All Forum Posts by: Kory Lutes

Andy Newman of Asbury Park is a phenomenal attorney. He was very helpful in the closing of my first deal. Hopefully many more to come!

Hello BP,

Does anyone have any home inspectors they would recommend in the Monmouth County area of NJ?  I've gotten one quote so far that seemed a little high.. close to $1000, but included termite inspection. According to the internet that is expensive for the work being done. Please help me out if you know a quality inspector with appropriate pricing! Thank you!

Tom T. I have an agent. My agent contacted the listing agent and asked why the deal fell through. He would not disclose any info. know I will have to assess risks. I wanted to see if there was any laws for the listing agent not disclosing info about the property.

Thanks for the tip. Anyone know if there is any laws on disclosure?

Hello, I'm looking into a house in central NJ, it is a foreclosed home that was recently under contract but is now back on the market. The listing agent told my realtor that he does not have to disclose why the previous contract fell through. Is this accurate? Or is the listing agent doing something shady?

Thank you for the referrals!

@Jacob F. Yes

Hello BP, Does anyone have any recommendations of attorneys in NJ? Specifically the Monmouth County area. I'm looking for someone to add my team that has great referrals and are investor friendly. Also someone who has great lease and contract drafting skills is necessary. Thank you!

Hey @Marlon Imbert, welcome to BP.

If you have a concern with PMI on an FHA loan, you may want to ask your lender about the options they have with it. I have been told that if you only put a downpayment of 3.5% you will have to pay PMI for the life of the loan. If you put down 5% you will have to pay PMI until the loan is 20% paid off. This is what I've heard from my experience, definitely check with your lenders to see what they can do for you!

@Franklin Romine, when the property is 100% tenant occupied it will absolutely cash flow. That is with annual maintenance costs and other expenses considered as well.

@Steve Karp, very helpful post. Its good to have feedback from people who have faced similar situations and I did consider the long term as well. The location is great, I love it and I have a gut instinct that their will be much appreciation in the near future. I just need to pull the trigger on this one. Similar multifamily homes will get me similar numbers in my market. Theres multiple offers on the place and I already put mine in... wish me luck!

In response to some posts:

Yes it is negative cash flow right out the gate if I only rent out one half. But compared to other houses in the area it's a great deal. When I decide to move out of their and into another place, it will be definite positive cash flow as long as both units are occupied. The COC return looks really really good if I was able to rent both units right out the gate but I have to live somewhere!

Thanks for the input everyone.