Trenton NJ

[Ravi Hersh]

Hi 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]

have 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]

I wonder if it would be easier to get a HELOC on that property?

[Andy Germak]

I 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]

I have noticed that the appraisals are coming in strong on WELL DONE rehabbed rental properties in Trenton.  

[James Dodson]

Originally 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.