All Forum Posts by: Mathew Weissman

@Odie Ayaga yes I totally agree with you there. I am excited to score a great deal on my first property!

@Odie Ayaga thank you very much for the recommendations. I will add them to my list. Currently my Amazon cart has close to 30 books already! 

Congrats on the deal, wish you the best of luck in your profession as a jeweler and your success in real estate.

Mathew Weissman

@Ceril S. Do you mind sharing why you did not qualify? They say that this program is offered for homeward bound homebuyers buying in "smart growth areas". I believe I would need to call the lender to have the details explained more to me. I was hoping someone from BP had some experience and could shed some light. 

I have listed the guidelines below. It does state you can use it for single family or multiple unit dwellings

http://www.njhousing.gov/dca/hmfa/media/download/b...

I am having trouble finding MFH in Parsippany area. Would love to find deals here to keep my daughter in same school district but is probably going to be unlikely. 

Hello BP community-

Has anyone used this "Smart Start" program offered by NJHMFA? It is supposedly for low income home buyers and offers up to 4% down, low/no closing costs, and 5 year loan forgiveness. As an investor is this a good path to take if you have substantial money in liquid assets but a low income? Could I still use the BRRR strategy on a MFH?

Also if any investors used this program, what lender did you use? Did you call all of them and shop around? They give a list of lenders that participate in this program.

I currently sent in all the paperwork for pre approval for a conventional FHA but I assume I will be denied because of my income.

Credit is great, and have a substantial amount in assets.

I made a balance sheet and everything is growing but my assets are taking a beating since I am renting. I am trying to get creative and find a way to get my first MFH to house hack so I don't have to throw my assets down the drain.

Any advice is greatly appreciated.

@Vincent Priore I will definitely research and get educated on programs that the government provides for low-income home buyers. Thank you for the book recommendation as well; Gary Keller writes some great books. Thanks you!

@John Smith I am in New Jersey and a nurse with a bachelors degree with no experience will make between $35-$40 in a med surge unit. Nurses with prior medical experience and nurses working with high acuity patients(ICU,CTICU,BICU etc.) make between $40-$50. My friend recently graduated from Montclair State U with a bachelors degree, no prior experience (worked as a waitress) and is starting at $38 an hour in the Oncology department. I have been a Medical Assistant for 5 years and have worked with the same hospital for 2 years. Looking to work in Cardiac ICU.

@Andrew Johnson Yes I have thought about cash reserve and the 30k I have to invest is only a fraction of my total inheritance. You are correct about not saving a lot on $15 an hour(saving $300 a month living very modestly). I understand about cash reserve to have for all your "unexpected" issues with owning property such as expenses, vacancy, capex, etc. I appreciate your advice and this was not a boring/prudent question. Thank you.

@Derrick Dill I am in the process for pre approval. I am awaiting an answer. Unfortunately I don't have a family member that will co-sign so that is not an option. We will see what happens but I would probably have to wait until I have a increased earned income.

@Bill Rich Excellent information you have provided to me. I will further educate myself in 203k and 203b FHA loans. Appreciate the help!