All Forum Posts by: Sunny Suh

Has it been 2 years since you bought the condo? If not, you will be deemed an investor, paying a higher rate and putting down 20 to 25%. 

Plan are great, but like Mike Tyson says, everyone steps in with a plan until they get punched in the face. Not here to deter you, but I see a lotta posts from guys with less than 5 posts asking to be spoon fed info, I was guilty of that too. People will help you, yes, but to an extent.

Reach out to a lender is my advice, youre plan is good but everyone has the same plan. Take action, get experience under your belt, I'm doing the same. Expect you will get cheated somewhere down the line, but try to minimize as much as you can. Best of luck.

thanks @Barbara G.!!! running into a lot of setbacks lately. 

We passed attorney review, my home inspector didn't check the roof so i'm paying extra on a $550 inspection. quoted $400 for a roof inspection that should take 20 minutes, something just didn't smell right so i went away from my recommendation and chose a local guy for $125. 

We just had an oil tank sweep and found one under the driveway..... roof i'll find out today to see what surprises are in store for me there. this will not be an easy first property, but jersey city heights is up and coming, may be worth the risk. more detail to follow once it closes. 

if it closes, haha. ah, the fun of real estate investing. 

hey @Account Closed, i had the same idea once i saw deals were not easy. then again, nothing good is easy. my advice to you is don't go it alone, but try to minimize yourself getting cheated... next piece of advice is this: don't buy just a condo yourself, and then expect to buy investment property. your next property, if it's within 2 years, will be considered an investment property, and you will have to put down 20-25%, otherwise wait 2 years. i don't know your situation and life story, but also, it would be much easier to find lenders going from a 2 family to 1 family, than a 1 family to 2 family. 

as for stocks, i'm into the long game, so Vanguard ETFs, indexes are the way i go. warren buffett has a bet going on with a hedge fund manager; 1 million dollars to the charity of choice if the s&p 500 outperform the top 3 hedge funds of anyone's choosing over 10 years. someone took him on that bet but warren buffett is winning. 

Hey Steve, hate to burst your bubble but that is a pipe dream in Jersey City unless you are looking in the risky areas. 10% cap rate is very rare. You're competing against people who pay more than asking price, there is no negotiation, sellers currently have the upper hand. Asking the owner to hold a second note combined with 10% down.... this whole strategy is the equivalent of asking a model chick to go out on a date at taco bell expecting to get laid on the first date. 

You're on the right track though, I'd suggest speaking to a few brokers and agents on here in BP. I'm an amateur myself, had to face harsh realities diving into the market. 1% rule is barely obtainable, but it still personally makes sense for me, because I also work here in JC and dont have a car. That's something you have to figure out for yourself, best of luck!

Hey Steve, welcome!! In my opinion, 25k is still not enough, as most of the properties are moderately high, good deals (meaning somewhat move in ready, in decent neighborhoods) you're gonna need roughly triple or at the very least double that to invest around here, if you're new like me. Just my opinion, unless you don't mind taking on more risk, but there's def. money to be made!

Probably look into the no or low money down book from Brandon turner? Just my 2 cents

Just to piggy back off of what Ashley said, here's the link for you for flood areas:

https://msc.fema.gov/portal/search?AddressQuery=20...

For some reason it says last update was 2006, keep in mind Sandy was 2012

Hey guys, i realize it might be better if I close the deal and then continue from there. 

Just to update, I found a house, 2 family, but there's a bunch of mouse **** on the floor in the ground unit.... looks like shoddy construction, they definitely cut corners, and the layout is a mess. But the price is good so what the hell. The numbers add up, wife is happy with the future rent roll. 

Put in the offer but I found another house which looks nicer and i'll have more detailed updates later after i close on one. 

@John Errico@Nick Intrieri@Louis Smith@Mike Swiss

 looking to get coffee at mod cup this sunday early afternoon around 11?? let me know what you guys think

I don't think your wife understands the value you guys are passing up!! Pity..

Piggybacking on what you guys are saying about pre approvals, have any received pre approvals without a hard inquiry credit check pull as long as you provide a credit report? 

@Jay Hinrichs@Chris Vail@Matthew Saskin@Jon Holdman@Hattie Dizmond

May be another topic, but curious. 

@Nick Intrieri@John Errico

I'm down! Was just there today, post coming up soon.

@John Errico

 definitely take you up on that offer! taxes seem to be higher in Union City, i'd like to offer you more value/advice with my experience, give me some time John!