All Forum Posts by: Nick P.

@Nick P.

Where should my ARV numbers be so that I can BRRRR?

@Randall Alan

Thanks for the reply. So in my scenario I'm in the process of purchasing my first multi (3 units) via house hack 203k. The property needs work with a preliminary rehab cost of 140k. Interest at 4% for 30 years. Closing costs are interesting because of the self sufficiency rule at the moment because the seller has the rents well below median rent for the area. Property is a half a block away from the town center (train station etc). Large apartment complex structuring projects are rampant in this part of NJ, including the town I'm purchasing in. All in preliminary is 715k (rehab rolled into the mortgage since it's 203k). My realtor says it's a hot market where I will make a killing in rents. But my goal also is to BRRRR. I'm told not too kiss out on this but jeez the closing costs plus rehab, plus down payment, plus mortgage insurance (fha) are making my head spin.

Can someone provide a numerical example of how to BRRRR your property into refinance? I'm confused with how much you can refinance. I.E. I buy a multiunit that needs improvement for 100,000. Rehab is done for 50,000. All in 150,000 and the ARV is 200,000. What gets refinanced? 80% of the 200,000?

@Vanessa Regalado

Can't a landlord/tenant attorney draw up something where the tenants have i.e. 60 days to vacate?

Looking for recommended 203k contractors to do work on a three-unit in Middlesex County, New Jersey. Any feedback would be much appreciated.

@Nathan G.

Thanks for the reply Nathan... but on what grounds can I evict them? Their month expiring?

So I'm purchasing my first multi unit investment (triplex). Im also inheriting all three tenants who are currently paying below market rent. It's going to be FHA where I reside in one of the three units. They are currently month to month tenants. I want to get all three tenants out so I can start my rehab. What exactly is the process to get them out, albeit voluntarily or involuntarily through an eviction? On what grounds can I evict someone? How long are eviction notices in NJ? Again, this is NJ.

Thanks for your help.

Good morning all,

Has anyone noticed a recent tax assessment hike out of nowhere on their properties? My brother has a property down the shore here in New Jersey and was recently assessed and now pays $2500 more, annually. Is this due to our nation's inflation crisis?

@Scott M.

Sorry, what does PA mean?

@Nicole Heasley

My realtor will speak with the seller's realtor today for that info.