Looking For a Partner in New Jersey

[Justin Vasquez]

Hello BP Family,

My name is Justin Vasquez, as the title states I'm looking for a partner that's interested in teaming up on a small multi family deal in either Essex,Hudson, or Bergen County New Jersey.  

What I'm trying to do.

To acquire my second investment property I'm seeking FHA 203k financing on a small multi-family unit in Newark (anywhere but southward), Paterson (really high taxes), Jersey City (outside my price range), or East Orange (also high taxes). My situation is unique but, manageable. I simply need to push the envelope to make things work. I meet all requirements for a deal except one very important one, the occupancy. I do intend to occupy the home; however, I can only occupy the home when I separate from the Navy (in December).

Once the Triplex or hopefully quadplex is acquired, I'd live in one unit, get a roommate, and rent out the other unit. This combined with my GI bill/ Next Job will be an crucial aspect in acquiring my third investment. 

What I already have:

I have a loan officer willing to work with me in my unique circumstance, but no guarantees that it'll make it past underwriting and that would suck. The right partner greatly increases my chance of success. 

I have a real estate agent. Kind of.  Point is I can easily find a real estate agent so please if you respond let it be as a potential partner vice someone that wants to earn 3 percent. 

I have an unwavering belief in my ability to accomplish the goal.

I have a 3.5% Down payment.

I have an Architect/contractor 

I have a Real estate Lawyer (1200 flat fee? Is that a rip off?)

What I'm Looking for:

A partner with integrity,experience, honesty, and capital.

A long term investing mentor/ co-dealer

Any advice you have to make the deal work is always awesome and appreciated!

You might ask what's the rush?

I'm not, it just seems like it.  I've been studying analyzing, and financially preparing for this for a little over a year now. I'm determined that I can make this work. 

That said, so long as i'm still in the navy my gross annual income is 72000 and most of that is non-taxable. That will be significantly lower in my next job thus affect my ability to get financing on other properties.