All Forum Posts by: Chris Masons

Great advice Joel and Ibraham! I agree, if there is no green card due to violations there a pretty good chance there are some outstanding fines - and trust me they don't go away. I dealt with that on my 4 family.

Those inspectors love to justify their job and can really nit pick so it can be tough.

The price does sound attractive for an 11 unit in Union.

I invest in Union myself where abouts is it? Walking distance to center? No worries I have no interest in undertaking such a project. I have enough trouble managing my tenants in my buildings! lol

anyway good luck!

Chris

wow!! I am not sure how I feel about this!! So if tenant is living in one of my properties I am responsible for posting a bond??

I wonder what happens If bond isn't posted? Can I evict on this ground? I don't like the idea of having to spend money due to a tenant getting in trouble with the law.

very interesting. I have to research this!!

very very interesting!!

chris

Hi james,

You can get conventional financing on properties 5 - 10 juts need to meet some criteria. And you need to find a bank that will go along with it.

Under new Fannie Mae guidelines, (well not so new this was done in May 2009) You can have up to 10 properties financaed in youro name as long as the following is met....

actually I am gonna make it easierfor you: here it is straight from Fannie Mae....

https://www.efanniemae.com/sf/guides/ssg/annltrs/pdf/2009/0902.pdf

Again hardest part is finding banks who will agree and do the loan.

hope this helps,
Chris

This is a GREAT Strategy IMO. It is how I got my start in Real Estate only I took it a step further and instead of occupying an apt. I stayed living at home with Mom paying very minimul rent.

This enabled me to save quite a bit of money for the next investment which ended up being my primary residence at the time which was a 2 family so that tenant ended up paying 3/4 of my Mtg on that house.

Having other people's money work for you can be a great way to build a bankroll and or free up capital for you to invest elsewhere!

occupying a 4 family is great too b/c you will be there to oversee and manage the building which is a huge plus.

Just make sure the numbers work which in this market I am pretty sure they will.

goodluck!

Chris

Hi everyone,

Just thought I'd post some very useful info on tenant/landlord laws in NJ.

NJ is a tenant friendly state so it really pays to know these laws.

enjoy!!

http://www.lsnjlaw.org/english/placeilive/irentmyhome/index.cfm

Ahhhh!! If this is what I think it is it is One of my favorites Ibrahim. You won't see houses built with this stone these days! Used in the 40s and 50s alot and not sure if it was used or used extenssively after that due to it's cost.

This looks to me like it is Mica stone. It has somewhat of a shine to it and glimmers right?

The house I lived in for 10 years in Union is brick and Mica creating a very worldly classic timeless look!

There are a fair amount of houses in Union I see with this used on the exterior.

I hope you plan on keeping it in place and not taking down? lol

regards,
Chris

I am about to embark on property #6, (5th investment) It is a small 2 family loan amount is going to be around 165k

I am NOT looking forwawrd to the mounds and mounds of paperwork I will have to go through. I the bright side i am lookign at some amazing rates......

Chris

I seem to have a similar model that J Scott uses. My main concern is that my passive income is helping my networth grow on a yearly basis. Not counting appreciation and or equity but those are huge pluses as well

It can get a bit confusing bc due to my passive income I am able to max out other investment vehicles from my W-2 income IE. Maxing out work 401k and maxing gout Roth IRA from W-2 income. This in itself gives my some big tax savings as well as a bigger return on my money and if it weren't for my passive income cash flow I would not be able to allocate my W-2 incoome as aggressively to reaching my financial goals.

Chris

Hi Sue,

Figure you can borrow about 70% of the appraised value. There are various factors that will determine your interest rate.... Is this your primary owner occupied residence? How is your credit score?
Do you have income to support the mortgage payment? These are the big factors that will determine your interest rate and how much you will be able to borrow against your house.

hope this helps,
chris

Hi Sherry,

So sorry to hear about your parents fire. My thoughts and prayers are with you and your family.

As bad as it is Sherry Thank God they both were able to get out and were not injured or worse killed.

Hang in there.

sincerely,
chris