All Forum Posts by: Shefali R.

All - Want to connect with investors in Clifton NJ. Have any of you been buying and holding - what are your thoughts on the market for SFH and multi's. What is your sense of pros and cons of investing here.

I currently invest in Newark NJ but would like to start looking at Clifton as well. 

Thanks in advance! 

Shefali 

@Brett Goldsmith what thoughts on this - you had been super helpful last time I had this situation on another deal several months ago - so giving you a shout out. 

Other experts - any suggestions? 

Thanks all 

Dear short sale experts - need help with building a counter offer on a short sale with pnc bank: 

1. We are in contract with owners for $158K

2. Pnc bank reviewed short sale and did not specifically counter but said a) fair market value appraisal has come at $188k and b) bank needs to net $165k else they cannot accept offer per their investor guidelines 

3. Per revised HUD the closing costs to bank are $14k so basically math above leads to $179k counter.

What is the lowest Counter i can come up with where you think the bank might accept. The $188k appraisal is incorrect but we don't want to fight that battle if we don't need to. 

Thanks!

Shefali 

Yes i invest in that area. what you are looking for - buy and hold or flips. 

@JD Martin thanks! Makes sense 

@Thomas S., I will eventually draw the incremental $35k and invest in something with a 10%roi. I don't have immediate use for the full amount of the heloc but will gradually draw it based on opportunities so will get there in a few months. 

@Charlie Fitzgerald thanks. 

so basically int rate is key? I should have clarified that both options are HELOCs. 

for my future reference, in a hypothetical where the funding gap was higher, say $100k would you still have recommended Option A? 

Update: Thanks for for their feedback. We ended up renting soon after my post at list rental price so didnt have to creatively structure the rent. 

@Amit Patel, thanks! 

I looked at the building code and this room seemed to meet all the criteria (large size, heat and electric, plug points, dresser, easy access to bathroom) - so we are good to go! 

@Javier Guanda, yes you can get HELOCs on Inv property condos/townhouses also. If you want larger banks, I know both Wells Fargo and TD bank offer this product.