All Forum Posts by: Shain Ismailovski

Tough time to find a deal in NJ right now. The market is very hot and things are going quick. Still though, they are out there just need to be vigilant. I've had no issue filling my vacant units and rentals are always in demand especially in an economic downturn. 

You can add the daughter to the lease if she is 18+ and living there permanently. She would be tacked on the the remainder of the lease term then.

@Brandon Ribeiro I think that is a good goal. Maybe your s/o could be a potential investment partner as well? Something to consider. 

Hi Brandon,

A partnership or joint venture may be something for you to look into. Since you have an active license you can work as a "deal finder" while the other party can front the money for the deal. You can always be added on to it later on. This is a good way to get your foot in the door with relatively no money down on your end. You could also house hack as you start to earn some income that way. The money you need upfront would be far less if you live in the unit and rent out by the room. It's  a matter of figuring out what works best for you. Search the forums, there are plenty of people who started with no pennies to rub together but were still able to build. 

Curious to know what you want to do with it? Knock down and build fresh on the land?

It varies by broker. Some get paid a commission by the lending institution originating the loan while others charge the borrower a fee. It is rarely both. When looking around ask the broker where their compensation comes from and if there will be any additional fees from working with them. 

Business casual or business formal

Overall, the broker would be in a better position to "shop around" for you and find you a loan better suited for your needs as well as give you rate options. Working with a lender you are more limited to their in-house options. There is nothing wrong with that either, but you lose some of that flexibility. If you do go the route of the lender you are better off using small local banks as the ability to cultivate a strong relationship with them is far easier than using a massive commercial bank.

If you do choose to invest out of state make sure you are willing to put the time and effort into building an effective team in that area. Your financial wellbeing will be more connected to the actions of others as opposed to a local investment you can monitor yourself. Do your research on areas of interest then begin looking at real estate agents in the area as well as property managers. These will be your two most useful team members as you start out. If you feel comfortable with that then out of state investing may be something worth looking into.

That sounds like a good idea. And no, you can have a contractor do a walkthrough with you when you go and check out the house just let the listing agent know in advance to make sure that doesn't conflict with any other viewings.