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All Forum Posts by: Steve Cheren

Steve Cheren has started 1 posts and replied 3 times.

New Jersey Real Estate Q&A Discussion Forum

Post: What are the Best NJ Towns for Multifamily Investing?

Steve CherenPosted
  • Morristown, NJ
  • Posts 3
  • Votes 0

@Michael Fiducia: I'm in Morristown - I'd be interested in a Real Estate Investment meetup.

0 Votes
Creative Real Estate Financing

Post: 203K Loan Question -- Could I Qualify In This Scenario

Steve CherenPosted
  • Morristown, NJ
  • Posts 3
  • Votes 0

Thank you James and Albert!  This is great, practical advise -- very helpful! 

@James: I just want to make sure I completely understand your guidance.  I have excellent credit and sufficient funds.  My partner, however, has spotty income, possibly $0 to put into the deal,  and likely a low credit rating.  Is it still possible to name him as the occupying borrower and utilize a 203K mortgage?

0 Votes
Creative Real Estate Financing

Post: 203K Loan Question -- Could I Qualify In This Scenario

Steve CherenPosted
  • Morristown, NJ
  • Posts 3
  • Votes 0

I love the idea of the 203K mortgage (which I learned about on a recent BP podcast), however I am not able to live in any investment property I buy.  I know someone I could "partner" with, who would be willing to live in a C-class building, but has little to no money to invest.  I was thinking I could consider the savings in down payment as his contribution to the deal, and allocate % ownership accordingly.  Does anyone know if this seems feasible?  Would I be able to qualify for a 203K under these circumstances? 

0 Votes