All Forum Posts by: Mike Ventura

@Marco Y. 

This thread is extremely helpful. As a newbie looking to invest in multifamily properties in NJ I now know what tenants I may run into down the road. 

Best of luck getting this issue resolved!

@Syman Hay Great question!

I've actually got an accepted offer on a foreclosure in New Jersey, unfortunately my offer was accepted in August. I've yet to close on the house but let's get back to your questions...

@Olga Roginkin said it the best. Find a real estate agent that you trust and HAS EXPERIENCE WITH FORECLOSURES!! Also, find an Attorney that has experience with foreclosures as well. These were two steps that I wish I did differently. Oh well, lesson learned.

I wish I had recommendations for agents and attorneys. 

If you have any questions feel free to PM me!

Great feedback thanks everyone!

Let me get a little more granular with my details. I also have a follow up question:

Danny: Looking forward to your feedback
-Rate is 3.875. Locked and Fixed. 
-Closing costs are roughly $11,000 (including my down payment).

Trent: Thanks for the feedback! I appreciate the advise about being conservative and that's certainly the way I'm looking at the numbers. Your analysis really helped me with the math on this!

So I guess the $45,000 would be the new down payment on the $180,000 mortgage?

Nick: 

1. My town has a bunch of foreclosures. This property in particular hit the market for $74,900 and I had to go to $100,000 to win. 

2. TELL ME ABOUT IT! Luckily the lender required repairs are very minimal, and honestly they were things I planned to fix in the renovation budget. 

I'm currently trying to push some freeze damage on the bank. The listing agent claims they have been cooperative in the past so I'm crossing my fingers.  

Thanks for your help everyone!

Hello BP - Happy Holidays Man does it feel great to be posting! I'm seeking some help with crunching the numbers on a potential BRRRR property. My main question is around the financing for the purchase of the property. Every podcast I've listened to and post I've read make it seem that the purchase of the property is in cash obtained through a HML, etc. I am purchasing a foreclosed property through a conventional loan with 5% down. I'm hoping to get some clarification on the money I could have back after refinancing after 1yr: Purchase Price: $100,000 Down Payment: $5,000 Rehab Cost: $25,000 ARV: $180,000 If I understand correctly (which I'm not sure I do) my math is telling me that I'll have $45,000 after the refi. Assuming a 75% LTV. Looking forward to the feedback! Hopefully I'm not out in left field 🤔

Jeff Fruhwirth great idea, I'm sure I have one close to me. Thanks for the input!

Happy Thursday BP, one day until the weekend! I am pleased to announce that I have an accepted offer on a 3 bed 1 bath home in North New Jersey. It is a true diamond in the rough and requires alot of labor and not alot of money. If all goes to plan I will be moved in on October 1st. My goal is to re list the property after a year or two after I have added some value.

I hope the title of my discussion hasn't misled you. I am seeking to find the best resources (places to shop) to keep my home improvements a cheap as possible. My goal is to find the best deals for itens suck as vanities, plumbing, appliances, tile, etc without sacrificing quality. I know "you get what you pay for" but I am confident there has to be some sort of hack out there!

Essentially my goal is to find out if I should be shopping at Home Depot/Lowes or looking elsewhere for good deals. I obviously dont qualify for volume discounts so I need as much intel as possible before I start making purchases.  

Look forward to getting some tips. Thanks!

Great feed back everyone. I've definitely got some work to do!

@Ryan Canfield

Thanks for the input. You're right about the silver lining in the situation - my net worth will sky rocket :) 

Hey BP,

I'm seeking feedback and experience about getting started in buying a Multi Family Property. 

My Goal: Start off with buying a Multi-Family in New Jersey (I reside and work in NJ). I want to spend no more than $700 per month out of my own pocket (current rent I pay). I plan to finance with an FHA loan - collect rent on one unit and reside in the other.

My Challenge : I have been searching for three-four months trying to find a Multi-Family. I've found many that support my goal but havent been able to submit an offer because they are under contract within days, sometimes hours. 

I'm starting to lose hope in the concept. Not REI itself but finding a Multi-Family that supports my goal. So much so that I've considered changing my strategy to find a single fmaily home that will support the same goal (I really dont want roomates though). The realtor I am working with keeps reassuring me that I will find a place. He reminds me that now is prime selling time and I need to wait until the fall when the market is less competitive.

Is the market ever less competitive when im competitng with other investors? It seems that if a house is a good deal its a good deal whether your buying in the Fall, Winter, Spring, or Summer. In my mind if its going to cash flow its going to cash flow so all of the good properties get snatched up quick.

I'm hoping to set a realistic timeframe for myself in finding a property. Or at least develop a strategy around what I should search for. Any help is appreciated!

Matthew McAlarney I'm curious, what areas of jersey city do you invest in?? I see a TON of cheap properties but when I read about the neighborhoods I get scared away. Look forward to your reply!