All Forum Posts by: Robert Fink

I am looking to do several cash out refis on properties in Southern NJ. Looking for options other than local banks or DSCR loans. Anyone have good luck refinancing several rental properties with any credit unions that will work in South Jersey?

@Steve Morris thanks so much for the info - I didn't know that's how the money flowed, certainly good to know. 

@Jennifer Donley do you find that the section 8 rents you receive in your area are higher than market rate tenants?

Hi all - hoping for some advice on renting out to housing voucher program tenants in southern NJ. Right now I own two properties that each have a HUD 2021 SAFMR of $1900+ each (4 bedrooms each) that will be ready to rent very soon. I have a few questions:

1) How successful are some of you at getting SAFMR rates for your properties? Do housing authorities generally offer less, or do they have to offer this amount? Is a utility allowance usually deducted from the SAFMR? One of my subject properties was rented out previously for $1300/mo to a non voucher tenant - so the voucher amount is substantially higher than market rent, from my experience.

2) How hard is it, in general, to find voucher tenants for 4+ bedroom properties as opposed to 1 and 2 bedroom vouchers?

3) Finally, what's your experience been like with voucher tenants (South Jersey or otherwise) compared to regular tenants?

PENFED (Pentagon Federal Credit Union) has an investor HELOC...one of the only ones I'm aware of from a credit union.

Hello,

I recently purchased a property in NJ at auction for around $70k cash. I will have invested about $15k in renovations and I am looking for delayed financing or a cash out refi based on the ARV ($125k +/-). This property is held in the name of my LLC. Is anyone aware of a company in NJ that can do this refinance ASAP without a seasoning requirement? Most I have talked to are 6 months minimum, one was three.

Thanks!