All Forum Posts by: Kwesi S.

Hello everyone. So I have been having a hard time finding discussions on flipping houses in New Jersey ( primarily East Orange, Irvington, Newark etc). Is this because it's highly suggested that one should not do this is those locations? I look forward to hearing from others. 

@Raymond B.

Thank you

@Ryan it is in the Flatbush area. @Troy I will be living there for at least a year. The neighborhood is changing so I don't mind residing there for now until I am ready to purchase a one family home for my growing family.

thanks guys

Good afternoon,

So I made an offer on a 2 family which also includes a store front in Brooklyn, NY and my offer was accepted at 435k. after sellers concession it brings the cost to $461,100. I will be getting a renovation loan and estimated about 50k in repairs (total mortgage $511,100).

inspection will be taking place tomorrow and I will be bringing a contractor for an estimate.

The 2 units above the store are vacant and includes 3 bedrooms each. On the low end I plan to rent each unit for about $1,700 a month each.The store is occupied and being used as a driving school. Seller "says" the tenant is paying $1,950 a month and the lease is up March 2015. (total rent estimate = $5,350)

I will be making a down payment of 3.5% . mortgage payment which also includes property taxes, home insurance, PMI will come up to about $3,600.

I estimate $600 for utilities per month (Heat and electric).

Is this a good deal? I am starting to get the jitters since I have been making offers since March 2013 and this is my first offer that was accepted.

Good morning,

So I made an offer on a 2 family which also includes a store front in Brooklyn, NY and my offer was accepted at 435k. after sellers concession it brings the cost to $461,100. I will be getting a renovation loan and estimated about 50k in repairs (total mortgage $511,100).

inspection will be taking place tomorrow and I will be bringing a contractor for an estimate.

The 2 units above the store are vacant and includes 3 bedrooms each. On the low end I plan to rent each unit for about $1,700 a month each.The store is occupied and being used as a driving school. Seller "says" the tenant is paying $1,950 a month and the lease is up March 2015. (total rent estimate = $5,350)

I will be making a down payment of 3.5% . mortgage payment which also includes property taxes, home insurance, PMI will come up to about $3,600.

I estimate $600 for utilities per month (Heat and electric).

Is this a good deal? I am starting to get the jitters since I have been making offers since March 2013 and this is my first offer that was accepted.

Thanks for the help guys. I just did a drive by at the property and fortunate for me I bumped into one of the tenants who offered up more information than what I asked. The store front looked vacant so I asked him if the store is usually open. Turns out the store front is vacant and it is being used for parties on the weekend. He also told me if I was interested in having a party there I can contact the owner. He then proceeds to tell me where I can find the owner. Turns out the owner is a realtor or broker and he gave me the address of the office.

Since the store front is vacant and being used for parties on the weekend (probably illegally but I am not sure) and since the seller is a realtor or broker I am sure my realtor knows that it is being used for this use which is why he questioned me on why I would want the schedule e.

Again, thanks guys for your help. Looks like I will not be making an offer on this property

Steve again, I have been pre approved for this type of property. Question is about schedule e

Steve Babiak - I have already been preapproved. My question is about asking for the schedule e.

Khang Vu - Thanks for the help. I really appreciate it.

Hello BP World,

So I am in the process of purchasing my first investment property that will be owner occupied. It is a mixed use property. It has 2 units and also has a store front.

My realtor (I should mention that I am a little sketchy about him) brought this property to my attention today. He told me the cost and asked me if i would want to see the property. I then asked him if the seller can provide the schedule e on the property so that I can see what the rental income and expenses are. My realtor then in turn asked me why do I want to see the schedule e?

Should I not be asking for the schedule e? I took an investment course last Friday and the instructor instructed all of us to ask for the schedule e before we decided to make an offer. He mentioned that this could be a negotiating tool to help outline your terms.

Again is the schedule e something that I should be asking for? Why would my realtor ask me why do I need this information?