All Forum Posts by: Anthony Smith

About 75 to 80% of the 38500 i can pull out. I didnt ask about fees for the refinance yet since i would have more than enough cash for two additional properties if i did one. However, closing costs for a regular loan would be about 4000 plus 6 months taxes, 20% down payment for a 41000 property. it will take me about 4 to 5 months to get the cash for this. The 41000 property i want is worth close to 60000 and i dont know if someone will buy the property if i dont get it now.

Yea, thats how i feel. I want to do things quickly. I just hope i dont make the wrong move in the process.

i have a paid off property with 38500 in equity. If i refinance next month, i could get two more properties right away. If i wait, i could get one property in about 4 to 5 months and keep my equity. Im interested to know what some of you would do in this situation.

thanks for all the info guys. I'm pretty sure i've made up my mind and i'm not going to invest in jersey

thanks everyone, this is all really helpful information.

Thanks David. I should have put more information in my opening message. I buy affordable rental properties for 50,000 and under in upstate NY. There, I pay about 2,000 a year in taxes. I want to use the same strategy in New Jersey. I'm hoping to find a decent house for 100,000 or less in NJ and pay no more than 6,000 a year in taxes. I'm looking to live there for a while and eventually rent it out. Does this sound possible? I also would prefer something closer to NYC.

Thanks, I will look into that. I forgot to mention that I work in NYC and wont be driving to work. Would you happen to know anywhere closer to NY?

I'm looking to purchase a house in the New Jersey area with a va loan. However, NJ has the highest property taxes in the country. Does anyone know of any towns or cities in NJ that the taxes aren't extremely high? Any estimates would be greatly appreciated.

Thanks Brandon! I love the site. It has a lot of good content on here. It's good to see a lot of investor on here from the New York area as well.

Thanks for all the advice everyone. I had no idea Detroit would be that much of a challenge. I prefer low priced 40000 or less properties. However, I don't want all the problems. I'm beginning to think I should just stay investing where i'm at.