All Forum Posts by: Kevin Manafi

Make sure you're also accounting for holding costs, closing costs, commissions, interest/financing charges, etc.

@Adam Pervez Congrats on getting your first house hack Under Contract!

If you still haven't had your inspections done but are planning to do so, then I would go ahead and ask for the junk removal whenever you enter post-inspection negotiations and submit your requests at that time.

For the return of the SS card/driver's license and the unit that was left behind, I would consult with your attorney about the correct way to go about removing the belongings. There are specific "abandonment" rules that landlords have to follow when a tenant abandons their unit and leaves belongings behind like keeping their stuff for a certain period of time, then putting in storage, etc...Always better safe than sorry.

Hi @Miguel Ortega, let me preface by saying I am not a lender. However, FHA loans are for owner-occupants only for a primary residence, meaning your father would indeed have to live at the property if he got the loan in his name. FHA unfortunately does not allow non-occupant co-borrowers on a multi-family.

@BJ Grove If you are working with an agent (or have access to one that is willing to assist you), I recommend asking them to pull MLS rental comps. Since MLSes are generally where all of the info on 3rd party sites are aggregated from, I typically find this to be the most accurate/preferred method for pulling rental comps.

If you don't have access to an agent, I think the best way to go about it is by checking what other landlords are charging around you as this will enable you to get a sense of your competition in real-time. Use sites like Hotpads, Apartments.com, Trulia, Craigslist, etc. to scope out your competition--this is what other tenants will be seeing when deciding whether to rent your unit or another, so it gives you the best idea of what you're able to charge based on condition, amenities, location, etc.

Running comps is an art as much as it is a science. If you can't find an exact match, always better to be more conservative when underwriting.

@Mike Dymski Saw that this morning--good stuff BP community!!

I'm currently Under Contract on a deal I found on the MLS. It's a condo in value-add condition that I plan to flip--it had been on the market for a little over two weeks, and I sensed an opening to make a strong, under-asking cash offer. My instinct was correct and I was able to get the Seller to agree to an offer of $30k under the asking price. The interesting thing is that this is in a hot condo/townhome complex...moral of the story: sometimes listings slip through the cracks, even in a strong market!

Hi @Nathan Kawalerski, the short answer is yes--there are plenty of online mortgage originators and other online mortgage sites that allow you to quickly and easily enter informaton and get quotes from various lender sources. However, who you decide to use as a lender generally depends on what type of project you're doing (flips could lean more towards hard money; a buy-and-hold rental could be using a DSCR loan; and so on). It's never a bad idea to find a couple of local lenders in your area to build relationships with in addition to some of the other national or multi-state lenders so that you have all the bases covered for different investment/project types.

Hi @Francisco Disla, where to buy really depends on a lot of factors: your budget; investment objectives (cash flow and appreciation); risk appetite; distance; and more. 

I'm an investor and investor-agent in Northern NJ (Bergen, Hudson, Essex, and Passaic counties). I'd be happy to connect and chat a little more to see if I can point you in the right direction.

Hi @Stasik Popov, welcome to the BP community! I'm an investor and investor-agent based in North Jersey, but I have plenty of mortgage contacts that service all over NJ and other states. I'd be happy to connect and put you in touch.

@Bradley Rieger I'm not a lender so not entirely sure, but I don't think there's a hybrid DSCR/equity product.