All Forum Posts by: Julian Perez

@Tim Johnson Thanks Tim for your feedback.

I have a MFH but just bought it earlier this year so dont have much equity in it at the moment.

I've been reaching out to the leads I did have and just waiting on responses but we'll see what happens.

I am interested in purchasing a 10 unit storage facility in Trenton, NJ. The asking price is $42,750.

Rent Roll $1,100

Annual Taxes $3,613

I would like to submit an offer for a lower amount but am already concerned that the loan amount may be to low.

Any thoughts/leads on a lender that would be interested would be greatly appreciated.

thanks,

Julian

I currently live in NJ but am looking to move to FL. Are there any first time home buyer programs for a FL non resident? I know here in NJ for instance there is a first time home buying incentive of $10,000 towards the down payment.

Hi BP,

I have been researching for a while and have come across a MFH that is move in ready in Trenton, NJ which makes sense to me. With that being said the asking price is $70k and I believe I can neg another $5-10k from that. One unit is renting until 10/18 for $700 and the other unit is in the process of getting rented for $950 per month. My issue is that once I put down the required 20-25% the mortgage amount is not feasible for the regular go to banks because the mortgage amount is too small and not worth it.

Anyone have any advise or contacts in the area that would be interested in lending? I have already opened my LLC.

Any advise would be greatly appreciated.  

@Andrew Syrios, I appreciate the feedback Andrew thanks

@Alex V. , thank you for your input and the link to your blog. It was very informative.

I would like to get started with my first investment property, I have been looking into East Orange. The properties I have looked at will need some rehab, so if I am able to acquire one of these properties I would like to do the BRRRR strategy and my exit plan would be to refinance it. Is it possible to use the equity in the house after repairs towards the down payment on the refinancing mortgage, so in other words I do not have to come out of pocket for this? I would also appreciate any advise on potential lenders in ESSEX county. Thanks in advance.

Please add me to your future posts: [email protected]

I am also interested in Newark but yes the areas are quite different block to block. I have been calling around and spoke to a few property managers that they currently work in and was given these areas:

07101, 07102, 07104, 07105, 07108, 07112, 07114, 07175,07184, 07188, 07191, 07192, 07193, 07195, 07198, 07199 (but there are still area's within this zips that are best to stay out of) 

AND to definitely stay out of:

07103, 07106, 07107, 07201

Any thoughts on this would be appreciated.

Welcome to BP @Randy Lewis, I have also been looking at Newark for the BRRRR method. Still trying to filter thru the deals in different areas. Any zip code suggestions would be great. Also any recommended Property Managers in the area that you guys may have had past dealings with? Thanks everyone. @Odie Ayaga, @Jorge Borges, @Jose Godreau, @Evelio Gonzalez