All Forum Posts by: Marc Weisi

Hello BP community! I just had an inspection done on a 2-family in Newark, NJ that needs some roof work done. The roof is has a flat, tarred section and a peaked, slate section as well.  Just wondering if anyone has any recommendations for local roofing companies to do a consultation on what needs to be done. Really appreciate any guidance anyone can provide. Thanks.

@Michael Fiducia  I'd also be interested in a meetup in the area. I'm located in Jersey City, and am honing in on my target town in Hudson and Essex counties. Thanks and let me know if you need help with this.

@Eric Beepat Nice to see you on the site my friend! I went to an event tonight where someone mentioned that Union City now has rent control in place for 3-families and up. This is crazy timing because I was just planning on sending out mailers tomorrow to all absentee 3-4 family owners in UC. I guess that's not going to happen now since it looks like annual rent increases are severely limited. The #'s just don't seem to support the high prices now IMO. For a little information on the rent control that was passed just this year see the below links.

2018 Rent Control Ordinance - Revision!

Rent Control Announcement

Union CIty Rent Stabilization Ordinance 2017

Thanks @Chris Mason . I've read through the FHA guidelines and you're right, it kind of takes away the main benefit of going with an FHA loan in that case.

@Andrew Postell , I need a co-signer because a partner and I were looking to do our first BRRR together. He has more construction experience and a good amount of capital and I was willing to live in the property (that's what I brought to the table). It looks like we'll have to save up 20-25% for the down payment in this case.

I recently spoke with my lender about options for obtaining an FHA 203k loan on a multi-family here in NJ. Since I'm partnering with someone, my lender stated that FHA owner-occupied loans require both signers on the mortgage to live in the premises. This is a problem for my partner as he has a family that very much likes where they currently live. Is there any way to get an FHA loan with a partner without requiring them to ALSO live in the property (I'm looking to house-hack but he can't/won't)? That low down-payment and rate is too enticing for us to simply start looking for private/hard money if there's another option out there. Thanks for any guidance.

Just saw this post :( . Did you all end up meeting on the 15th? If there are any further meetings planned in the future, I'd love to join you all.

@Stu Basham  I'm in. Sending you my cell number now.

@Mike Teri  I really appreciate the feedback and we ended up passing on the property for that very reason. The taxes were prohibitively high and we think we can get a better cash on cash elsewhere with a similar commute time to the city. Thanks for your insight.

@Stu Basham   @David Weintraub   How's Sunday, April 15th? 

@David Weintraub  @Stu Basham    I unfortunately am not available until next week. I know a couple of other investors in the Hudson County area that would probably enjoy a small meetup as well. Should we set a date a couple weeks out and make this thing happen?