All Forum Posts by: Nicole Barry

LOL, thank you!

Zack, this is interesting news. During the process, do I simply tell my mortgage co that I won't be using as my primary residence and take it from there? I assume that when title is pulled, it will show that it's not a primary residence because tax records shows this. I'm worried about doing something inappropriate accidentally.

I have a 9-year old primary residence FHA loan on a property that used was my primary residence, I do not pay PMI. Now it is an investment property. I'd like to refi to take advantage of lower rates. My mortgage co says that I can do a streamline refi, but I'm assuming that they mean for a primary residence, which the home isn't. Can I request to streamline refi my current FHA primary home loan into an investment loan? Would it still benefit me financially to do so?

Hi everyone! Please stop by if you can tomorrow. Please let me know if you have questions. Thanks!

here's the link to the Meetup page...

https://www.meetup.com/Jersey-Shore-Real-Estate-Investors-Meetup/events/pqdzjryzpbbc/

Sandy, Hi, everyone here has pretty much got this covered, but I'll add my 2 cents anyway. :)  I like to explain Dual Agency to my clients as this: there can actually be 2 types of dual agency- 'dual agency different agents' with different agents representing each party, and 'dual agency same agent' where the agent represents both parties. 

When you sign an agreement to list your property, you are signing an agreement with the broker. The agent you are working with is affiliated with that broker. Part of your agreement with your agency (broker & agent) is that your agent keeps your confidence. Agent/Broker can't disclose anything relevant to the other side that may influence the deal. But, agent/broker can tell you of any info they receive from the other side. Dual Agency limits these communications - the agent/broker must still keep your confidence, but they must also keep the buyer's confidence (so essentially no 'color' will be communicated between parties). Everyone takes care to stay neutral.

Approving Dual Agency permits the broker to represent both sides of the deal where there are different agents (both affiliated with that broker) working with the seller and buyer respectively. When the same agent has both the listing and then brings an offer from one of their buyers for that listing, then it's 'dual agency same agent'. That agent needs to remain neutral. You can not sign, indicating that you are not comfortable with this scenario... in which case the agent/broker needs to step away from one side and bring in another agent/broker to handle the side he/she is giving up. 

Investment Info:

Single-family residence buy & hold investment in Lacey Township.

1st home purchase converted to 1st rental property (buy&hold).

What made you interested in investing in this type of deal?

Building portfolio for long-term wealth.

How did you find this deal and how did you negotiate it?

This was my first home purchase. Converted it into a rental instead of selling it.

How did you add value to the deal?

Finished fence to allow pets. Tenants with pets and kids like the full fenced in yard- I never have trouble finding a tenant.

Lessons learned? Challenges?

Always screen your tenants fully, but be flexible on credit. The application process weeds out any sketchy persons.

Hi Alyssa, I'm in Ocean County, basically across the state from you. I have a great GC whom I always recommend. He has done alot of work for me in the past. He's not the least expensive, but his work is solid and he's very reliable. He travels throughout NJ for jobs. If you want his info, pm me, i'm happy to share!