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24 July 2024 | 7 replies
(and I have full time job so time is limited)Here’s a breakdown of my investment plan–I would greatly appreciate any guidance and recommendations on making this (or some version of this) happen.PropertyLocationAttributesB-level areas (A-D scale)Safe enough for my girlfriend to feel generally safe walking alone in the eveningWalkable neighborhood / close to transit (car ownership not necessary to live there)Area(s) of interest (not set in stone)Jersey City areaConditionB or C-level (A-D scale)Semi-distressed with potential for minor rehab upgrades ($35k max)DealbreakersFoundational issues / big required rehab due to FHA 203(k) max for streamlined versionSize2-4 units (higher the better)2-4br per unit preferredMax Budget (FHA loan limits)NYCSingle-Family Home: Up to $1,089,300 + 3.5%Duplex: Up to $1,394,775 + 3.5%Triplex: Up to $1,685,850 + 3.5%Quadplex: Up to $2,095,200 + 3.5%Hudson County, NJSingle-Family Home: Up to $1,149,825 + 3.5%Duplex: Up to $1,472,250 + 3.5%Triplex: Up to $1,779,525 + 3.5%Quadplex: Up to $2,211,600 + 3.5%TimelineTitle in-hand latest: Jan-Feb 2025Can potentially buy earlier if I sublet my current apartment in NYC as needed (lease expires Mar 1, 2023)Rehab: 30-45 days max of minor rehab/renoMove-in: on or before Mar 1, 2025 (hard deadline)FinancingLoan type: FHA or FHA Streamlined 203(k) for rehab <=$35kPossible conventional loan if I seek investment from family/friendsApproval statusGoal is to get pre-approved now in advance for credibilityMy statsEmployment: Full-time at large bankIncome: low-mid 6 figuresAssets: low-mid 6 figures (including 401(k))Credit score: 800DTI: 2.5% (student loan)Thank you in advance for your support.
22 July 2024 | 2 replies
The house I am looking to buy has a detached garage about ~1300 square feet and already has a bathroom in the property.
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23 July 2024 | 5 replies
They also are really appreciative if they don't already have a wall mount so me buying it goes a long way in starting the landlord/tenant relationship off on the right foot.
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22 July 2024 | 10 replies
However, not many people are eager to do that.Once you’ve established your budget and your level of comfort with sacrifices, buy the best deal in your market.
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20 July 2024 | 11 replies
Non-warrantable condos have a few extra hoops, but they're doable.
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20 July 2024 | 59 replies
Replace it when you buy, and it's free.
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22 July 2024 | 0 replies
Investment Info:Townhouse buy & hold investment.
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23 July 2024 | 11 replies
They just wanted something furnished while they shopped for a house to buy.
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22 July 2024 | 82 replies
He had an agreement with the seller to buy, but not close until after rehab.
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22 July 2024 | 3 replies
Hey James, did you end up buying in tricites?