All Forum Posts by: Justin McElroy

Hey @Lance McCaskill Congrats on taking your first steps!

I house hacked 1 property in Guttenberg (two blocks in between West New York and North Bergen off of Blvd East) and have attempted to do it with a second one. I can give you some insights into my experience and what I've seen from recently searching in the area.  Shoot me a PM and we can set up a time to chat.

Hi All - i'm looking into companies that eliminate the need for a tenant to pay a security deposit, while also, protecting the tenant and landlord when the tenant moves out and repairs have to be made.  

The number one company that comes to mind here is sayrhino.com, however, they're a little backlogged and aren't taking any new customers on (i'm sure due to all of the claims from covid, as i think they provide rent protection as well).

Another company that I've come across is RoostEasy.com. Has anyone had any experience with this company and can provide some feedback? I'm going to try to hop on a call with them, but it would be great to get some hands on knowledge.

REgards,

Justin

@Robert Webb

I second that. I purchased a home that was built in 1895 up in Guttenberg. I paid to have a “normal“ home inspector come in. Based on his findings he recommended having a structural engineer come in and inspect the foundation (there were some minor issues) and some other things. So I paid for two inspections. The structural guy I hired ended up doing a full inspection of the house as well and it cost the same as the “normal” inspector. Definitely get The structural inspector in there to do 1 full inspection if you can. 

@John Petriccione II

I’ve met with @John Knisely when exploring the Philly area and can definitely recommend him. He provided tons of great insight into the Delco area.

Awesome! thank you @Chris Lohmeier Exactly the feedback i was looking for!

Was the property held in an LLC or your personal name? Just curious if that matters at all. I'm guessing it shouldn't since the loan is to you personally, but curious

Hi @Victoria Seale - it looks like you posted this in the NJ specific forum. Might have more luck over in the NM forum!

Best of luck!

Hi Jose,

What areas are you looking to flip in?? I haven't had the opportunity to use an HML yet, but I've spoken to the below groups and I feel like these would be a good start.

www.jaseycapitalgroup.com - Kyle started out as a HML broker and now does his own lending. I believe he still brokers deals as well, so you should be able to get several options. He also holds a great meetup group - Flippers and Funders. You should check that out.

www.hardmoneyproject.com - this platform looks awesome. Submit your deal, and get offers through this brokerage platform. They also have a great youtube channel with super informative videos.

www.thearkadgroup.com - i know others who have used this group and had positive things to say about them.

Best of luck!

Hi Everyone - looking into lending options and was curious to see if anyone has used either the SoFi or SunGuard personal loans to finance the rehab portion of a flip or buy and hold? Looking through their application, you're able to use these funds for home renovations, and if you qualify you're able to get up to $100k. I'm just curious on the process - how long it takes to get the funds, do you need to provide estimates, is there and early repayment penalty, etc.?

Thanks in advance!

Justin

Appreciate the response @Vaughn Smith

I’m looking at 2-4 family properties for the time being. Let me know if you know of anyone that manages these types of properties - it would be great to connect with someone with experience in these areas. 

@Lloyd Spencer

I'm not sure what the rules are in NYC, however, here is some info on the rules for NJ: 

https://www.lsnjlaw.org/Housing/Public-Housing/Pages/Section-8-Housing.aspx 

Again, I'm not an attorney, this is just my basic understanding of how it works in NJ. It would be great if an attorney could chime in :)