All Forum Posts by: Julie Verardi

I have recently done a refinance. My plan was to do two other investment properties in Jersey City or maybe 1 investment  and 1 for me to live. I need to live in NYC. I do not want to do a co-op. I want to do a condo in downtown area. I love the west village and a condo came on the market. However in order to make it work I would have to use all my refinance and on top of it it's a 5 floor walk up with no washer dryer. I'm only considering buying it because a condo in the west village is unheard of and the agent has really been working with me on the price. However I'm hesitant because I wouldn't be making money. It would pay for itself if I rented it out. I guess it comes down to no cash flow for a substantial down payment Vs owning a part of the neighborhood I love. I guess in the process of writing this I figured let me increase my income by investing and hope another condo in a desirable neighborhood comes on the market that isn't a 5 floor walk up and has a washer dryer. Curious to hear anyones thoughts? I'm nervous I'm missing out on a deal. Also NYC is its own special kind of beast for anyone to really understand. 

The actual number I'm looking at for someone is they make $123,000 a year. 

 According to the 3X rule it would look like this-  $3,400 X3= 10,200    10,200 X12 = $122,400 (close enough)  so they can afford $3,400 a month.

According to the 40 times rule it would look like this - $123,000/40 =$3,075 

That's a $325 difference in monthly rent. I guess which isn't huge. I just wasn't sure which  rule of thumb is the best to use and which one most people go by. Even for a few hundred dollars it all adds up. Thoughts?

I had always done the 3X the rent rule for what I can afford for a mortgage and for my tenants. For example  $2000 x 3 = $6000 (monthly income required to keep housing payments less than 1/3 of income)  $6000 x 12 months = $72,000 (annual income required to keep housing payments 

I just recently read this article 

http://www.businessinsider.com/7-simple-steps-to-d...

And they are talking about 40 times the rent. I'm also not the best at math but going by different rules you can afford a lot more with 3X the rent versus 40 times the rent. What do you guys think is the best way to determine what someone/ even yourself can afford?

Hi, I currently own two properties in Jersey City and I was wondering what people think of Harrison NJ? Has anyone invested there yet? Does it look like that area is growing?

What are the pros and cons of buying a unit in a building where you already own a condo? If I contacted the owner directly is there any advantage to have them dealing with me one on one instead of through an agent? I currently own a condo in Jersey City and a multi family. I just did a refinance and am looking to move on to my next project. I was debating on which path to go down next. 

What are the pros and cons of buying a building that one unit is commercial space and the other two are residential? I currently own a condo in Jersey City and a multi family. I just did a refinance and am looking to move on to my next project. I was debating on which path to go down next. 

@Chris Martino Yes I was curious as to what type of tenants Asbury attracts or if its more summer rentals? I like the area for myself as well for maybe down the line. 

@Jeremy Baker Thanks for the info. Let me know what how it goes?

I've been investing in jersey city for past few years and have been thinking about asbury park for my next investment. I personally really like the area and think I will continue to see it grow. What type of tenants do you get there? What do rents tend to go for? Would love to run some numbers but am unsure of what rents go for. Or if it's a bad idea for an investment. Any info would be great!

I've been investing in jersey city for past few years and have been thinking about asbury park for my next investment. I personally really like the area and think I will continue to see it grow. What type of tenants do you get there? What do rents tend to go for? Would love to run some numbers but am unsure of what rents go for. Or if it's a bad idea for an investment. Any info would be great!