All Forum Posts by: Rameez A.

Hello Everyone,

I am using a Series LLC structure in the state of Indiana and am having trouble finding a bank that I can use to open a business checking account. I have approached a couple and the Series LLC structure seems to be turning them off. Does anyone have a recommendation that I can use to open bank accounts for each series?

Really beneficial information! Thanks to all the contributors.

@Sean OToole Do you provide data for Tri state area specifically NJ? OR any chance in the future?

Thanks!

It's a bank owned property and i do not know who their company is. I decided to go with option2. Thanks again @Matt Lefebvre & @Holly Baum

Hello,

Signing my first contract!!

Which one of the below options should i choose & what are the downsides of choosing seller's option?

"Purchaser will obtain title & escrow closing services from:"

Option 1: Seller's escrow closing & Title provider

Option 2: Other Escrow closing & Title provider

If option 1 is selected seller pays for Owner's & Lender's title insurance policy, otherwise buyer pays 

@Kevin Schaefer i found this list but have not been to any of these. 

http://www.reiclub.com/real-estate-clubs/New%20Jersey.html

Whete do I see list of my posts or reply and quickly get to them instead of opening email link?

That's the estimate I got from my bank. It includes two month's property tax, insurance premium. 

Thanks guys.

I am actually currently renting for 1800 and am planning to use smaller unit for myself. @Jd Martin Yes those taxes are monthly & thanks for reminding about homeowners insurance!

What is the best way to find FMV?

Hello Fellows,

Can you gurus pitch in on how this deal is and how should i move forward? my strategy is to House hack and rent one unit. I have a full time job so in my analysis i am paying rent to myself. I will self manage the property.

There are 2 units: Unit A (3 bed, 1 full bath, rents for around $2000), Unit B (4 bed, 2 full bath, rents for around $2800). All utilities separate. 

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Purchase Price: $424,900.00

Purchase Closing Costs: $10,000.00

Estimated Repairs: $5,000.00 (cosmetics)

Total Project Cost: $439,900.00

After Repair Value: $424,900.00 (no major work required)

Down Payment: $21,245.00

Loan Amount: $403,655.00

Amortized Over: 30 years

Loan Interest Rate: 4.500%

Monthly P&I: $2,045.26

Total Cash Needed

By Borrower: $36,245.00 

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Monthly Income: $4800.00

Monthly Expenses: $4049.00 ($200 vacancy +$200 repairs & maintenance +$200 capex + PMI $300 + Taxes 1103 + P&I 2045.26)

Monthly Cashflow ~ 750, COC ~ 25%

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Please correct if i made any mistake OR if i am missing something.

Hello Fellow BP members,

Are there any REI meetups in the north jersey area namely in Bergen county?