All Forum Posts by: John M.

@Louise A.

(Not sure if I "tagged" properly)

@Louise Alexander

Thanks for your insight Louise! My plan is to purchase a multifamily that needs minor to moderate rehab in Bergen County, NJ using an FHA loan. Approximate purchase price would be $350K. I'd live in one unit while rehabbing and rent the other unit out during the seasoning period. After a year I would refi to pull out the value from purchasing at a great price and from the rehab work, rent my unit and look for the next project! ...At least that's the plan for now!

Thanks Danielle, great example!

Hi Alyssa and welcome. As someone new to REI as well, I can tell you that BP has been an awesome resource. Aside from education, going to a meet up is next on my list.

Thank you Whitney for mentioning the event in Hasbrouck Heights.

Wow, thanks for the responses everyone, I really appreciate it.  While not a big deal, this is literally my first real estate offer ever and it's comforting to read your thoughts.  

Was wondering if anyone had some informative, or even humorous, stories when it comes to making an initial offer or sales negotiations of a house?

I am looking to place an offer of $200K on a multifamily house listed at $270K.  I understand price anchoring as a sales tactic but I am worried about the seller's reaction.  I did my homework and I believe this is a good starting point to begin negotiations.  

Thanks for responding Louise!  Do you guys still own the 4-plex in addition to your duplex and also, how did you finance your first deal?

Agreed 100% with Vince's recommendations!  Rich Dad Poor Dad is THE jump off point.  Then, take it from there.  Happy reading!

Hello BP!

I'm a new investor from Bergen County NJ. For my first transaction as a Real Estate Inventor, I have chosen to house hack and was wondering if anyone would mind sharing their successful experience house hacking in New Jersey?

Thank you,

John

Hello BP!

I'm a new investor from Bergen County NJ.  For my first transaction as a Real Estate Inventor, I have chosen to house hack and was wondering if anyone would mind sharing their successful experience house hacking in New Jersey?

Thank you,

John