All Forum Posts by: Nicholas Salvia

So im not sure if this sounds stupid, but i found the property that id like to buy, got it under contract, now its time to get the mortgage. I DONT KNOW WHAT IM DOING. Iv contacted 2 different brokers, one is telling me GO FHA!

Selling price: $372,000

5% down with concessions

3.75% - payment is $1819.00 (with MI)

Another broker is telling me i can do 5% conventional? 

I only have the 10% down ($37,000) i could borrow the extra money for closing costs from a family member.

What do i do?? borrow the money and get a 10% down conventional loan?

do 10% down and just take the concession? (higher rate)

or do 5% FHA and get creamed by all the fees?

/help

wow great thank you so much. i think youve saved me a lot of pain down the road.

yes exactly..id be getting heat from theyre unit essentially..and the bill would be pretty high i assume

theres 2 meters for electric.  2 meters for gas.. only 1 zone for the heat and its downstairs in the first unit (tennant occupied)

ill be living upstairs. the tennants ill be renting too will be downstairs where to furnace is zoned for.

hey all super ecited just bought my first 2 family in Roslle park.  Right down the street from the train station great location.  Only worry is that its settup for 2 zone heating BUT there is only 1 furnace.  Any ideas of prices to get a second one installed?  also should i even worry about it?

Hey all, just curious if anyone has any experience in the Heights in Jersey City.  Iv been told that it is on the upswing.  I don't know from personal experience but anyone with an opinion on the matter would be awesome. 

Thanks.

@Curtis Bidwell Awesome response thank you! So what your saying is  everythin gis pretty relative, with rates going up the prices of homes only drop proportionally to said rates.  In your opinion do you think the drop off in prices would be substantial enough (outweighed with the increased rates) to wait on purchasing? 

Thank Justin! pretty good thoughts, id have to agree i cant personally see the price of rent going down, but i could imagine the price of actual homes, or any commercial property WILL go down in a bad market correction.  Which of course would be an optimal starting position for any new investor (flashbacks to 2009/10)

OK Levi,  I get that there are always posts about such impending dooms (obviously something is in the air or everyone is crazy)  Im not talking about making good or bad deals.  Good deals are made through proper hard work, or maybe even a little luck.  What im talking about is WHAT HAPPENS when the rate hikes? 

Do people sell?

A large number of sellers compared to a smaller number of buyers does ONE thing to the market, it pushes it down.  

So my question wasn't really warranting such a generalized and unthoughtful response as you had chosen to give.  My question was for those who have either experienced enough of the market to see history repeat itself, OR my question was for those who understand how the market reacts to such changes and could let me know what they think will happen.

Thanks