All Forum Posts by: Mike Ventura

@Robert Antonie If you’re calling people selling their home they shouldn’t get mad at you..they should be expecting calls. However they might be disgruntled if you’re calling and offering them way lower than their asking which is understandable. You could always start with “hey you might not like my offer so apologies in advance, it is $xx,xxx”. And if they get mad you have a couple options: - be upfront and transparent about your business (I’ve heard this a lot on the podcasts. I guess make sure it’s legal in your state). - or you could blame the offer on say your financial position like you’re only approved for that amount or something. I’ve personally called craigslist rental listings to try to buy the property. Myself and the person who created the listing have two completely different goals and they had every right to hang up - no one did.

@Naeem Boucher Gotcha! Thought that might be the case because of your tagline "Investor from Paterson". Although it may be a rough area you have a unique advantage having grown up there. Many people may stay away but if you know where to invest and make some money have at it!

All the best!

@Naeem Boucher Congrats on the purchase, seems to be working out great!

Where did you buy? Numbers seem to be reasonable for a duplex in NJ. I'm from NJ myself. 

@Stefano Grottoli Welcome!

I'm from NJ as well but out in Warren County. Way different market than your neck of the woods. 

I did a BRRRR for my first deal. Still living in it until I find another property top replicate the process.

I wrote a couple posts on my specific property. Maybe these will help you should you go the BRRRR route. 

Lastly, I went on MeetUp and found a group in Teaneck. Haven't gone to it so I can't personally weigh in on it.

Good luck!

@Sean Youngberg

Take a look at AIMLoan. Like I said, I did my refinance through them and it was a breeze, granted it was on my primary residence not an investment property. However when you get a quote on their website it appears that a 30yr would be no problem..

Bohdan Shumenko what makes you choose that handful of states? Perhaps take a look at your network (friends/family) in the states you’d like to invest in. Find out if where they live has multi family properties. If so, what does the rent look like in comparison to the listings. Just some thoughts off the cuff. Hope it helps! BP has the calculators to help 😁.

David Schulwitz I’m MILES apart from you in NJ. I use Zillow and am able to find taxes for properties on and off market. Maybe this is a luxury specific to NJ. Perhaps a local realtor could give you an idea of the local tax rate? I’m sure they would have an idea either from experience or recent listings in your area. Hope this helps

Sean Youngberg is the portfolio lender saying no go because the original loan is not seasoned, because of your desired LTV, or because it actually can’t be done? I refinanced a BRRRR last month. Refinanced out of my loan with PNC Bank through AIMLoan. Very easy process. Not sure what the process would be like for a portfolio lender...

Josh Dillingham I refinanced my home about a month ago. Days before the appraisal I got a mailer from a. Realtor that showed they sold a house similar size on the same road. I presented this to the appraiser when he was doing the appraisal. It was like someone dropped a brick of gold in my mailbox. To answer your question I definitely think you can provide some comps. For me, I played the “newbie” “first refinance” card so I think the appraiser was wanting to help me understand the refinance process, rather than taking it as I was doing his job for him. Worked out well because it appraised 20k over my target refinance number, woohoo!!