All Forum Posts by: Michael Lee

@Manan Singh welcome to BP!

I'm in the process of finishing up the rehab on a property I am house hacking.

One of the first things I would suggest is to look for an area that can command good rent and fits the criteria you have in order for you to live there. Where do you work in NYC? Closer to midtown or downtown?

For example, Montclair, Cedar Grove, Clifton, Nutley, Secaucus might make sense for you if you work in midtown as oppose to towns in Central Jersey, which would be good if you work downtown. Once you identify which area is better for you, you'll be able to identify which towns will fit your price point. I would not buy somewhere that I wouldn't want to live if my plan is to house hack.

As the other members have mentioned, you don't necessarily need to put down 20%, and there are other programs out there that you may qualify for which requires less than 20% that is not FHA. Also, for multifamilies, the rental income also helps you to qualify for the loan. That will depend on your personal situation.

You should look into the BRRRR strategy, which involves buying multifamily that needs work, so you can force appreciate, increase the ARV and refinance.

Feel free to reach out to me if you have any questions, best of luck!

@Ryan Saulle

Hi @Mau Pan

Are you looking to purchase multifamily properties or fix & flip?

Hey Brian, if you need help with searches, feel free to reach out to me. Best of luck!

@Naum Raz is an investor in Trenton, he can probably help you out!

Hey @Anthony Standard

You can reach out to @Drew Walls, I’m doing a deal with him right now

Hi @Noel Y.

Yes, the areas you've mentioned are especially hot right now from experience. Always multiple offers on any good deals on the MLS, and there's a lot of people from NY investing in Jersey.

@Mary Jane Codey @Reagan Barron

Hey Daria,

Are you leaning towards keeping the property, fixing it and renting it out or selling it outright to an investor? I work with many investors who do buy in Patterson to fix and sell if that's what you're leaning towards. 

I'm very close to Paterson. If there's anything you need help with, feel free to reach out to me anytime!

Good luck!

@Ray Agosto a mortgage broker is not going to give you a check to bid. You can try to raise the money elsewhere for the bidding purpose. You have 30 days from the auction to pay the remaining balance (the 80%). Definitely speak with a mortgage broker first before you decide to bid, and if you plan to finance it afterward.

From the Union County Website:

"The balance must be paid within 30 days. If the balance is not paid within 30 days the buyer may lose his/her deposit. Additional time is not granted to the buyer to obtain a mortgage. Parties that have not paid for their purchase after 30 days from the date of sale may be ineligible to bid at future sales. Deeds will be prepared in the name of purchaser if an assignment of bid is not received with in the first 10 days. One change in the assignment of bid will be allowed within the first 30 days. The fee is $150.00 There will be no retyped deed after 30 days."