Looking for Conventional Loan in South NJ
Hi, I am seeking advice on obtaining financing for a quadplex in Southern New Jersey. The quadplex definitely is in need of work, however, my business partner and I are licensed and insured NJ Home Improvement Contractors and feel we are capable of adding substantial value to the property. The property also features a currently unrented detached 5-car garage.
This is our first deal and we've been looking to get our feet wet with buy and hold real estate for a few years now. Our current skillset complements real estate investing quite well, and we feel that this deal might be a great start for us.
- I have a 750 credit score
- I have $75,000 in capital liquid
- I am newly self-employed (6-months) without a business history most lenders look for
- I have not submitted my 2019 tax return
The deal currently priced at $190,000
Each unit is currently rented for $1,000/unit
The annual property taxes are $11,382
Current owners insurance is $3,000 annually
Sewer and water is $4,054 annually (ALL other utilities paid for by tenants)
Current gross rental income = $48,000
Estimated annual expenses = $18,436
Estimated annual profit = $29,564
I would love to hear some advice/feedback on where we should look to for financing.
Thank you, anything and everything really helps.