All Forum Posts by: Mike D.

Patrick is right in that the 50% rule includes management fee. It does however include CapEx as well, I believe.

what is your current living situation?

Tom, I've seen you post this or something similar before. So what systems do you set up exactly to ensure you get to make deposits? I'm sure you have not just been getting lucky for the last 50 years.

So you have a property valued at roughly 120k. Have you considered taking that equity(tax free if you've lived there two years) and putting it towards a property or two with a better roi?

Also what is the mortgage payment portion of that 580? Remember the 50% rule includes taxes and insurance.

Another thing to consider is how much equity you have tied up in the property

Do you really need more than 4,200 sq ft?

One meter currently.

Thanks everyone for the replies.

I am looking at a property listed as a duplex but zoned as a single family. It has two sperate units and has been rented out in the past. Right now, the owners are living in the downstairs unit and the upstairs unit is vacant.

My realtor just informed me that to get a CO, I may have to tear out one of the kitchens. Has anyone ever heard of this?

This would be my first purchase so kinda uninformed at this point.

Patrick, Congratulations on your first purchase! Where in jersey are you rehabbing?

Silvio, does your 7k include an upfront FHA mip charge?
I recently got pre approved and was quoted similar estimated closing costs excluding an origination fee of 3k and the upfront FHA mip charge of another 3k. With these two additional expenses my closing costs were estimated at just over 12k.