newark NJ sucks it's over priced and some parts are too dangerous for my taste)

Any help or direction would be greatly appreciated

No I haven't signed anything at all 

So I'm working with an agent for the past 3 weeks I've only seen 1 house with her and I went to 3 open houses by myself. I feel like we aren't clicking but she seems to listen to me when I talk and gets where I'm headed as far as my journey. However, I just feel like I'm not getting anywhere with her. Do I continue to stay loyal or should I venture out and seek another agent. And if I do venture out what's the best way to not burn a bridge with this agent?

UnfortunatelyiI do not. 😔 

To be honest I'm open to both 

Thanks @dennissoto that was a cool explanation I'll try that on my next mock deal 🤝 

Thanks everyone for your input. I appreciate it greatly. When I asked about the rehab cost what I meant was more estimating not exact numbers because as I said I was using the BP calculator and it asks me for rehab costs but since I have no clue I don't ever know what to put. I know the books and real works experience would help greatly but one book at a time lmao I have to finish the one I'm on first 😂