All Forum Posts by: Umar Farooq

thank you for a great reply. I’ve read your intro and you seem to be doing great things. Do you have any favorite books or good habits that will helpful for a newbie. 

Hello BP members, just starting to learn about investing in real estate so my question is what should one expect from property management company. What are their roles and responsibilities and how would that help me?

if my rents don't change but perhaps overall value decline would it still be concerning if I am on a fix mortgage. 

Hello BP members, how can you spread yourself too thin? If the property covers mortgage payments, repairs, vacancy, cap x, management fees and has positive cash flow how would a down market affect you if the values go down. Goal is to buy and hold

Hello BP members, currently living in New Jersey renting paying about 1100 a month in rent and officially fed up. Me and my cousin who is also paying about the same amount of rent for his apartment are considering partnering up and buying a duplex together. We have about $50,000 for a down payment. In my area which long branch nj a 2 unit 2 bedrooms on each side can cost anywhere from 250-400k. Our goal at max is live there for 5 years since the school system is not all that great with high school being rated at abut 6 out of 10. To Summarize current income 70k a year credit score over 750 for both, 0 debt for both. Can we qualify and if we can how much. I’m guessing if we can afford to pay 2200 a month in rent combined I’m sure we will be able to afford a mortgage payment if we get a 30 year mortgage. Any input will b greatly appreciated. Thank you

It was a silent bid which I wasn't aware of and I low balled it thinking that was the best thing to do but it sold for over asking price

short term loan from a friend until I can refinance. As a favor no cost attached to it. He just a property he had so his money is just sitting in a bank so he is ok with it for about 6 months 

hey guys I posted earlier but didn't get much feed back but trying again here

I'm in a situation of buying a condo from a bank. My target price with closing is 135k

2 bedroom 1 bath with basement 

will rent for 1600-1700 

You can turn the basement into a 3rd big bedroom since it's finished and has its own walkout

Expenses monthly

200 tax

180 assn fee

75 insurance 

150 capital expenditure

150 maintenance 

150 vacancy 

Total expenses 905 

I am keeping some of the expenses high to be on the safe side. 

Will be a cash buy since it's a foreclosure but I will be looking to refinance to traditional 30 year mortgage to pay back my friend. What do you guys think. This is my first buy I really need your help. 

Thank you 

Umar 

The rent is definitely 1600 plus plan is to refinance as soon as possible 

yes looking to buy and hold.