Trenton NJ
5 Replies
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Ravi Hersh from Brooklyn, New York
posted over 1 year agoHi all , I bought a dump 2 family property in Trenton NJ , I purchased it for $15000 and added $50,000 in repairs totaling $65000 all in . Is there anybody here that has gotten a mortgage on a property that is decent and updated after renovations my rent for each unit is
$900x2 =$1800 a month
TOTALING $21600 a year
has anybody on this forum successfully got a mortgage in Trenton ?
Stephen Chatto Investor from Levittown, Pennsylvania
replied over 1 year agohave you called David Lodato at the credit union of NJ? that would be a good starting point. the biggest issue I see is banks don't like doing low dollar loans.
Scott Weaner Investor from Yardley, PA
replied over 1 year agoI wonder if it would be easier to get a HELOC on that property?
Andy Germak Investor from Edison, New Jersey
replied 12 months agoI have similar questions about Trenton. How are lenders (e.g. for HELOC or cash-out refi) arriving at home values in Trenton (or other very distressed areas)? What do they use for comps? Many properties seem available well below market and need some repairs or renovation. If you repair/renovate, do you get to "normal" valuation or are you stuck with distressed valuation?
Stephen Chatto Investor from Levittown, Pennsylvania
replied 10 months agoI have noticed that the appraisals are coming in strong on WELL DONE rehabbed rental properties in Trenton.
James Dodson Flipper from Morrisville, Pennsylvania
replied 9 months agoOriginally posted by @Stephen Chatto :
I have noticed that the appraisals are coming in strong on WELL DONE rehabbed rental properties in Trenton.
That's good to hear. I'm rehabbing a 4br by St Francis and I was hesitant to pull the trigger because of the comps.
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