All Forum Posts by: Neil Patel

 @Andy Rousch That would be great. I'm actually new to the area in terms of investing. The property is a A Frame cabin in a private lake community in Vernon Twp. It needs a-lot of work so its going to be a fun journey. 

I'm actually in the process of rehabbing an A frame cabin near ski resorts in New Jersey Sussex county. I was thinking of the same thing maybe if the ski resorts can offer coupon or special rates

@Alex Deacon I will be asking my agent to see if HUD will lower the price of the home especially since our bid was above asking price.

@greg 

@Greg H. The more and more I read on the forums it seems like HUD is not willing to reduce the selling price.

Im in the process of buying a HUD home as an owner occupant cash purchase. The offer was accepted and after the home inspection and walk thru with my contractor we found major damage to the house's foundation in the basement. This was not listed in the original HUD inspection report. I know that HUD homes the seller will not make any repairs but was wondering if I get an engineer to take a look at the foundation and get an estimate for the repair if they would reduce the home price. I do not want to have an engineer come out and take a look at it if they will not be willing to lower the price of the home. Any suggestion or experiences by anyone else that purchased a HUD home.

Hi @Jordan Gregg I have been looking at properties near Watsessing Ave. Were you able purchase a property in the area. It really seems like an area that is growing especially with 192 bloomfield ave and the aldi supermarket.  

@Carlos Rodrigues I actually own a 3 family home in Elizabeth. I wanted to do something similar to you and rent our the basement. Currently the basement is unfinished but it has 2 entrance and exits. Let me know if you were able to get approval for the basement apartment. I am currently working with the construction department to see if I am able to get approval for the basement apartment.

Hi @Luis Roel I do have 25% 40k for the down payment required but i wont have enough by the time the house would close for the 6 month reserves PITI on purchase home and 2 month PITI on 1st home.

I am currently 22 and I have a triplex in Elizabeth NJ that I purchased with an FHA loan. Im looking to acquire a another 3 family in Elizabeth but am encountering problems using private money to fund the down payment. My lender told me I would need the standard 25% down payment and 6 months reserve PITI for the property I am purchasing 2 months reserve for my 1st property and the money can not be gifted. The house I am looking to purchase is about 160k and I am about 10-15k short of having enough for down payment, closing and reserves. Any tips on how to go about using private money to fund the down payment?

Congrats @Axel Ragnarsson on raising money for the deals. I am currently 22 and I have a triplex in Elizabeth NJ that I purchased with an FHA loan. Im looking to acquire a another 3 family in Elizabeth but am encountering problems using private money to fund the down payment. My lender told me I would need the standard 25% down payment and 6 months reserve PITI for the property I am purchasing 2 months reserve for my 1st property and the money can not be gifted. The house I am looking to purchase is about 160k and I am about 10-15k short of having enough for down payment and reserves. Any tips on how to go about using private money to fund the down payment?

@Kevin Paulk @Brandon L. @James Bolden @Christopher Giannino @Ben Seitz @Andre P. @Ibrahim Hughes @John Casmon @Yuriy Kosmin @Wade Garrett @Christy Harris@Valerie Hiscoe Hello everyone I know its been awhile since I posted. So I wanted to give everyone an update on this property. I was able to close on august 17th and spent the past two weeks fixing and renting the property with my contractors. I placed a for rent sign in front of the house and got about 300 phone calls in a week and was able to rent out two of the units for 1400 and 1150 respectively starting september 1st. With the second floor tenant I am currently negotiating with her. I have talked to her and she is willing to go up in rent once she finds a job since her husband is disabled and she is currently unemployed. She always pays her rent on time so going the route of gradual increase is the best even if im going to get 100-200 less then market. If she were to leave I would have to spend money to fix up the unit and most likely lose 1 months rent. Thank you everyone for your responses and help with this situation.