All Forum Posts by: Prash Sun

@Russell Brazil

This is why I agreed. But then they are holding on to my driver’s license copy forever. I am very concerned about data protection and use separate google account for all the communications. I have no issues showing but to give a copy of the license is where my hesitation is.

Hi,

I bought my first condo in NJ for investment purpose and had a tenant for few months who

The new prospective tenant submitted all paperwork and passed credit check and is willing to sign lease. She requested following items as her lawyer advised her so.

1. CO from the municipal

2. My(Landlord’s) drivers license and work ID

I agreed to #1 and paid $75 to the town’s health dept that has renter’s CCO form that I submitted. Now awaiting an inspection date.

For #2 I agreed to share driver’s license and not my work I’d as it has nothing to do with my condo unit. Now I am having second thoughts as to “Should I even share a copy of my driver’s license”?

I haven’t spoken to a lawyer but curious if BP thinks it’s normal or abnormal and recommends one way or other?

Thanks

@Luke Grosskreutz

The reason to pay-off early is to have decent monthly cash flow if unexpected things happen like I lose job or something. Also if I were to list on sites like Airbnb/VRBO, the cash flow isn’t guaranteed like a annual lease tenant.

Also to take HELOC for future buying.

@Steve Vaughan

I wanted to improve credit history of my LLC not for wife. :) That is establish better credit history for future borrowing under LLC. Is that even a thing or am I making it all up?

The LLC is under wife as I am on work visa here. Obviously she will be managing the property to collect rent and all that stuff.

@Justin Kane Thanks.

I have a day job and am reluctant to partner with someone and/or flip homes.

1.) Because I don’t have much friends in RealEstate field to give any inside advise or even contractor friends.

2.) I don’t want to be thinking about the flip as I still need to focus on my job for at least next few years.

So coming back to my original question, are there any at least few lenders willing to do commercial loans on 60%LTV?

My other alternative is to get a personal loan via LendingClub alike sites. I am approved for about 40k. So gotta ask friends and family if it will be full cash purchase.

I am a new investor who is in mid 30’s and saved up enough to put $60k towards a investment purchase. My question is,

how do I go about getting a loan to purchase a investment property in neighboring state. I liked a SFR for $130k and interested in renting it out via AirBNB or traditional rental( to be decided). What kind of banks will offer a loan up to 60%LTV?

The LLC is a partnership between me and my wife while I am the sole earner of the family. I have excellent credit and willing to guarantee the loan. With my calculations, I should be able to pay-off the loan in about 1-2years in my own money rather than use the rental income. Basically want to establish assets under LLC for long-term investing. May be buy multiple properties under same LLC.

Does the above sound like a good plan? Sorry fairly new here.

Thanks

Hi, I am planning to buy into a condo in NJ and spoke to the same lender who financed my primary residence in 2017. Now I’d like to buy another one that is smaller in size and would like to move-in to the unit for personal reasons and also convert to investment. My lender says there is no real argument for Primary Residence I just purchased one in 2017. So my question is, is th lender right in refusing because they think I could do this for all the reasons? If I make a reason that I am starting a new job in the area, will they be asking me for offer letter et al? Just curious.

Thanks all. I will plug in the freshners to for next few days. No cooking because wife & kid are visiting grandparents.

I am tenant in NJ state. I have been paying rent exactly on 1st of Month for last 2 years. I gave notice of move-out on January 4th that I will move out on Feb 28th. We had a baby in December end. And had newborn in the unit. While being a good tenant I allowed the landlord to show the unit on weekend to prospective tenants. Now afte a month of showings, the landlord tell me no body liked because of the cooking smell. Now she is asking me to clean it professionally or else she will not give my deposit back. She blames me for it getting a back to back tenant. Is this even a valid reason to deny deposit? I already had couple of problems with unit that I was pretty patient with. Like the heater stopped working for couple of hours with new born I house. After I mentioned it to landlord they fixed it after 1day. Also the water bill was initially agreed to be paid by landlord but after a year I want my deposit back and be done with thsinlabdlord but if they don't then what are my legal options. I mean I am already intimidate and mentally stressed for various other things by this landlord. I wan them to understand their responsibility if it takes me to spend some $$. So be it. Pleas advise.

Double post from phone. Please delete this thead.