All Forum Posts by: Hoai T.

As I feel like the market for multifamily in North NJ is so competitive that my chance of getting a good one is so slow, I was told by my uncle to look in to in -law suit instead. I have done some research and look likes in -law suits, is not quite the same as multifamily even one has separate entrances. I called the town on a house I'm interested in and was told that it would be illegal to rent out a level to strangers. Have anyone gone through the process of legalizing an in- law to a multifamily? Is it worth it? what kind of paperworks are involved and how much does it cost?

Thank you!

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Originally posted by @Mike H.:

Are you investing in them as long term rentals or flipping? As rentals, you can expect some additional costs with well and septic. I've got 4 now with well or well and septic. And every single one has been hit with a 1k or more to replace something. The well and/or septic systems have been ok. But the pumps are what go bad and are very expensive. And its not as easy to get someone that can address those sometimes.

Out here in illinois, they passed some stupid law and quite a few of these septic companies closed up shop.

I'm looking for a multifamily where I can live in one and rent out the rest, so I would say it's a long term rental. I have to be very careful with potential additional cost as the New Jersey market is pretty tough right now I feel. My numbers don't work with more expensive properties, the cheaper ones seem to work a bit better but they are usually septic and well which I have to have an idea of how much these cost in the long run and whether the numbers now really works.

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Originally posted by @Deren Huang:

I haven't bought anything with well water, but with septic. I would just get an inspection on it before to make sure it's not act

Thank you for your response Deren!

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Originally posted by @Kevin Hill:

If it is common to the area, I would be ok with it. Just make sure you get the well tested and the septic inspected. Septic tanks can be very expensive to dig up and replace. You have to get them emptied every 1-2 years.

Thanks Kevin for the info! what do you think about Oil fuel above ground inside? I think I should stay away from septic then, looks like it needs maintenance at least every 2 years.

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Hi everyone,

I am looking to buy my first property in North New Jersey area. A lot of the houses in further North New Jersey are cheaper but usually they have septic and well water. Would you buy a house with those? do they entail with a lot of maintenance?

Thank you!

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Originally posted by @Matthew Mason:

Hello Hoai...your last hard credit pull has absolutely nothing to do with getting pre-qualed for a mortgage. It can sometimes drop your score a few points but really doesn't have an impact overall. Mortgage underwriters will look to see where your down payment funds came from. they will look at 60 days / two months of bank statements. Just because you moved funds between banks doesn't really mean anything as long as you have previous bank statements showing the source.

Why wait!? let landlord know what your trying to do and he may let you leave before lease is up if you give 60 days notice! seems you have a great chunk of change and good credit score... Get out there and look for a 2-4 unit and use an FHA. your looking at aprox 5% of purchase price cash to close(depending on closing costs obviously) go grab a 4 unit for 250 (not sure your market) your looking at 20sh down, you will still have 30K for repairs/reserve/ next purchase!

Thank you Matthew for the advice!! I really appreciate it!! just a quick question, did you get any special deals/programs for your first deal as a first time home buyer?

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Hi everyone ,

I am new here at Bigger Pocket. Since early October, I have read articles on BP and collect as much knowledge as I could to purchase my first property. The goal is to buy a duplex or triplex to house hack some time soon.

Here is my situation:

1. Last hard credit pull: September 2017

2. Credit score: around 750 per Credit Karma

3. Cash saved for down payments: $50K. I have been moving this money around a lot among different bank checking/saving accounts for sign up bonus. Currently the money is sitting at 3 different banks: Chase, PNC and Discover. Discover I just opened in 10/31/2017.

4. Job: full time - in $80K range salary.

5. Market: New Jersey- preferably North New Jersey.

6. Current housing situation: Rent - contract expires August 2018.

I'm aiming to buy the first property in April or May 2018 to avoid signing another year renting contract with my landlord. I know the looking and buying property process can takes awhile, so I should start the process soon. However, some people had told me that I should wait at least 6 months since my last hard credit pull and have my down payment stays in each banks at least 3 months before going to banks to get a pre-qualify.

Any advice on the time frame of when I should start actively looking for a property? also, any advice on where I should start or about the NJ market or anything at all related to real estate, I really appreciate it. I am here to learn, so any advice at all, I'll take like gold.

Thank you so much!

Hoai

2 Votes

All Forum Posts by: Hoai T.

Hoai T. has started 3 posts and replied 7 times.

Post: In Law Suit vs. Multi- family

Post: Would you purchase a house with Septic and Well water?

Post: Would you purchase a house with Septic and Well water?

Post: Would you purchase a house with Septic and Well water?

Post: Would you purchase a house with Septic and Well water?

Post: Buying First Property Plan

Post: Buying First Property Plan