All Forum Posts by: Peter Vander Valk

You can utilize an FHA 203(k) loan to finance renovation costs.

@Khalipa Oldjohn yes, renovations. If you can add an extra bedroom that can be a big one, both in property value and rental value.

Hi Khalipa! I own a 2-family house hack in Bloomfield, and the rent covers a good portion of our monthly mortgage payment. One thing that makes NJ tough is the high taxes, and this tends to skew the numbers in the BP calculators. FHA is a great way to start, but the mortgage insurance is expensive, so you could consider a 2-part plan to refinance out of it eventually. Looking for value add opportunities is a good play to build equity into the property so that you can refinance into a conventional loan once you hit the LTV requirements.

Originally posted by @Umair Khalid:

I have reached out to a lawyer. Let’s see what they can tell me. No, I don’t have quarterly inspections in the lease. 

Best of luck. I would be interested to hear what the lawyer has to say when you find out. 

Hi, Umair. Welcome to BP, and I'm sorry that this happened to you. Could you prove that the tenant knew about the leaking flush tank and how long they knew about it? And could you tie the bill specifically back to that toilet? I don't have any legal sources to cite, but it seems like even if it is technically the tenant's responsibility, you'd have a difficult time tying it back to them and getting them to cover the bill.

Hey Mike! Welcome to BP, and it's great that you are thinking about financial independence at your age. Best of luck on the way to your goal! You will find a lot of great advice on here. I'd be happy to connect and talk real estate/investing.

Hey Mark,

Welcome to BP! Sounds like you are putting a lot of thought and planning into your move to FL, which is great! When that time comes, you will be ready to jump right in. Best of luck in your endeavors!

Sorry to hear that you will be leaving the great state of NJ, but while you are still here, another BP member and myself host monthly meetups (check the events page and/or message me if you're interested). Networking is a great way to immerse yourself in the RE investing community and learn from other people! I would love to connect and talk real estate!

Best regards,

Pete

Hi Denis, welcome to BP! Another member and I run a meetup in North Jersey, so feel free to send me a message if you'd like us to add you to the email list. Our event this Thursday is booked, but next month we will be running another one. Looking forward to connecting!

Hi Kyle,

Welcome to BP! It's good that you are thinking about investing and getting prepared to jump right in. I am always happy to talk real estate and answer any questions I can. As far as meetups, @Shawn Mcenteer runs a great one every month at Brix City brewery and I also run a monthly one with @Dennis Yosco. You can find local meetups in the "Events" section. You will meet some awesome people at these events.

Best regards,

Pete

Hi Jimmy,

I would be interested in connecting with you. I am a lender and investor in Bloomfield, and am always looking to connect with other RE investors and professionals.

Best regards,

Pete