All Forum Posts by: Jonathan Valdes

@Jessica Zolotorofe I will try. It’s the upstairs tenant who is making it to difficult. ESP since I want the units vacant. So both tenants have to go. Rents are super under the comps.

Thank you for that advice!!!

I am looking for a home Inspector. We need it for this coming Thursday 23rd @ 3pm in Saddle Brooke. If anyone knows one, please recommend.

@Wayne Brooks we are allowed a "gift" as part of the FHA and/or Fannie/Freddy. As low as 3.5% to 5%. The only catch is that I have to live in the property for a minimum of 1 year.

The reason it has taken so long is due to the specifics of the type of property I would house my family in. It needed a yard, large bdrm, basement, driveway, split utilities, things like that. I also work a full time job with 2 little ones at home. So my time is super limited.

@Greg Dickerson, thank you!!

It’s a deal I wanted to keep with private money (family). The reason being that if the money is gifted, there’s less questions or issues. I did luck out, my father came to the rescue!! I am lucky to have him.

Hey BP...so I have been cruising the market of Norther NJ for the last 2 to 3 years. I got a property under contract & pasted attorney review. I went to inform my private money lender about how everything is going. But then learned they had to turn back. it wasn't due to the deal, but their personal life caused them to shift.

I am stuck!!!!!!! I want to scream, but I cant! I made a promise that I intend to keep. This property is in a sexy park of NJ. It backs up to the Saddle Brook County park, in a 100 yr flood zone (2k a yr). 3/1 bottom floor 1/1 second floor, unfinished basement (for now).

$425k loan

$7100k taxes

1/1 - $1700-1800, once updated

3/1 - $1900 - $2500

Considering that I need to give the seller $10k on Monday, I am scared to loose this deal.

BP, what should I do??? 

@ji hoon Kim I have been looking for the right multifamily unit for the last 2/3 yrs. it has been hard because I have small kids. We want and need a yard. I finially found one. Fits all the marks. My wife falls in love with the property, I think money. I had to give her this first one because I know in the long run, the house will double in value. Check out Essex county, primarily Bloomfield. 

Check this property out-

$449,500

82 Hobson Street
Bloomfield, NJ 07003

@Ola Dantis thank you for that!! I appreciate it

@Ola Dantis you mention strong markets. What’s your take on Northern NJ? Close to NYC, bus and train. Tons of commuting tenants already. I would know, I am one of them.

@Kevin Mantell this is why BP is so amazing! People come together and help each other out! Thank you Kevin. I will keep that in mind.

I am sure that home will stay on the market till the end of May.

@Kevin Mantell thank you for that reality check. The search continues for me.

But if either of you know someone who is interested the home is 76 N Prospect Ave in Bergenfield. The home has a ton of potential. Extra bedroom, bathroom in the basement. Possibly extending the second floor onto the garage.

Seller is super motivated.