All Forum Posts by: John T.

Thank You Diana. It makes sense. My goal at the moment is to buy and hold. Certainly we are going to live in one unit for a while, but my wife and I are willing to move as we get more properties. We are on the same page on that. 

 What is your experience about people like us that can put a 25% down for investment property, Do you think it should not be a problem to get a commercial mortgage?

     Thank you Dan. I am reading your posts for a long time, and your comments are always on point. You are always willing to help newbies. 

Would be possible for a starter as me to get a commercial mortgage? Honestly, my goal is to buy and hold, acquire rental properties. So I know that sooner or later I am going to form an LLC. I had an understanding that it was very difficult to get commercial mortgages when you want to get your first property. At the moment I just have the pre-approval from a bank, so I can search for properties and realtors know I am a serious buyer. I am about to contact a mortgage broker, first because someone in another post told me they can be really helpful, and second because he might be able to get this commercial mortgage much easier than a regular bank.

   Any thoughts? 

   Thank you all

     How are you all. My name is Johnny. I just wrote my first post yesterday, and now I am back with more questions. So far people out there is being very helpful. I think is incredible that some people with so much experience in RE is still willing to put out some of their busy time, and guide newbies as I. Thank you so much for that.

Here is my question. I am in the process of getting my first multifamily. I am targeting Jersey City, Union City and West New York. Since I want to start buying and hold, for the long term, Do I have to form an LLC before I buy anything or is better after I bought it? I said this, because I think I read in some place that when you are new or is your first property it is very hard to get a mortgage on an LLC, so it is easier to buy the property under my name, and after that make the transfer to an LLC. Is that correct?

     What should I do first in your opinion? 

     Thank you all.

      Hello everyone out there. My name is Johnny. I just want to introduce myself first, since I am going to be active here lately. I want to show my respect to everybody in BP, and thank beforehand any help I can get. 

      I am currently searching to buy my first multifamily property. It is time to pull the trigger for me and my wife. I live in Queens, New York. Unfortunately, prices in my area are crazy, so we narrowed it down to Jersey City, Union City or West New York. I am currently in talks with banks for mortgages. We both have full time jobs, our credit scores are very good, and we have some savings. 

     I have to be honest. I do not know if I would be able to find the right property, or get a good deal. I feel really like a rookie trying to play in the NBA. All that I know is that I made my mind already, and that I will not pay a rent for much longer. I would love to hear from investors in the places I mentioned before, maybe get some good and honest referrals to work with. I have the biggest respect for anybody that can help me to get a step closer to my goal, any suggestion or idea will be very welcome.  I saw some multifamilies, for prices we can afford. My mortgage broker from Citibank told me that in his opinion, I should put a 5% down, and keep some cash to still pay the closing cost, and keep some cash on me in case I need to do some work at the house, or in case things go a little ugly after the purchase. I thought It was always better to put 20% down, even if I keep very little in my bank account after that, because I was trying to avoid the PMI. He might be right, and since we are first time buyers, it makes sense. No matter what, I am open to any thoughts about it.

    I know that if I want to get a better deal I have to be willing to go into maybe not that desirable areas. The problem is that sometimes when I use the engine from realtor.com to verify crime areas, sometimes it is very red, and scary. I am sure I am not the only one worried about this. 

   I have some questions. What experience people here think about the down payment? Should I follow my mortgage broker advice, put only a 5% or 10% down,and hold some cash on me just in case, or should I try to put the 20% down, and save the PMI? , even if that means to barely have cash as a back up.

  What is your opinion about to hire an independent  mortgage broker ? Are they worth it ? 

   And the last one, what parts of Jersey city or Union city do you think are worth to invest now, or zip codes?

 I want to apologize  for any kind of grammar mistake in advance. English is not my first language. 

Thank you very much all