All Forum Posts by: Account Closed

Hey all, i have around 40k to purchase a duplex or triplex home in North jersey to house hack, my goal ( let me know if it is possible) to add rooms to the property and rent out floors/rooms. Goal is to make 850/1200 per month and live rent free. Also, to rent out the basement ( well be included ) here is my question

1. what towns do you recommend that are good areas to live in ? i am currently living in paterson nj is a okay area, (theres alot of investors from NY around me buying up places)

2. how can i use the B.R.R.R method base off price? example i see properties costing from 250k to 350k i dont know where i can find the comps for the area to know if the property is under or over price. i want to use the FHA loan put down 3.5% than use 203k loan to rehab the property

3. someone told me that the 203k loan makes everything more costly is that true?

4. i dont want to use all of the 40k its my limit, i want to buy two properties this year i know for a fact 1 will be in paterson cause the cash flow is crazy. 

do you think 850/1200 a month by renting out rooms under the table or by floors is possible?

hello @Ro Maga  i was just seeing if i were able to get preapprove i havent seen there terms or such i will be visiting local banks to see rates and terms, can you give me any advice on what to look for?

@Brent Coombs yeah that isnt going to work in NJ markets average price is 250k a home

@Brent Coombs can you give me an example of the arv of 70%?

Hello, 

i just got per-approve by quicken loans for a mortgage but i want to implement the BRRR in nj so i need to know how i can use the 203k loan to do so and which banks to go to and how to do the process in a way ill have no risk in making a huge mistake.

Hello, 

im trying to do the following. Im looking for a 2 to 4 unit home and i plan to live in one room rent out everything else. I do plan to either rent out by rooms or just by floor. I want to use a FHA loan use 3.5% down on a property price around 250 to 360k. I do want to try to get instant equity even if its 5-10k. I plan to rehab it for around 10k to 30k than refi after 6 months. I have a family friend who does contracting with connections so i know i can get my rehab cost for cheap. i would be focusing on cash flow trying to make 1k a month net profit if i do by rooms if not maybe 600. Should i buy fix up rent than refi the BRRR or use a 203k loan to purchase the property and with that i can still put down 3.5% fha loan? i have about 40k im willing to put down for cash on the property. i am also trying to do the following

1. create a excel sheet to value a property 

Hey everyone ive been doing research on a bunch of homes and i cant seem to find a property that makes sense. Now i wanna know what everyone thinks is a good area for good CF , i will live in one unit and fix and hold the rest, i see properties for 300k to 450k 4 to 6 beds, i mean im trying to see with the after value price what i should pay for the property but i dont think any seller would even look at the price i would offer, i would love to meet up with investors who own more than a few proprieties i was thinking of putting 20 to 30k cash including all closing cost down and getting a 203k loan, to rehab the property. 

Hey everyone im looking for multi family properties that comes with good cash flow. I know its very hard to find deals in NJ since the taxes are high and everything else but i would like to know from PEOPLE WHO ACTUALLY ARE INVESTORS to tell me the following

1. how much they put down cash wise 

2. how long do you wait before you refi 

3. whats the typical cash flow you had example 1k net profit per month etc so i can have an idea

4. what are some good areas where new projects are being built

5. what are some of the worst areas to stay away from

6. what are some of the challenges you face

7. hows your experience with property management companies

if anyone can help god bless you. I am looking to buy my 1st property live in one unit rent the rest rehab refi than do it again 

also i am open to creating a investment group of some investors to pull their funds together for bigger apartment buildings to be built or bought.

@Troy Southerland thank you for your words, but here the home prices range from 250k to 380k for single and 350k and up for muti family so paying all cash wouldn't be able to do so. i like to create and start something i always wanted rentals. i just dont know if i should wait to land a job with my degree than buy or just go for it. i like rentals i like something where my funds can work for me

@Michael Jacobson i read the book the richest man in Bayonne and its true your money is your workers they need to work for you. i was thinking outside the states but im use to nj area but i really want to invest in rentals and start a start up tech or brick in motor problem is their isnt alot of young ambitious people for that