All Forum Posts by: Rick Borgo

Hey Vincent, I don't have any property manager partners but would love to help you with any future loans you need. 

Hi Sahil,

I own a one bedroom in Montclair NJ that I got for $230K. I don't think you are going to find anything in a safe area for $200K, let alone a two bedroom. 

There are some co-ops you could get in Montclair or Union City. Let me know what you think. I am on Zillow everyday looking for properties in that same area. I am very familiar with the area if you want to reach out directly. 

Congrats Andrew!

Looks like a great find Andrew! Is $50K enough for complete renovations? Would love to help you with the refinance part of the process! Best of luck!

Hi, I currently own a 1 bedroom condo in Montclair. I am also a loan originator. I currently live in the property but eventually want to rent it out. Because I live there, I got a standard conventional conforming loan. 

You should find the area you like and then just wait outside in the parking lot and speak to people who live at the property. They will know things you would never even dream to ask.

I wish I knew how quickly HOA's can rise. My HOAs increased 13% in 2022, not even including a one time payment of $1,000+ for the extra snowfall we had last year that was not originally budgeted for.

Good luck!

Hey Teresa, House Hacking is great and I think everyone hit on pretty good points. I am not sure if you have kids or anything, but it may be worth it to consider buying a one or two bedroom condo with minimum down payment. Live in it for a year or two, and then you can cash out refi or save for another down payment and turn that property into investment property. 

I am a mortgage banker based in NJ, but currently own a small one bedroom condo in Montclair (great transportation to NYC) that I plan to turn into an investment property (although rising HOA prices are making it very difficult). Good luck!

Westfield and Summit are both VERY nice towns. Montclair offers more of an urban feel compared to those two towns and may have a couple more multi-family options. If you are willing to take a step down from Montclair, I would suggest Bloomfield. They have an up and coming downtown area. Clifton is also a possibility for what you are looking for. Tough to find multi-families in suburban towns like Summit/Westfield

I am not sure if you mean waiving the inspection or waiving the appraisal up to a certain amount if the home under appraises. Because most buyers are bidding over list price, many appraisals have been coming in at a value under the purchase price. When this happens, the borrower is responsible for bringing the difference between the purchase price and the appraised value as part of their "cash to close" (its like adding it to your down payment). Or you can restructure your loan which may mean you now have to pay Private Mortgage Insurance if your Loan to Value ratio is greater than 80%.

Did you go directly from college to your 1099 job? 

If you are applying for primary residence loan, the lender is going to want the following proof for either you or the co-borrower: 

• 1) You must live in the home for the majority of the year.
• 2) The home must be located within a reasonable distance from your place of employment.
• 3) You must begin living in the house within 60 days of closing.
• 
  I am new to mortgage industry just FYI so this may not be completely accurate.