All Forum Posts by: Cody Jensen

Hey guys,

I need your opinion, what is your thoughts on purchasing a property in a city that has little to no street parking no driveways at all?

Would this greatly affect my efforts in keeping my units rented? Or the tenants who are used to the area wouldn't mind? 

Please let me know if you have ever or currently have propeties that deal with ni parking like in New york city  and jersey city.

Thanks!

Hey everyone,

Just talked to a lender and they say that it's required you put down 25% on a conventional 30-year mortgage to finance 2+ family properties.

Is this a new requirement ? How come I've always heard 20% down ?

What are your thoughts? 

Thanks!

Hey guys,

I've been trying to pull the trigger with purchasing my first investment property in NJ. I have ran hundreds of properties numbers within the past 6 months to a year.

Do any of you have properties in NJ ? How are they performing ? My realtor keeps pushing me to invest in cities which crime and taxes are significantly higher then some areas of NJ even though taxes are crazy here. 

Everytime i run the numbers i feel like making $200 per month isnt worth dealing with 2 section 8 families on a monthly basis. Im looking into multifamily properties, not section 8 in a decent area. 

Do you have any tips to get me in the right direction. Is it just me or am i being mislead?

Thank you ! 

Hey guys,

I need some quick pointers, found this new deal which the price looks good and taxes look good too. 

BUT....

The house currently has termites, do you have any experience with termites? 

The seller stated that he/she will hire a professional and remove the termites and make sure they are taken care of, if they come back within 2 years, the service will be free.

What are your thoughts? I'm going to walk through the house in a few hours, not sure how bad the damage is or whatnot. 

Is this something I should be scared about? 

Please let me know your thoughts.

Thank you!

Hey everyone, 

How long after you purchase your investment property (Duplex for example) can you take a home equity loan for that property? Can you take as much as your down payment? 

If you take a equity loan will it mess up getting a mortgage for your next property? 

Thank you

Hey guys,

I've been doing the numbers for a few properties, and I'm wondering what type of CAP rates you usually tend to want with a decently maintained clean house with hardly any issues.

Some of the homes that I've recently looked at have decent CAP rates but the amount of work that needs to be put into them makes them undesirable (Water damage, caving in floors, Leaks and Roofs going bad).

What is a CAP rate you usually end up getting with your properties and or look for in any properties?

Thank you

Hey everyone,

When you go out to the properties that you are potentially going to make an offer on, what do you look for when you are doing a walk-through. Is there a checklist you believe that will help get a better help on what the property needs and can be improved? How do you manage to catch all the small things ? 

Thanks

I've seen  a couple articles online about people who have used Quicken Loans "rocket mortgage" and  suggest it is  very good for rates, customer service and being user friendly .

Have you used Quicken Loans? If so, what is your experience . would you recommend it for an invesment property? 

Thanks 

Have any of you used LendingTree to get pre-approved for a mortgage for any of your investment properties?

Is this a good tool to use to find a mortgage? 

Thank you

When you are ready to take the leap into purchasing your first property ,what should you do? 

Get approved by a bank? then look for a property? Or find and property then look for a mortgage? 

The steps to the process would be great ! 

Thank you !