All Forum Posts by: Orlando Goodon

So I'm on the fence about buying a house now while I qualify for whatever I want. I was looking at duplex or Condo for rental income. My only goal is I want to at least make enough money on my own to live for free. I want to remove my cost housing costs. So right now, I'm paying $1400/month for  a roof over my head(rental). So I want to either:

Find a Duplex where the tenant pays the mortgage (completes my initial goal)
Find a Condo where maybe it cuts my housing costs down to $1000 or less (Would only be first step towards eventually living free)

I live alone with no dependents. I have enough saved to pay rent for a year, plus $15k or so for a deposit, but that leaves me with no money. With high unemployment, I worry about preserving my savings, unless I can convert them into an asset that pays me enough to not worry so much about loosing work.

Is there any sensible logic to getting approved for a larger mortgage than the bank would give you? Let's say you qualify for $500k but you had a something like say a job benefit where you could get a $700k mortgage. Would that be a blessing or a curse? Would you ever want to get a larger mortgage than the bank is offering you or do they max you out at a number that actually serves you financial interests? Does the bank today now know whats best for you?

There may be something I have not considered. Just wondering if I should make my move now.

BTW, looking within an hour of NYC. NJ most likely. I can get 100% (100% finance means any under million dollar duplex or Condo BUT hefty mortgage so DANGER if empty and I have to pay mortgage alone!) financing or 5% down (5% down means condo only).

What am I missing here. I'm searching for properties in northern New Jersey that are close to you New York City and I keep getting a ton of houses in West Orange that look spectacular. Large houses with huge yards nice neighborhood everything just looks amazing unfortunately they're all single families but why is it that no other area tends to have nice properties like this? What is happening in West Orange? What is so special about West Orange?

Why does west orange properties look so different?

 But we choose them because they offer 90% financing. Lol. Marketing tricks?

Buying my first deal. A house in US Virgin Islands for short term rentals. With $30k down on $300k house, they are saying we might need $25k in closing fees. Sounds like "we need 20% down but want to trick you into thinking its 10% by spreading money across fees and down payment".

Holy smokes. This puts a dent in my plans to buy 2 more locally in 2 years. I was budgeting $30k a year for down payments. Was looking at $180k non-primary and $600k primary house.

What are your thoughts?

Actually I'm lost. I see air bnb rates from $50 to $70 a night. That would barely cover mortgage with $30k down...however house rents start at $2500. Average $3000/month. That is double air bnb. I thought short term rental is more money.

All very good points! It's $20k in renovations. House is ready to go, just dated and one toilet needs work to stand up to guests.

 No, no view at all. IT's in valley in center. Great for hurricanes, but not views. It is a private neighborhood though. Great for relaxing getaway. Quiet private roads away from hustle and bustle.

 I grew up there! :)

$20k, not $200k. It's move in ready, just has not been updated since the early 90s. Also guest toilet is prone to clogging.

I know about refinery activity but how does that help air bnb? They need long term rentals no? Why would they be interested in renting for less than 30 days? I was thinking only long term rental would be healthy unless tourism is strong (it has not been in maybe early to mid 2000s).

Found a house in st. Croix US Virgin Islands which is centrally located so not beachfront. It's in a private neighborhood. Simple single family single floor house. Sinking to spend 300000 on the house and then invest 20000 to update it since the house hasn't been updated in over 20 years.

my concern is it seems difficult to get much data on things on a small island. A lot of stuff doesn't seem to be online. So I'm concerned about getting the house and having a lot of vacancies.

also if I have two co-signers on the mortgage would I still have to pay 20 to 25% down since it's not a primary residence? One of the co-signers is a veteran. We only have thirty thousand for down payment on this particular property.

what are your thoughts in general about investment properties in the Caribbean which are not beachfront properties. I realized the beach is going to be 5 minutes away from pretty much anywhere on the island but it's not the same thing as waking up to waves in your backyard.