All Forum Posts by: RJ Staats

@Brent Coombs 

A 15 year had a .5% lower rate and reduced my term from 24 (remaining years) to 15. Also we rolled other debt in and didn't want to pay that down for 30 years. We gain much more equity per month on the 15. And I want out of debt ASAP.  

The compelling reason to move is to begin building a RE portfolio (or cashing out significant $$ in sell scenario and using that to a house hack ) . If we move out we can save $ and then get another property while the renters / leasees pay my monthly mortgage ( 1/3 of which was previously school and car debt pre-refi). 

One advantage of selling via Lease Option ( I heard on BP) is a getting a higher selling price, as the buyers don't typically have access to convention loans and therefore most houses for sale.  For example The Buy Option is at $575K where as  I may only get $550K from realtor sales and then pay commissions of $25K. 

We recently refinanced at 15 years on our started home that we purchased in 2014.  I GC'd it and handled most of the grunt work. Spent $100K over the years on top of the $380K purchase price. Market Value is $550ish but my refi- appraisal was only $500K.  We rolled 60K of debt in (cars & student loans) , took some cash and are just 2m months in on 15 year a 2.375. Monthly payment is $3450.00 ( incl. NJ prop taxes).   We owe basically 400K on the house and gain $1,200 in principal each month and have zero other debt.

How would I compare the benefit of selling now at various prices  vs renting at market ( which is $3,000-3,500 range) ?  

How can I find someone who needs creative financing...find a Lease Option Buyer for my house? is this a good idea? 

Thanks BP Community!

Hey everyone 

Trying to figure out the best way to do this... For now if you want to PM your email I will create an email list and and share a proposed time and place. 

Im not PRO so I can't message multiple people at once from BP. 

Any suggestions on getting this off the ground are welcome. 

I sent 10 DealMachine postcards to distressed properties in my area (using the 1 week trial ) .

I received a voicemail from an owner and will call back first thing Monday.

Any advice on how to handle the first call?

The property is very distressed. Likely a knock down . It Has not been occupied in several years .

Thanks for sharing.

@Gaspare U. Im not too far at all. I’m in long hill twp. Near Basking Ridge.

Maybe we can start one at the Thirsty Turtle in Cranford?

Anyone know of a good meetup or other group for RE Investors in NJ?