All Forum Posts by: David T

hi mark, my name is david and i am actually an investor in the central nj area. id be more than happy to help answer any questions and even meet as im not too far from jackson. i do want to add though that i dont have much experience as ive only been in the game since 2011, however i do own 2 rentals, my own house, and am closing on my 3rd rental hopefully in october. im only 27 so im no veteran by any means but it seems as though im a little bit further along than you are. i have not flipped any properties but rather buy and hold. feel free to send me a message if you are interested in networking with each other. and good luck!

thanks for the response i will definitely give the commercial loan department a shot. its not so much about the tenants knowing i own the property. i dont have a problem with that. my family owns a local business in town and id prefer to keep my landlording business as private as possible. i realize its not easy and some people will find out. we have a statewide website called datauniverse that shows all sales and assessments of houses. anyone searching on there would just see that it was sold to ------ LLC. upon further research im sure they could find out but if they are that interested, then there is nothing i can do and its not a big deal.

i know this question has probably been beaten to death but i havent found exactly what im looking for. i purchased a property for cash 6 months ago and am looking to get my money back out of it for another property. i bought the property and deeded it to its own llc and from all banks i have inquired with they insist on it being in my personal name. i know some people switch it back to an llc after the mortgage but i was hoping to leave it in the llc to keep confidentiality in me owning the property. has anybody found anything like this possible? i have not found any smaller banks in New Jersey that are willing to do this.

i currently own a property that is considered to be in a "flood zone". i dont consider it to be a flood zone myself as there is a small stream in the back yard that is not tidal and it has not flooded during irene, sandy or any major storm. my issue is that my current mortgage requires flood insurance however the only part that could ever flood really is the basement and there is nothing at all in the basement. i was looking into a home equity loan but it seems they require flood insurance as well. has anyone had any luck getting any kind of loan without requiring flood insurance? i am paying $1000 a year and want out!

i dont think this sounds like a bad investment at all. i havent read about the 50% rule but i am very new like you are. i currently own 2 rental properties in nj and am doing very well with them. in your case, assuming the 3rd is rented as well, there is a lot of extra money on the table. one thing to consider though is if the current tenants are paying $500 a month it might be hard to raise their rents to $650 or $700 without them getting mad at "the new owner". if in your opinion these units are easily rentable then i wouldnt worry about it, but if it is tough to find renters, i would think twice about it.

Hi all,

what is the ideal payback of a 30 year loan? seems like all of the properties ive seen can be paid off in around 9-12 years putting all additional money after expenses towards principal. i know there are unexpected expenses, etc but how long do you see it taking to pay off yours? i'm just curious what everyone else is able to do. i thought a 10 year payoff seemed reasonable but am quite curious what others are experiencing .

i put an offer in on a fannie mae homepath property, and in the contract it said i have to live in it otherwise i would have to pay a $10,000 fine. But the catch to this was that for the first 15 days the property was listed, they were only offering it to owner occupants, after the initial 15 day period, anybody could buy it and do whatever they want with it. i'm not sure the reason, i would assume to give owner occupants the chance to buy it before investors? when all was said and done, they were NOT negotiable on this particular property at all and they countered at full asking price. good luck!

hello i am pretty new to this real estate business. i currently own one rental property that i purchased 1.5 years ago. i noticed there has been a boarded up house in my area (central NJ) for at least a year now. i am interested in potentially purchasing the property but don't know where to even begin with finding out about it. do you guys have any sources or information on where i can find out more about the house ie who the mortgage company is, etc? i have done a lot of internet searching of the address and whatnot but have not come up with anything useful. thanks in advance! dave