All Forum Posts by: Suril Dalal

yup

Does the property still make sense if you're offering 30 over listing and people are still willing to go higher or offer cash?

I have two rental properties, one at 4.5% another at 4.2%, both on 15 year loans. (Around 12 and 14 years left on them) I’ve been thinking about refinancing to maybe lower my monthly payment/pay less interest. I called up Wells Fargo and they basically told me they aren’t refinancing investment property loans right now. I called Quicken Loans, they basically told me the same thing (after pulling my credit) they said due to the whole situation right now they aren’t able to refinance me into anything that would lower my rate or give me a lower monthly payment. I feel like I keep hearing about people refinancing? Has anyone had a similar experience? Maybe I should try smaller banks?

I’m in Bergen county, and I’m also interested

I’m in Bergen County and I’m seeing inflated prices for multi family. According to all the posts on BP, I’m going to be waiting too. Waiting...but ready

I’ve always thought of buying and renting a small home somewhere around the jersey shore. So I’m definitely interested in others responses. But you’re mention of headaches makes me a bit weary. What are some common issues you run into AirBnb-ing over here

Start looking further down south in Jersey. Even if it’s an hour away from you. You’ll find something. Yeah right now the markets hot here, you might not find something immediately, but you will eventually 

I haven’t invested in North Jersey. But I’m from there. And lots of people buy multifamily rentals. That’s what I assume you mean cause I’m sure theres cheaper single units/condos you can find to rent. I’m not sure if these multifamily investors are seeing cashflow on year 1, especially with how high the market is right now. I agree with you on appreciation being a big factor for investors here, they might be looking at cashflow once the multifamily is paid off. But this makes me curious too. Would definitely like to see some input here from multifamily investors in north jersey

It’s also because of how hot the market is right now. People from nearby big cities want to move in. They might be willing to put down an offer sight unseen with a contingency right after a listing that meets their criteria goes up

In my scenario, I was able to negotiate successfully. The seller had to pay a percentage amount on the sale price, so in a way, they paid less in commissions. But like I said, I’d bring this up early, hopefully they’ll be cool with it.