All Forum Posts by: Nicolas Nuvan

@Jimmy Kong

Yes, maybe communicate with police. See what they suggest. Ideally you could tow it out.

@Ash Clarke

Awesome Ash. Similar effort, more money needed in Queens vs. another state.

I helped my client purchase a 2 family right next to JFK. They're cash flowing around 500/mo after cap ex, vacancy, mortgage, PMI etc. Tenants pay all utilities except water.

@Sze Guan Tan

Hey man, you don’t have to take the course. You just have to submit a few forms to NJ state and they waive the class.

You will have to study and take the NJ test once you receive the waiver.

I have the MLS over there, I can help run #'s if you need. Agreed with Bill though, you will just need to raise rents or put some work into the property to make it more optimal for a different type of tenant.

Your best option at this point is to beg! I wonder why they wouldn't do cash for keys? Was the value too low?

The way to run the #'s on properties is pretty much universal. But I would connect with a good Real Estate Agent in the area so they can run the #'s for you. Saves you a lot of time.

Then once they find properties that match your goal monthly returns, you can check their work.

As far as the condition of the property, it depends on how much cash on hand you have to potentially do any renovations. If you have only enough for down payment and closing costs, I'd go with something that needs less work. Feel free to text me if you want a referral in your area.

I can recommend a good loan officer in the area that you can hop on a call with to ask these questions. It's best to ask the source. Feel free to text at my # below.

Get a good real estate agent, someone that will run all the numbers for you.

Mortgage, PMI, utilities, live rental comps etc. It will save you a lot of your time to weed out properties that don't meet your goal monthly costs. What area are you in?

Also get quotes from minimum 2 loan officers on what interest rate they're going to quote you in additional to all-in costs.

Based off of the information you provided, you shouldn't buy it. If you have to think twice about the monthly holding cost, that is a red flag.

Unless you're getting the home at a discount, I would look elsewhere for your first investment, preferably something that you are at-least breaking even on. Live at your girlfriend's family's house, and get a property that is going to work for you, not a debt trap.

Let me know if you need a referral for your future purchase in that area.

I'm not sure about the state specific legality question, but I have an investor client that uses Zelle for payments. I used Zelle for LLC banking payments as well. It's a great tool and also instant.