Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here
Pick markets, find deals, analyze and manage properties. Try BiggerPockets PRO.
x
All Forum Categories
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

All Forum Posts by: Mit P.

Mit P. has started 5 posts and replied 13 times.

Post: NJ Wholesalers recommendations

Mit P.
Pro Member
Posted
  • New Jersey
  • Posts 13
  • Votes 1

@Richard Ore Hey Richard appreciate the reply! I am looking for deals and wholesalers to work with. 

Post: NJ Wholesalers recommendations

Mit P.
Pro Member
Posted
  • New Jersey
  • Posts 13
  • Votes 1

Hi All, hope you're well - any recommended wholesalers in NJ? All info greatly appreciated, thanks!

Post: Best place to invest in 100K priced homes

Mit P.
Pro Member
Posted
  • New Jersey
  • Posts 13
  • Votes 1

@Danielle Wolter That's great about your Memphis property! Congrats to you! How'd you acquire the property and most importantly how'd you manage repairs? Would love to hear about your experience. Cheers!

Post: What Fees/Commissions to expect from Commercial Mortgage Broker?

Mit P.
Pro Member
Posted
  • New Jersey
  • Posts 13
  • Votes 1

@Stephanie P.

Thank you for your reply Stephanie. That helps me push this forward.

Thanks!

Post: Cash out refinance for LLC owned property

Mit P.
Pro Member
Posted
  • New Jersey
  • Posts 13
  • Votes 1

@Jimmy Lin @Eric Lau @Tyler J Askin @Eric Veronica @Jerry Padilla

Thank you all for this thread. Just the questions I had in mind this morning for my LLC owned condo. Started making those calls to local banks and CU's as of a few minutes ago. First local bank on the line informed for an LLC owned property of over 1 year, they can provide conventional mortgage or a LOC on appraised price. If under a year, on purchase price. She is going to confirm what she gave me over the phone with others on her team such as underwriters. I would like to update the thread with any updates on what I have learned.

Post: What Fees/Commissions to expect from Commercial Mortgage Broker?

Mit P.
Pro Member
Posted
  • New Jersey
  • Posts 13
  • Votes 1

@Andrew Beauchemin

Thanks much for the reply this is very helpful at this time. 

Just so I fully understand you, the step-down agreement applies to any deals (this deal, and future alternate property deals) within the agreement period, correct?

Thanks again for your reply! 

Post: What Fees/Commissions to expect from Commercial Mortgage Broker?

Mit P.
Pro Member
Posted
  • New Jersey
  • Posts 13
  • Votes 1

Hi BP! I have a Maryland commercial mortgage broker who will shop lenders for my financing needs. My rental property presently has one SBA, and one conventional (balloon). The idea is to re-finance for a better rate by paying off the two and cash-out remaining equity available (no appraisal done recently).

The broker is proposing an agreement of an approximate $700 non-refundable fee to me, and 1% commission of the loan amount (loan amount approx $700K). This is not inclusive of any points from lender charged to me, appraisal, etc. Proposed length of agreement is 24 months, any intro's he makes to lenders are his. He also suggests shopping one lender at a time. 

Would love to hear your thoughts on below. Thanks for reading, much appreciated!

My thoughts/questions:

1. Non-refundable fee does not make sense

2. 24 months is long

3. What is advantage of shopping one lender at a time?

4. What approx average commissions are expected for 700k loan amounts?

5. What approx interest rates should I expect?

Post: Licensed in Central Jersey - seeking brokerage to hang license

Mit P.
Pro Member
Posted
  • New Jersey
  • Posts 13
  • Votes 1

Hi BP! Thanks much in advance for reading this post and would love to hear any of your thoughts on small vs large brokerages to hang my license in Central NJ. I reside in the New Brunswick/Piscataway area. I have a background in owning and operating retail businesses, and a couple of real estate investment properties. My present thoughts are to join a small brokerage non-franchise as training is not a priority. This may be stating the obvious, but lower desk/monthly fees and better commission splits are preferred, which I feel is more likely at the smaller offices (non-franchise). Am I on the right track here? Does anyone know of a smaller brokerage in this area that I should consider? Any thoughts on the above would be more than appreciated as your insight would continue helping me move forward! Thank you readers! 

Post: Property Management Company considerations

Mit P.
Pro Member
Posted
  • New Jersey
  • Posts 13
  • Votes 1

To the BP community! Hello!

I am a property owner of one retail/commercial ground-floor tenant, accompanied by three residential units above. Presently, I personally manage the property which includes rent collection, addressing repairs, and the like; I use a realtor to rent the residential units. I live approximately 3 hours away and in 5+ years owning the property have not had major issues addressing matters timely or effectively (knock on wood!). I am now considering moving further, where driving to the property would not be possible. I would like to understand the basic range of costs for property management companies/property managers, their basic responsibilities, overall what I should expect and ask of them. Any thoughts here would be helpful! Thanks much in advance!

Post: Commission for real state agent in New Jersey

Mit P.
Pro Member
Posted
  • New Jersey
  • Posts 13
  • Votes 1
@Kevin K.Thanks much for the reply, very informative. Using what you've mentioned as a start point and with some more digging, Middlesex MLS is the appropriate MLS for Middlesex County properties. I also came across some interesting info for you (and other BP readers) in reference to Essex County. In addition to Garden State MLS, Essex County can utilize NJMLS (New Jersey MLS), which could perhaps increase your exposure should you do another flip or buy+hold in Essex. Essex, Bergen, Passiac, and parts of Hudson are the counties within NJMLS. Of course as anything we find on the internet, I would suggest you confirm with another source. Come to think of it, I confirmed the Middlesex MLS info I found on my own, with a chat specialist on the site you recommended/used (www.mlsmyhome.com) to list your Essex flip. 

In reference to NJAR contract, I think that's a great idea to request buyers submit with NJAR contract. I've used NJAR with realtors (for purchases myself) in the past and their content covers most/all NJ RE laws and regulations. And yes exactly, attorney review will cover anything missed after buyers have agreed on price and signed original contract. 

Once again thanks for your guidance and reply. Would be great to connect on this topic or others in the near future.

Originally posted by @Kevin K.