All Forum Posts by: Harry Arnold

Holy Analysis paralysis! If you have any Faith - tie that thing up as soon as possible. Charging 12 step groups $25 a pop, 5 times a day, 7 days a week would cover expenses. Go in on it with 10 friends and watch Sunday football there. Raise chickens in the pews and sell holy eggs. Start praying for the answer to get that magnificent structure. I would scrape together the $100k however I had to - and get that wrapped up. It’s very hard to believe it can be bought for $100k, and suspect some pieces of the holy grail are missing.

Hi. I have a property I’d like to list on BP. Is that possible? Any help would be appreciated. Thanks

@Scott Benton. thanks for the info! I was in the mortgage business for a long time and never heard of this. This is another nugget in the RE investor tool box! Thank you for taking the time to write about it.

@Brian Boyd. thanks again. They can’t help because they don’t lend in NJ. However, the woman that answered was sweet as they come. She was apologetic for not being able to help. Thanks

Thank you. I’ll be calling them today.

Hi.

Does anyone know a smaller/local/investor friendly bank to refinance with? I have 4 SFR rentals at about 70% LTV. I used a niche lender to do one of the "R's", because that's the only option I had. Now, they're all seasoned over a year and I want to get a lower rate. I don't think I'd qualify for a conventional loan, as debt to income ratios may not fit. However, the lower LTV, cash in the bank, good credit may be attractive to a lender that services their own loans. Any help would be appreciated.

TGIF Thank God I’m Free. Free - because, I’m doing something I love!

Harry

Hi. I think a drive through Keansburg would be helpful. My first job was at an arcade there, about 40 years ago. I am very familiar with the town, as I live close by. I own 3 units in neighboring, union beach, and 1 in hazlet. Both towns border Keansburg. I’ve been tempted to buy in Keansburg but have never pulled the trigger. The town has the say with raising homes too. Duplexes are tricky if in a flood zone. The town will require elevating them, and costly zoning requirements in order to leave them as a duplex. The reason is, they’re trying to get away from so many multi units there. There has been talk of it being “rebuilt”, but after 40 years I’m still waiting. It has so much potential, but change is at a snails pace. I say take a ride through to see it for yourself. If you’re in the area, Romeos pizza in hazlet is worth a drive to for a slice. Harry

I’m looking for Fannie rates, or similar, for investment properties. I already have a rate below 7%. Thank

Hi.

I have 4 rental properties financed through a niche lender. The rate is high, and I want to do a no cash out refinance to lower the rate. I've had the properties over a year, they are all at or below 70% LTV, I have great credit. I haven't used fnma loans in the past, as my income probably wouldn't suffice. I have them all in my llc name, but I'd be willing to change that if required. If anyone knows of a bank that may be helpful, please let me know.

Thanks.

Harry

Hi. I need a contractor in NJ, Woodbridge area for a complete renovation, or pieces of it. I’m a contractor, flipper and would like to start using a contractor to build my portfolio faster. I have 2 projects going on at the same time. Typically, I hire subs and do work myself. If I can find someone - it would make life even better. I’m easy to get along with, and understand the business. I’m looking to form a long lasting relationship, but I’ll also take help on this solo project too. Thanks. Harry