All Forum Posts by: Joseph Antwi
Joseph Antwi has started 5 posts and replied 14 times.
Post: Buying a home in Market to Affordable Program [Edison]?
- NJ
- Posts 18
- Votes 6
hello,
I'm trying to buy a house that's currently in the Market to Affordable program. Per a disclose, "edison has implemented a affordable housing trust to implement market to affordable program...participating landlord will be required to deed restrict the units for a period of time. During this deed period, units must be rented to qualified low and moderate income households which will be selected from an existing pool"
is anyone familiar with this program? if so, thoughts about buying a multifamily home with one unit in this program? It sounds like this deed is only for a certain time and can adjust rent to market rates? Do they provide any incentive to landlords for being in this program? Also, the rent for the unit in this program is 1500 for 2bed which is below market rate ($1800). If i'm able to get the property for the price I offered, I should still break even if I rent both properties for 1500. Can someone shed light? pros and cons?
Thank you!!
Post: Frustrated! Can't get offer accepted -- when will this end?
- NJ
- Posts 18
- Votes 6
Quote from @Hady Farag:
@Joseph Antwi
I get it. I finally closed on a 2-family in Newark last week after 10 months searching. It’s crazy how this market is but here are a few experiences I went through that I can share ..
My first offer on a property I got an accepted offer! I was ecstatic to say the least. Especially at a time where interest rates were at an all time low, I had a quote at 2.5% and the property was a legal 3-family. Then came the appraisal …
The property under appraised by $175k below the agreed upon price (Imagine a 3-family with 3 bedrooms and 2 bathrooms in each unit in Newark with no work needed appraising at 475K LOL). I was going through FHA and the hoops they make you jump to fight an appraisal is ridiculous. The deal fell apart and I was pretty bummed out but I wasn't giving up.
4 offers later I finally got the perfect property for me and did a conventional loan. Most of the time I was getting outbid by people, as much as by 50k over asking price, and that’s just the game. I lived with my decisions knowing I made my best offer and not basing it off on emotions. You’ll find something soon, just revisit your offers and stay competitive. In my experience the offers that were picked were the ones that offer the most money. Good luck and don’t give up
Thanks for sharing your experience -- where did you end up buying? and also did appraisal come above the price? if so, how did you make up the difference? just cash?
Post: Frustrated! Can't get offer accepted -- when will this end?
- NJ
- Posts 18
- Votes 6
Quote from @Suril Dalal:
Does the property still make sense if you're offering 30 over listing and people are still willing to go higher or offer cash?
any price above that the #s doesn't make sense, but I guess people can have negative cash flow for some time
Post: Frustrated! Can't get offer accepted -- when will this end?
- NJ
- Posts 18
- Votes 6
Quote from @Bob Reinhard:
Just a thought ...
Much success.
Bob
Yeah fair point, just not fair!
Post: Frustrated! Can't get offer accepted -- when will this end?
- NJ
- Posts 18
- Votes 6
Quote from @Rachel Rocconi:
Try offering a couple thousand towards the seller's closing costs - a little goes a long way to show you're motivated and willing to work with them!
yeah just that they not even talking to us because they probably got a cash offer smh
Post: Frustrated! Can't get offer accepted -- when will this end?
- NJ
- Posts 18
- Votes 6
Quote from @Aleksandr Meston:
I know it can be frustrating, stick with it though. Maybe try a higher escrow payment, or possibly even sooner closing dates if possible. I hope this helps and GOODLUCK!!
Thanks, yeah been putting down 30k for earnest!
Post: Frustrated! Can't get offer accepted -- when will this end?
- NJ
- Posts 18
- Votes 6
It's been a year trying to buy a multi fam for owner occupy -- been offering 30k+ than listing price and waiving everything but nothing seems to work. Idk when this will end.. Mostly looking at Middlesex, and essex county
Post: House Hacking -- Multifamily in NJ?
- NJ
- Posts 18
- Votes 6
@Dennis, I've not yet please send me the opportunity!
Post: House Hacking -- Multifamily in NJ?
- NJ
- Posts 18
- Votes 6
@Aubrey Tatarowicz thanks for the awesome advice, yeah I'm just being cautious about higher down payment if house cost more.
Post: House Hacking -- Multifamily in NJ?
- NJ
- Posts 18
- Votes 6
@Daniel Gonzalez thank you for the pointers, yeah I don't want a city life so I think the other counties you mentioned sounds reasonable. can you share a bit more about your experience investing in NJ? Happy to DM if that's a better way to communicate, thanks again!