All Forum Posts by: Phillip Repalone

Good afternoon,

I’ve been scanning the New Jersey real estate market and I’ve come across a few duplex properties in Penns Grove, NJ for under 100k that can easily cash flow based off numbers alone. The property I’ve been taking a deeper look at is a flat for 95k, 2:1 each unit and based on market rents can rent for around 850-950. Does anyone have experience investing in Penns Grove? All feedback is much appreciated!

@Stephen Kappre

Yes, I’m open to any neighborhoods in New Jersey. I’m open to minor renovations as well, would love to hear what neighborhoods you have in mind.

Can anyone recommend any New Jersey cities with duplexes available in the 150k range? I’ve been doing my due diligence day in and day out and have been struggling to find deals. I understand it’s a difficult time to find deals in the market especially in that price range but I have seen areas in south Jersey that would fit but the properties I’ve analyzed just wouldn’t work as rental properties. Thank you!

@Jason Griffin

Will definitely take this into account. Thank you!

@Ash Fields

That would be much appreciated.

So I’m looking to purchase my first rental property soon and I’m looking into Westville, NJ. I’ve been doing my research on the area and I see positive indications for investing here. I’ll be buying a multi family property and just got pre approved today. If anyone can give me any advice about investing in this area, during this time frame with the covid element, or any general knowledge going into my first rental property purchase, it would be much appreciated.

I was under the impression that when buying a duplex using an FHA loan, it needs to be owner occupied for atleast one year before you can rent each unit. But I just heard that with an FHA loan you can never rent out all units. Can somebody please clear this up for me? Also while using an FHA loan, can I immediately rent out one unit? Thank you!

Im looking to purchase my first rental property this year and I need advice as to which route I should take. I’m only interested in multi families in the Philly area but I don’t know if I should say I’m purchasing as an investment or go with an fha. From what I’m hearing, as an investment property they’ll ask for a 20% downpayment which I don’t believe tying up that much cash would be smart. But if I purchase with an fha loan, I’ll only be able to rent out one side for the year due to the owner occupied requirement of 1 year. Is there a smarter option that someone can suggest? Thank you.