All Forum Posts by: Cody Jensen

Be careful with real estate agents, this woman i was doing business with was charging 6% for closing costs!! I didnt find out until my offer was accepted and i was doing the numbers and im like $15k for closing !? You're out of your MIND ! 

Hi Everyone,

So here's the deal, i found a 3-family and now the sellers have accepted my offer, i've been dealing with my lender and agent but now the number keep getting higher and higher. Does this sound right? 

Purchase price: $179,900

*Estimated prepaid costs :$4,184.56

Estiamted closing costs: $9,197.54

Total costs (Add items : $193,282.10

Prorations charged to buyer: -$528.66

Loan amount: $134,925

Cash from/to borrower: $58,885.76

Does this seem high for closing costs and all? Im putting 25% down on the property. Now i'm thinking to backing out, nearly $60K out of pocket for a property less then $200K ?

Looking for your assistance.

Thanks

Im trying @Derek. So far they roof is 10 years old, not missing any shingles or anything. looks good.

Water heaters are 5 years old.

Furnace is an oil furnance and is fairly new, replaced less then 10 years ago. 

I do plan on having the tennats pay for the sewer and heat. 

im not sure whats going on come out of this deal. Im hoping for a miracle. Also i hope the property does increase in value. 

That was a good tip with the storage, ill have to look into that. 

Hi Everyone,

What a week is has been. I just made an offer on my first tri-plex. I just looked at it yesterday and it's in good shape compared to what I've seen. Now, For some reason I'm getting worried about the numbers. 

Purchase price $170K

25% down: 42,500

127,500 Financed over 30yrs @ 5.250 (Of course, yesterday the feds rose the interest rates.)

Out Of pocket: $51,000 (Includes closing costs($10,000) and down payment.)

Expenses: (Month)

Mortgage: $704 @5.25%

Taxes: $416

Sewer:$150

Insurance: $83.50

Oil Heat: $50

Misc: $100

Total: $1,503.50

Income:

Unit 1 : $1000

Unit 2 : $875

Unit 3 : $800

Total : $2,675

Yearly:

Income $32,100

Expense: $18,042

Total made after expenses: for the year $14,058

Now for the amount i'm putting down would you consider this a good or bad deal? I'm confused, i feel like putting out $50K for a 27% return on my money isn't really worth it..

Do you agree or disagree? 

Thank you in advance, I feel as if I'm in a rut right now.

Hi Everyone,

I've been trying to figure out what I should do regarding a retirement account, more specifcally a Roth IRA. I plan on getting into real estate soon but I'm trying to jumble both real estate investing and a retirement account on the other hand.

Should I just treat my real estate invesments as my "Retirement" chunk to live off of in the future? Or should I have both, a Roth IRA and real estate?

I've been very confused and would like to know what your more experianced investors are doing for retirement and such. Some say it's a waste now to have a IRA and others don't...

Do you have a Roth IRA? If so, what company do you have the account through? Do you like the company?

Thank you,

Cody

Hey Guys,

I'm trying to figure out the current taxes on a property in New York State. What website or resource can I use to look this information up? Is there a way to do it online? 

Thank you,

Cody

Hey guys,

I've been trying to find my first deal for way too long... How did you guys find your first rental property? 

Did you look up the properties tax records and send mail? Did you just walk into the place?  How long did it take your to find your first deal?

Looking forward to hearing your stories! 

Cody

Hey everyone,

Who on biggerpockets is an investor in New Jersey that currently holds and manages rental properties both in New Jersey and out-of-state?

Thanks

Hey guys,

What ways do you find rental properties that are the MOST effective. ? Online? offline? Realtor?

Also, for example a property has a asking price of $300K that you want to buy. What would you offer for that $300K house? 

What seems to give you the best luck in finding these deals.

Thanks

Here in New Jersey $200k will get you........