All Forum Posts by: Nick Patel

Thanks guys. I looked into following link and found it is FHA approved condo. so should I go with FHA or regular bank loan?

http://mercerrealtors.com/realtor-resources/fha-approved-condo/

thanks Rick. what is mean by FHA approved?

Thanks Julius and Michael.  

water and sewer is $90/month 

but how to calculate 5% vacancy, 5% repairs ?

what is capital expenditure, do we have to calculate based of what? can you provide example please?

Hello investors - Happy Easter!

I am new to BP and this is my first ever home live with parents and continue doing so.

This is my first investment property in Mercer county NJ
and here are the details.

year build 1983, 1120sqft (well maintain may have to spent 2000 for repair
plus closing cost) (schools rated 5,7,6)

Bank owned forclouser $124000 (4 homes on sale for $160k-$182k range same community)
planning to put 20% - $ 24800 (should i put less down and pay PMI?)
Get loan of $ 99200 @ 4% 30 (should i go 3.125% at 15yr?)

Mortgate payment $474
HOA $260
Tax $500 ($6000 per year, very high based on price)
Insurance $50
water/sewer ?? (tenant pay in this community)
utilities ?? (tenant pays in this community)
Vaccancies ?? (should i consider? if yes, how much)
repair ?? (should i consider? if yes, how much)
other ?? (is there any other cost i am missing)
---------------total $1284

Rent $1450 (lower side, my friend is getting 1550 same size condo in same community)

cash flow = $166

Should i buy this or find something else with less property tax and HOA?

Hello investors - Happy Easter!

I am new to BP and this is my first ever home live with parents and continue doing so.

This is my first investment property in Mercer county NJ
and here are the details.

year build 1983, 1120sqft (well maintain may have to spent 2000 for repair
plus closing cost) (schools rated 5,7,6)

Bank owned forclouser $124000 (4 homes on sale for $160k-$182k range same community)
planning to put 20% - $ 24800 (should i put less down and pay PMI?)
Get loan of                    $  99200 @ 4% 30 (should i go 3.125% at 15yr?)

Mortgate payment    $474
HOA $260
Tax                            $500 ($6000 per year, very high based on price)
Insurance                 $50
water/sewer              ??   (tenant pay in this community)
utilities                       ??   (tenant pays in this community)
Vaccancies                ?? (should i consider? if yes, how much)
repair                         ?? (should i consider? if yes, how much)
other                         ?? (is there any other cost i am missing)
---------------total $1284

Rent $1450 (lower side, my friend is getting 1550 same size condo in same community)

cash flow = $166

Should i buy this or find something else with less property tax and HOA?