All Forum Posts by: Thomas Berardi

Thanks for the replies!

I guess my larger concern is around scalability. I could afford the 25% down payment for a deal...but would take a long time to build up another 25%.

I understand I can get into HELOCs in the future but feels like building a decent sized portfolio with this approach would take a long time. 

Hello BP!

I currently live in a SFH with an FHA on it. I am looking to house hack a 2-4 unit where I would live in a unit, rent the others, and turn my current residence (the SFH) into a rental. I'd love to do a conventional loan with 5-10% down but have talked to a few local lenders that essentially said it would be impossible with less than 20-25% down because banks would not believe the multi fam would truly become my primary after living in a SFH. I was slightly discouraged after speaking with the 2 of them. What are your thoughts ?

I was also considering refinancing my SFH out of the FHA so that I could potentially FHA again, but not sure that helps my situation at all.

Thank you and looking forward to the feedback !

Hi BP!

Question for the community...I currently live in a SFH with an FHA on it. I am looking to house hack a 2-4 unit where I would live in a unit, rent the others, and turn my current residence (the SFH) into a rental. I'd love to do a conventional loan with 5-10% down but have talked to a few local lenders that essentially said it would be impossible with less than 20-25% down because banks would not believe the multi fam would truly become my primary after living in a SFH. I was slightly discouraged after speaking with the 2 of them. What are your thoughts ?

I was also considering refinancing my SFH out of the FHA so that I could potentially FHA again, but not sure that helps my situation at all.

Thank you and look forward to the feedback!

Thanks @Ehsan Rishat!

What have other investors found as most effective strategies to finding deals?

I’m here in Central Jersey and have been scanning the market for about 9-12 months without much success. I’m starting to believe that once a deal hits the market, it’s too late. 

What are some strategies you would recommend? Cold calling, text/email blasts, direct mail..what’s been your most effective method?

Hey man, welcome to BP. I feel we have similar stories and are in a similar place right now (good 9-5 job, newbie investor, looking for cash flow in rentals), I'm from central NJ.

Let's connect!

@John M Chludzinski thanks for reaching out! Yes, I've been scanning the MLS for a little while now and have come across maybe a few borderline deals after running some numbers (while trying to stay liberal on the expenses, conservative on the income - which I'm hoping to tighten up after some experience). How do you typically find deals? I'm literally a town over in Sayreville and would love to learn more about you and your team.

Probably an extremely basic question, but one I've been curious about. In terms of property management, is there a minimum # of units you look for within a certain area in order for your team to take it on? For example, If I purchased 1 duplex in Sayreville - would your team entertain that or are you looking for more volume?

Thanks in advance.

@Ryan Saulle Thanks for the info man! I'm right in Sayreville so prob only 15-20 mins from where you are. How often do you do the local meets? I'll be in Jamaica for a wedding on 11/2, but definitely interested for future ones!

@Brett Baginski Appreciate it man! Do you invest in Middlesex/Monmouth/Ocean? We actually have a beach house down in Lavalette too (just closed in September) so we'll likely be spending some time down there in the off season, looking to use as short term rental over summer months. 

Hi BP, rookie investor here looking to network in Central NJ. I've been analyzing small multi-family deals (2-4 units) <315K in Middlesex County and will hopefully be closing on my first deal over the next couple of months. I'm really looking for reliable contractors and property managers in the area to network with as well as other local investors. 

Look forward to chatting!