All Forum Posts by: Tristian Cox

@Gilbert Ross Jr thanks for the reply! Are you actively listing and selling any multis in union county? What are the trends that you have seen? I have seen multis being listed for a day or two at most in Plainfield and being put under contract. If you have anything in my price range or come across a deal I am ready to buy- yesterday! 

@Account Closed I have not joined any local REI groups yet, last night I stayed up until about 2am researching when and where they are. I am also going to work on the yellow letters ! ,y question who should I be sending the yellow letters to? Should I send letters to absentee owners ? How do I found out who I should be sending the letters to? Thank you for your suggestions thus far.

Wow! I have been active on BP for a few months now. The podcast really get me going. I am however feeling bummed out about REI. I teach in Union County, NJ (Plainfield, NJ). I like my job, but I do not want to be a slave to the 9-5 for the rest of my life. I am looking to buy my first rental property.
-I have pre approval (250K) since March of 2015. 
-I have put two offers on duplexes in Plainfield, NJ. (outbid by cash buyers)

Are the deals out there? In Union county at least. 

 I am looking to break into Multifamily investing. I have pre approval but haven't been able to lock down my first house yet. Any advice for someone looking to buy in Union County. I work as a teacher in Plainfield, NJ - so I am looking for my first house to be somewhat close to my job (30 mins or less.)

If you have any advice on getting my first deal secured please respond. My impression of the market is that If I am not a cash buyer I will not be able to get any multi's esp. in Plainfield. 

Good Evening, 

My name is Tristian M. Cox. I am about to purchase my first multifamily and I plan on purchasing at least three properties. My question is when I go to buy my property that I want to live in, will that property have to be bought using investor rates for financing? It will be a property that will cost me around 400-600K (farm). Is there any way to avoid being charged an investors rate when buying my final property that I will live in?

Looking at a possibly purchasing a three family and this is what the details of the property are. They want 150K (3 family,great neighborhood) for the property, but the remarks of the property (below) scare me!

Remarks: FABULOUS LOCATION! NEAR TRAIN STATION. BANK APPROVAL REQUIRED

Agent Remarks: CASH BUYERS ONLY. Proof of funds required to show. PERFECT FOR INVESTOR or owner occupant. Short Sale! House sold as is condition. Needs repairs. Buyer responsible for any C/O or inspections.

I do not understand why it says "Bank Approval",SHORT SALE, and CASH BUYERS ONLY? How is that possible? As - is condition? Very confusing lingo for a new investor? What do you guys suggest? I really like the property and the neighborhood?

@Matthew Do you have to put the initial funds up for the construction companies or do you they take some sort of a deposit?

Are 203K loans worth it? Does anyone have experience with them?