All Forum Posts by: Grant Ed

I may be jumping in a bit late here but would love to share our experience.  it may be different as we are in NJ..

We own 4 multi-family homes that we rent out. All of them are in my wifes name. We have been advised by our Lawyer, Financial adviser and our lenders to put our homes in separate LLC's to protect each property and our assets. In addition putting your properties in a LLC will allow us to lower our personal Debt to income ratio as LLC's are not reported on your credit report.

A lot of the big banks DO NOT finance a LLC but if you talk to your smaller local banks you will find one that may. We are using Providence bank in NJ.

We are in Northern NJ. We had been struggling with this question for a while when both our Laywer and financial adviser and bankers told us to put each property in a separate LLC.

It is good for protecting your assets. If your bank will write a mortgage to a LLC then it will also allow you to lower your personal debt too come ratio.

Forgot to mention the property is a single family house in Nutley. Thanks.

We just closed on a foreclosure and need contractors to fix up the property. Does anyone have good contractors to recommend? Thank you!

Thanks Patrick.

Hi all. We are looking to purchase a mixed use property northern NJ. Asking price is $700k. Gross rent is $6/mo, greatly under the market rate. Operating costs are $3.5k/mon (including property tax, insurance, utilities, 5% vacancy, 5% repair, 8% property management, not including capex or P&I). The property needs s lot of TLC. But in a up and coming prime location, close to train station. There is a lot of potential. We think $590k is okay. As we can put in $50k to fix up the place and increase rent to $7.7k/mo. But we are not sure if we have missed anything. Can we go higher with the offer price if seller counters? Any advice will be appreciated. Thank you. Grant

Originally posted by @Karen O.:

Hi and welcome.  There's a meet of NJ group next week if you're interested .

 Please could I have more info on the meeting.. Thanks so much for your warm welcome. 

Thanks to all for the warm welcome. I would like to join some of the meet-ups going on in northern jersey. I would very thankful to any information  of when and where groups meet. 

Hi all. I am a new member on Big Pockets, living and investing in multi family homes located in Northern New Jersey. My wife and I have three multi family rentals.