All Forum Posts by: Gabriel L.

Paul,

That website is extremely helpful, exactly what I needed. I'm a see if I meet with an HUD consultant and then refer to the website to find a licensed 203k GC.

truly grateful for all you guys advice.

Hey Andrew,

Thanks so much, I'll definitely look into them and see if they're willing to travel further. Much appreciated

Thanks so much for the response Mark. Pretty much anywhere except Greenville. Journal Square, Bergen or even Downtown would be great options. 

Hoping to network and get a team together now so I could just dive right in as soon as I'm ready.

Hello,

looking to purchase my first multi family property in the near future in Jersey City or Union City, NJ. I am planning on purchasing a somewhat distressed property with an FHA 203K loan, which rolls renovation costs into the loan. I need to have a licensed contractor that has worked with 203K loans before in my area. Anyone have any awesome recommendations?

Thank you so much for your input Ms. Delva, very informative and useful. 

As I run the numbers currently for my projected price for sale and rehab costs, it would be a 5.25% cash on cash return, but that's because I would be living rent free. Now once I would move out and rent that unit after about a year or two, my projected return would sky rocket to around 19 to 22%. I guess that's the con of househacking lol

I am planning on buying my first 4 unit multifamily property with the intention on "househacking". My question would be, what would be a good Cash on Cash Return?

My main priorities would be to have positive cash flow, to the point where I wouldn't have to come out of pocket for my own unit.