All Forum Posts by: Adam Anderson

Wondering  if you ended up doing the online NJ class..... Any feedback? I'm interested in doing the same

I'll check out anything you have in Northwestern NJ

Welcome @Alvaro Castano! You will find so much great info and education here on BP, definitely tune into the weekly podcasts as well as the webinars.

I operate mostly in sussex & Morris county but would be happy to help in anyway I can.

Hi Ada,

Welcome! I know you'll enjoy and benefit from BP, defiantly tune into the podcasts and also the webinars. I'm in northern NJ, mostly Sussex and some of Morris counties and I be happy to help is any way.

What type of investing are you interested in? Wholesale, Flips, rentals?

Adam

Like @Kevin Hill said, both will be hit harder than other property types in a downturn but they have their advantages when it comes to maintenance and might work for you if your are an absentee owner/manager of the property. I've owned a few townhouses out of state and personally prefer that style of construction over a condo. You should give the location more weight that the style. A condo on the 4th floor next to a train station should rent better than a townhouse 10 miles away.

To get around the seasoning requirement it's best to work with a local bank that holds the loan themselves.... At least that's what infound. When I went directly to the banks they all offered 20-25 year amortizations, rates around 5%, 70%LTV, and ARMs between 5-7years. Bob The Broker I works with somehow gets 30 year, 7-15y terms, and lower rates. I'll PM you his contact info

Great advice and I like your mindset @Steve Vaughan

Sounds like it would cost more than the full deposit to hire someone to get the place marketable again. Take pictures and document everything Incase you end up in small claims court and follow the timing rules for making a claim on the deposit for TX. I personally would send them a bill detailing the costs, stating your applying the deposit and billing them for the overage.  If you want to be a nice guy, waive the overage and just keep the deposit. Good luck!

You might be able to save $ going with a mini split system, they can do heat too if you buy one with a heat Pump. I put one in and there was no Sheetrock work that had to be done at all.  In my opinion, it's a great option for a rental property

Hi Frank,

Welcome! I'm not to far from you and focus mostly on Morris and Sussex counties.... At least so far.  I also tune into the podcasts In the car, they are great. I'd like to learn more about your business and what your looking to do with private lending and will pm you to connect 

Adam