All Forum Posts by: Michael Peralta

The property is listed for $799K

2-family - total income is about $5K a month

Taxes are about $10K

And I found it on MLS.

Also, to provide more context the listing agent is the owner of the house. My thought process was to negotiate and save 3.5% on the total of the home (roughly $30K). I plan to protect myself as much as possible by talking with a real estate lawyer and adding sufficient parameters behind closing.

Hi -

Is it possible to draw up a offer letter without an agent? I think I found a solid home I want to capitalize on.

I did all the work myself so I feel guilty in giving someone a cut if I went through the trouble of doing all the work but, need assistance drafting up a solid offer letter. Any advice or template available?

Hi BP Family,

I want to be as transparent as possible and ask you guys a question. My dream is to buy a multifamily property but, in NY/NJ it's very expensive. However, I am contemplating purchasing a condo until I could increase my savings to try again later. 

In other words, should I purchase a condo in the meantime (since I renting now) or hold off so I could use an FHA loan for an investment property?

I roughly have $50K in liquid assets and not sure if I have enough to stay afloat if any mishaps happen. I figured a condo might be the best way to build equity while saving at the same time.

Hi BP Family,

I want to be as transparent as possible and ask you guys a question. My dream is to buy a multifamily property but, in NY/NJ it's very expensive. However, I am contemplating purchasing a condo until I could increase my savings to try again later. 

In other words, should I purchase a condo in the meantime (since I renting now) or hold off so I could use an FHA loan for an investment property?

Hi BP Community,

I am looking to get started by investing in multi-family properties. Therefore, I wanted to ask you guys (and gals) what are some of the best towns in New Jersey for multi-family investing? Primarily in Bergen County but, open to suggestions in Passaic County as well.

Thank you in advance,

MP

Hi BP Community - 

I am eager to get started in Real Estate and purchase my first home. For years, I formed a mental strategy to find a multi-family house and house hack just like all the BP Legends.

However, as I look through the MLS during COVID, I notice it's still nearly impossible to find a descent Multi-fam property in Bergen County at around $400K.

As a result, Im contemplating shifting my focus a bit and purchasing a single family house instead. It will be a shift in strategy but, I feel stuck at the moment and I eager to get started in Real Estate.

@Jonathan Greene Hi Jonathan - 

I am a newbie investor, therefore, I trying to utilize a first time homebuyer loan to obtain my first multi-family so I dont have the connects to find deals offline.

MP 

Hi BP Community -

Every time I look for properties in Bergen County in New Jersey, the house is already under contract. 

This process is draining to say the least - any advice on how to avoid this mishap?