All Forum Posts by: Vinit N.

@Hung Trieu Did you go with Swyfft?

I got a quote from them that is 20% cheaper than my current insurer. I am considering switching. I did some google searches and didn't find anything negative.

Great thread and some really good discussion in here..

I personally love the HELOC and I believe it is a great tool to have in everyone's toolbelt. It is like a giant credit card that you could do anything you want with. If you want to pay mortgage early and be debt free, sure you can, as long as the interest rate differential is working in your favor.

One way to really make this work very well is to ensure you are using HELOC as your checking account. All bills (monthly mortgage, utlities, credit cards etc) should come out of the HELOC and all income (rental, W-2, other) should go into the HELOC. That reduces the average daily balance and as long as you make more than you spend, it will work it's "magic"...

 This is only partially true. Yes, NJ law prohibits you from holding more than 1.5 months rent as "security deposit". However the landlord CAN collect the last month's "RENT" upfront. In some cases, landlords have asked for last 3 months + 1.5 month security deposit upfront, especially from potential tenants who have great income but have recently immigrated to the country and so do not have sufficient credit profile.

Congratulations @Ben Leybovich & @Sam Grooms on the successful close. What you say above is pure gold!!

Looking forward to the updates and wishing you nothing but the BEST!!

It depends on the market and the location. I usually purchase in high desirable areas, where the properties tend to be a bit expensive, however I can avoid vacancy costs. I've had 0 vacancies across all of my properties for the last 6 years.

That being said, 10% COC is what I look for.

Greenville is still a more of a war zone, IMO. I know an investor who purchased a property there and finally lost it to foreclosure, coz he couldn't collect the rents from the tenants living in there.

That being said, like in any neighborhood, there are good pockets just as there are bad ones. 

5% cap is very common for upgraded and ready-to-rent properties.

For $1MM and higher MF properties, the cap rates are in the 3.5% - 4% range, since there is practically no supply.

@Priya Udeshi: I feel JC Heights around the Odgen Ave neighborhood still has room to grow. Apart from the JC waterfront, that is one of the best neighborhoods in JC to live in.

@Stan S.

BL is up and coming with all the new development that is being focussed in that part of the city. 

I'm mostly invested in downtown and JSQ, looking to expand in newer neighborhoods

@Sunny Burns 

Great Story!  Thanks for sharing!!

Can you share where you got the HELOC for 2.49%. I'm in the market for HELOC and/or refinancing some of my properties in NJ