All Forum Posts by: Bradley Snyder

Hello, I am looking at buying a potential flip in southern NJ and trying to run my numbers. I am new to NJ but I hear the state charges some kinda fee for selling a home. Can anyone shed some light on this for me I.e. is it a percentage of total selling price or percentage of profits? This could swing the numbers drastically. Thank you. Brad

So many great tips in this thread. Anyone know how I can mark it as a favorite or save it, for future use?

Thank you for the replies and advices. I ended up passing on the deal but now looking at another popcorn ceiling house...wish me luck.

Hello,

I am looking at a house in Forked River NJ, that was built in 1972 and has popcorn ceilings throughout. I did some research and found that asbestos was commonly used in popcorn ceiling in the 70's. To test for asbestos in a pretty simple process and cost only $50. However, I do not own the house yet and the seller does not want to damage the ceiling, even though it would be a small patch and i am willing to pay for the test. Does anyone know if:

1. Was asbestos commonly used in popcorn ceiling in New Jersey?

2. Dangers if I bought the house and just removed the popcorn ceiling myself?

3. Dangers of just leaving it as is?

Thank you for any info you can provide.

Brad

Hello, I am new to real estate investing, and I want to learn everything I can about investing in multifamily homes. Does anyone have any good book, articles, or blogs that you would recommend for newbies? Thank you. Brad

@Clayton Plank thank you, that makes sense. I keep seeing all of the scenarios with people pulling equity out for the next deal but they never mentions what it does to the mortgage on the first deal. Thank you again for the reply.

Hello,

I am new BP and have been reading a lot about the BRRRR (to many Rs?) strategy, and I keep getting hung up on the refinancing part. For example: I am going to buy a $100K house that has an ARV of $200K. The home needs $30K worth of work, so I would be into it for around $130K. Once the work is completed, I wait 6 months to a year to go to a bank for refinancing to take $40-$50K of equity out of the house and then essentially repeat that process. The question that keeps stumping me is, when I refinance the original loan to take the equity, would that not raise my mortgage payment on the original house, therefore cutting down my potential profits on the next purchase?

Any insight will be greatly appreciated.

Also, any feedback on my usage of an example would be appreciated, so I won't sound like such a rookie next time.

Brad

Hello,

I am a Newbie, moving to the Mcguire area this spring. My wife and I are wanting to buy a 3+ bed 2 bath house with a basement that needs some "love" and fix it up over the next year. Our plan is to eventually rent it out once its time to move again. I plan on using my VA loan and can afford about $2,200 a month that includes mortgage and taxes. Bases off my budget, I believe I am looking for an initial purchase price of around $180K before repairs. My questions are:

1. Is this realistic with the property taxes in the area?

2. If i do get a house for $180K, how do I go about getting the money to make the necessary repairs? 

3. Is refinancing possible immediately or do we need to wait at least a year? 

4.Is a personal loan from a bank a good idea?