All Forum Posts by: Jeff Paulino

New Jersey can be tough, especially with the higher property taxes compared to other areas nearby and across the bridge.  I am an agent/investor in Philadelphia and when I was starting out years ago looked into Jersey as a possible option, but ruled it out after seeing the property taxes.  Let me know if you have any questions about the PA market, I would be more than happy to help.  

A mortgage lender will want to see the money in the bank for at least 90 days. It's called "seasoning". They don't like dealing with money they don't know where it came from (drugs, prostitution, gambling, theft, blackmail, fraud and so on.) Actually the banks have proven they don't care, but the Federal Government does care and they force the banks to notify them on any transaction over $10,000.

 Those two things are loosely related but not exactly the same. Any cash transaction over $10,000 requires a currency transaction report.  That doesn’t specifically have anything to do with your mortgage. As to what funds can be considered, or need to be investigated, for a down payment you can check out the Fannie Mae guidelines here: https://www.fanniemae.com/cont... 

Hope this helps. 

If you have money, why do you need a loan? And if you think that it's going to matter that the money isn't in the bank, why not put it in the bank and then it will be?

Beginner Real Estate Investor in the Bergen county, New Jersey area. I am looking to meet people in NJ that are also investing to pick their brains and understand the market in New Jersey. Willing to also eventually buy out of state properties but I want to start and get a strong portfolio in NJ before venturing out of state. Can't wait to hear from some people and grow my network.