All Forum Posts by: Mina G.

I just got a tank sweep done by a reputable company here in NJ. They scanned the sidewalk, backyard, and checked the basement and outside around the house for signs of oil piping. Nothing was found. This house was built in 1920 so it’s either they stuck with coal until gas lines were installed, they had above ground tank and they removed all the piping, or they removed the tank long time ago (town doesn’t have record of tank removal permit) or it’s somewhere under the front porch which is reinforced concrete porch. The company wasn’t able to scan it because of that. 

They said that if I want to get the porch scanned, I would need to hire another company that does radar scan (which is much more expensive)

How likely is it that the tank is under the concrete porch? 

Current furnace was installed in 1987 (very old) and it’s forced air furnace (no radiators)

Any recommendation on what I should do? Thanks! (Seller is selling the house as is)

I have a duplex that I financed using an FHA loan (paid 3.5% and had to have MIP for 5 years and must pay off 22% of the balance)

I just had the MIP removed. Is my loan still considered an FHA loan? Do I qualify for another FHA loan or is just a one time thing? I still own the property and still live in one of the apartments. But I'm trying to purchase a second property that is a duplex as well and I'm planning to move in one of the the apartments there.

If not, is there financing that allow 10% or less for a duplex? 

I currently own a duplex in NJ, I live in one apartment and rent the second one. I have about 30% equity in my current property. I tried to purchase a second property in NJ but my debt to income ratio is too high. Especially with NJ Real Estate Taxes. (Hard Money Lenders require 30% down payment (which I have) and 6 months of reserve which I don't have). 

Should I continue saving and buy a property up here where I would be able to manage it or should I buy in south Florida and hire a property manager?

Thanks in advance!

Hello, I live in New Jersey and I'm looking to buy properties in south east Florida for a buy and hold strategy. I go to Florida 3-4 times a year. I usually visit Fort Lauderdale and Miami. So I'm not familiar with any other towns. What's a good town/neighborhood that I should look into?

- Must be a good rental neighborhood 

- Class B Area (While I won't be living there, I want my tenants to be able to walk out at night without the fear of getting shot).

- Top budget is 200k

Thanks!

Hello,

I have had my first duplex (I live in one apartment, and rent the second one) for over 7 years now. I have enough funds to put as a down payment on another duplex in the same city (North NJ).  But the issue is my income to debt ratio is too high. Currently at 60%! and with this new property it'll be impossible to get a conventional loan. What're my options? 

This new property will be used strictly as an investment property as a rental. 

I'm not sure if this is the right forum to ask this question in. But I couldn't find repairs section.

I got a quote for 1/2" thick Engineered hardwood floor for a 175 sqft room from Empire today. Initially it was $5,000, ended up negotiating to $1800. Is this a good price for the New jersey New York area?

Includes removal of carpet, glued down installation, and 30 years warranty.

I'm not trying to get FHA. That would be illegal since I won't live there.

@Brent coombs

My w2 income has changed..

How would a 30 years mortgage be close or paid off after 5 years?

My rate is 3.317 and pmi is coming off in 2 years.

Let me know if you have any suggestions. Thanks!

Stephanie,

My DTI is high to begin with (My current mortgage is by FHA). Based on the calculation I did with multiple banks, I'm at 52% DTI, that's with the new property. And thats without looking at my tax return. (I depreciate my property on my return) So it'll be even higher since I can't even use the full 75% of my current rental.

Thanks for your response!

Hello,

I currently have 1 property (Duplex) I live in 1 apartment and rent the 2nd one for over 5 years now. I'm trying to purchase another property (Single Family) to rent out. I have 30% to put as a down payment, but my problem is my DTI is too high (53%) that's with calculating my current and future rental income (75% of it). The property I'm trying to acquire will have a positive cash flow. It is located in NJ.

Anyone have ideas of how I can get qualified for a loan? I'm looking to buy and hold, not flip.