All Forum Posts by: Jordan Petchel

Property in Asbury Park NJ is listed for $850k. Needs lots of renovations but my current rent practically covers the $5800 mortgage. First time investors. Looking for advice before I talk to local agents.

Any idea on the amount of capital needed for a down payment? I’m looking to invest with another investor, I will reside on the property and the other investor will not but will provide the capital. 

When I run the numbers I calculate around $190k needed up front but my other investor thinks it will be closer to $250k.

Also, is it possible to qualify for an FHA loan with only 1 of the 2 investors living on the property.

Thanks in advance

I live nearby the property, it’s on the east side of  the tracks (on 3rd) and the houses nearby are mostly new construction. 
From all the multi family homes i’ve seen in AP, this is in the best location and requires minimal work since it was just flipped, still need an inspection to confirm.

The current rents the tenants pay is extremely undervalued so I would need to increase rents asap (heard 2 month notice is recommended). 

Hi there, looking to house hack a quadplex. Property value is $1.2mm and newly renovated, was purchased for $850k in 2020. I am in talks with a limited partner/investor but they are unfamiliar with the area and real estate investing. 

My situation is unique: I’m not necessarily looking for it to appreciate since this investment would allow me to expand my other small business. Mainly looking for a way to turn my $2k monthly rent payment into an investment and have more space to expand operations for my other business.

Does anyone have experience in Asbury Park? Would love to learn more from experienced professionals since real estate is a new territory for me! Thanks in advance.