All Forum Posts by: Jean-Carlos Alix

Quote from @Sri K.:

Congratulations. I am trying to learn more about all this. You said you made a lot of offers before. Did you use an agent or did it yourself?

 Thank you ! And yes at first I used an agent and made multiple offers all above or well above asking and I was not getting any. I tried my luck without an agent and made offer directly to sellers agent, she took on role of dual agent and did all proper paperwork for my offer and later that week it was accepted. The way I saw it was seller already agreed to a commission % with the agent and I saved them a few thousand dollars by not having an agent. This was all back when the market was crazy and people were waiting in long lines to see houses so I figured I'd try to stand out from the other offers some other way and for me it worked 

Quote from @Joseph Guzzardi Jr:

@Jean-Carlos Alix where in NJ is the property? Where do you see the ARV on this once renovations are complete? Pending location, your future rent may not cover the mortgage, especially if you refi. Having said that, there are options to creatively have this property setup as a rental pending location.

The property is located in Sayreville, ARV compared to other similar size homes that have been recently renovated im seeing low to close to mid 400s. And you're 100% correct about the rents, this area doesn't have the highest rental rates and they are currently well below my mortgage cost. I'm taking time with the renovations due to this dilemma and also with the hopes of rates one day going down and me getting a lower rate to save on monthly payments. 

Investment Info:

Single-family residence buy & hold investment in New Jersey.

Purchase price: $350,000
Cash invested: $40,000

Bought this first house to not only start my family in it but to also begin my real estate investment journey.

What made you interested in investing in this type of deal?

I wanted a nice growing neighborhood to start a family in, but also with the intention to make it a rental property in a few years. Fix it up with my wife and get it rental ready for when we move on to a bigger home

How did you find this deal and how did you negotiate it?

I used realtor. Com and searched for months and made many offers but when we found this house we knew it was perfect for our goal of living in it for a few years fixing it up and renting it.

How did you finance this deal?

I did a conversational loan 30yr loan fixed rate (5.65%) with 3.5% down.