All Forum Posts by: Karen Malecki

I want to buy a foreclosure in cash, renovate it and then get a conventional mortgage on it. Here are my questions:

What, if any money, do you save on closing costs when buying in cash?

How long after the property is renovated can you apply for a conventional mortgage?

Do you have to get an investment property mortgage (ideally its a two family and will be a rental)

Any info anyone can give me is much appreciated!!

Thank you!!

Karen

Hi there, I'm looking for advice on how to secure a mortgage for an investment property with a foreclosure on my credit report from 2011. I have an fha loan for an owner occupied two family I purchased last year. I have about 100,000 in equity in that property. I want to buy a three family as an investment property and have 20% to put down. The property is about 200,000 with a rent roll of about 3000 per month. Does anyone have an advice on how to get a mortgage for this property with a foreclosure on my credit report? The mortgage companies Ive contacted have told me that I have to wait for 7 years to get a traditional mortgage and I'm trying to get around that. Any advice is appreciated! Thank you! Karen

Hi there, I'm looking for advice on how to secure a mortgage for an investment property with a foreclosure on my credit report from 2011. I have an fha loan for an owner occupied two family I purchased last year. I have about 100,000 in equity in that property. I want to buy a three family as an investment property and have 20% to put down. The property is about 200,000 with a rent roll of about 3000 per month. Does anyone have an advice on how to get a mortgage for this property with a foreclosure on my credit report? The mortgage companies Ive contacted have told me that I have to wait for 7 years to get a traditional mortgage and I'm trying to get around that. Any advice is appreciated! Thank you! Karen

I just bought a great two family in Jersey City, near Lincoln Park, for $227,000. The prices are steadily increasing, so I would get on it now. My tenants are a young, couple who work in the city...I rented the upstairs unit out in a day.

This area is drawing a lot of people who were out priced in Brooklyn. Its a great area with a lot of potential.

Has anyone used an FHA loan to purchase a mixed use building that is primarily residential?

I'm looking at a building Jersey City that has two apartment (one that I would occupy for a year to meet the FHA requirement) and a store front. The square footage of the apartments is substantially more than the store front.

Thanks!

Karen

I need to raise money.

I purchased a two family house last June. I purchased it with an FHA loan and I'm living in one unit until June (to fulfill the FHA requirement of one year occupancy) before turning it into a full rental property. The property has appreciated about $75,000, with a few renovations and the fact that it is in an up and coming neighborhood.

My question is:

What is the best way to raise money for a second property in the same neighborhood?

I was thinking of refinancing out of the FHA loan into an investment property loan and then getting another FHA to purchase another property and living in that for a year, but I'd love to hear other options and get some advice.

Please advise me!!

Thanks