All Forum Posts by: Marcin Ferenc

Hi @Nick Intrieri and welcome to BP. @Shawn Mcenteer is right in that you should focus on multifamily buy and hold properties in North Jersey. I personally like small MFR properties as the provide great cash flow when purchased correctly. Best of luck to you.

I own a 1997 astro van only for hauling larger things which I really like. Got it very cheap and it serves my needs exactly. Before that I used to rent from HD but it became a headache when they didn't have any rentals in stock.

Looks great!

That's a great start. Living in a construction zone can be a huge headache but after two years all the gain (if any) is tax free. The problem is that in two years the market can drastically change so it is a speculation play but if it goes in your favor it can be very lucrative. Good luck

Hi @Derek Buescher and @Kayla Davis . If you are looking to finance up to a 4 unit building and don't have the 25% down most banks require for an investment how about going the FHA route and putting down 3.5% and living in 1 unit for a year provided you don't own other real estate. If you do own a primary already than most likely 25% is your only choice unless you can find a seller who will offer you financing for most of the down payment. Private money will be difficult to come by as most won't work with first time REI's.

This deal does not have enough meat on the bones for other flipper to really even consider it, just as other posters have said. You need to be conscious of that when trying to wholesale a property as other investors will be savvy enough to notice this.

I agree with @Landon Elscott that your questions are a little equivocal. Are you looking to purchase a buy and hold rental investment or to flip? A buy and hold at a $450k range will not really cash flow to well in NJ unless you are talking about a multi unit building but again at that price it will most likely be in a neighborhood you don't want to visit. As to financing the deal, it depends what you want to buy. If its your first house try the FHA route, if not, try the 20 - 25% downpayment on a 30 year conventional and secure a low interest rate. If you can't do that look into seller financing.

To assess the property quickly try using the 50% rule on it. Link to the discussion that will help you with that. http://www.biggerpockets.com/forums/52/topics/16385-5-rule

If you clarify your answer I'm sure people can give you much better advice.

Regards

Thank you both, appreciate the advice

Hi all, does anyone have any advice on how to figure out if a property has a mortgage under it or if it is owned free and clear aside from asking the owner?