All Forum Posts by: Rigo V.

@Stephanie P. FHA wouldn't work since I wouldn't be able to live in the house. I am afraid I may need to find a hard money lender to help.

@Michael Wagner Thanks so much for your input! That all makes sense

@John C. Extremely helpful post! 

I considered having an equity partner. Specifically my brothers on a separate investment (The house does not need any reno) but I am struggling because it seems that the yearly cash flow return would not be as great as if I went at it alone. 

Hello All, 

I am fairly new here and to investing overall so please forgive me if I am asking the wrong question or leave out necessary details. I am working on my first deal and wanted some advice.

I am looking at a house in NJ that is listed at 135K. Its a 2 unit house (4br 2 bath and 3br 1 bath) that needs a lot of cosmetic repairs (new flooring, new kitchen, new paint job, land scraping) and this is just from the looks of it. I am meeting with the realtor this weekend to really dig into it.

Numbers look like this - 

Down payment =25K-27K (at current price, will obviously try to get it at a lower price)

Closing costs= 3K-5K

Rehab budget= 30K-50K

Rental Income (once renovated)= $2800 per month 

Estimated mortgage - $1200 per month

Comps in the area range from- 200-250K.

I currently have enough to buy the house but not enough to rehab it, at least not both apts.

1) how can I find a way to finance this deal? Without doing an FHA loan (bought my own house last year and wife will not want to move and rent ours)

2) If I somehow find a way to buy the house and rehab, will I be able to refinance after the initial six month of seasoning to get by some funds back to do it all over again if it appraises high enough?

Hello All! I am new to the forum and I am really excited about REI! One thing that amazes me is how helpful everyone seems to be!

I am looking for area's in NJ that would allow to me to buy and hold especially using the BRRR method.

Does anyone have any experience with the Hopatcong NJ area? This is one of the area's that seems to interest me. What can a typical 3 bedroom, 2 bath rent for? Will I have a hard time finding renters?

Does anyone have a way for me to look at rental prices other than comparing them on trulia etc?