All Forum Posts by: Adrian Samborowski
Adrian Samborowski has started 6 posts and replied 36 times.
Post: Looking for Small Multifamilies in Miami (duplex, triplex, fourplex)
- Investor
- Spotswood, NJ
- Posts 39
- Votes 3
Originally posted by @Account Closed:
Carlos - I have a 7-plex in Fort Lauderdale under contract. Projected 18% cap. If you want to see the numbers email me [email protected]
Nick can you email me the numbers and all available details at [email protected]
Post: Advice needed for new rehabber/Investor (NJ)
- Investor
- Spotswood, NJ
- Posts 39
- Votes 3
Hey John welcome to BP. The first thing i would do is start attending local REIA meetings and network with everybody. Those meeting are a wealth of great information. Next one is on the 18th in Princeton NJ http://sjreia.org/central/. I will be there if you want to meet up.
I would definitely implement what @Eddy Dumire has posted, credit utilization under 30%, do not close old accounts and increase limits on current credit card accounts to raise credit utilization percentage. Also I have personally used a credit repair program from http://creditlife.us/. I'm not affiliated with them just a happy customer. My credit score went from 630's to 709, 711 and 716 in six months. The last 3 scores were provided to me by Wells Fargo when I applied for a conventional mortgage two weeks ago. This is not a quick solution but you should see a significant increase in 6 to 12 months while implementing the program and good credit habits.
Post: New Member from Union City, New Jersey
- Investor
- Spotswood, NJ
- Posts 39
- Votes 3
Welcome to BP John.
Post: How do you keep buying rental property when you run out of down payment money
- Investor
- Spotswood, NJ
- Posts 39
- Votes 3
Originally posted by @Eddie T.:
No I have not. I'm currently going through the conventional loan process with Wells Fargo.
Post: How do you keep buying rental property when you run out of down payment money
- Investor
- Spotswood, NJ
- Posts 39
- Votes 3
How is your credit? You can always try a personal line of credit from Wellss Fargo https://www.wellsfargo.com/personal-credit/persona..., lines go up to 100k. Home equity line of credit on you personal residence is an option if you have enough equity. You can use hard money lenders, look for properties that will cost you no more then 70% of ARV. Make sure that all your expenses fit in the 70% not just the property. Hard Money Lender may finance it 100% then refi into long term commercial or conventional loan.
Adrian
Post: NJ section 8 landlords
- Investor
- Spotswood, NJ
- Posts 39
- Votes 3
Originally posted by @Kurt Kwart:
The rules vary by city and there are also county programs. I have two currently but they are inherited tenants. I would search here for 'Section 8 Bible'
Thanks Kurt i will look into the Section 8 Bible.
Adrian
Post: NJ section 8 landlords
- Investor
- Spotswood, NJ
- Posts 39
- Votes 3
I'm a new investor looking at couple sec8 properties to purchase. I don't wan to purchase a headache to start off but cash flow on these properties looks very attractive. Any advice from other NJ sec8 landlords would be greatly appreciated.
Adrian
Post: NJ section 8 4-plex
- Investor
- Spotswood, NJ
- Posts 39
- Votes 3
Originally posted by @Robert Sepulveda:
I've handled section 8 tenants with multiple unit properties in the past. They tend to be very grateful for the home, but you do have to screen carefully. You'll usually have a case worker as your contact and when you get established as a good section 8 landlord, you'll never have to worry about your properties being vacant. But to start off, it's always best to buy a fully leased section 8 home so you know what the benefits are for your particular area. Then you can calculate your cash flow more accurately.
One thing you have to really keep in mind is utilities. I find section 8 residents use more for some reason. So if you're paying them, get copies of utility bills to consider before you buy.
Thanks Robert, the utilities are separate on this property. The owner only pays water and sewer.
Adrian
Post: Hamilton NJ - Investor Special 49k
- Investor
- Spotswood, NJ
- Posts 39
- Votes 3
Originally posted by @Stephen Chatto:
Originally posted by @Adrian Samborowski:
Hi Stephen,
Do you have any multi family properties available?
Adrian
Adrian. I have a 6 unit in Trenton and a 2 family in Hamilton.
Can you email me the details, my email is [email protected]
Adrian