All Forum Posts by: Doron Rice
Doron Rice has started 30 posts and replied 67 times.
Post: Lender doesn’t allow down payment money to be a gift
- Closter, NJ
- Posts 72
- Votes 19
I don’t think that for my investment goals – buy and hold, hard money is the way to go. I agree with @Nnabuenyi Anigbogu. Saying that, just like @Ken Vesely said, for my own residence financing the lender did ask for bank statements and asked me to verify and large transaction. I might have to wait for a couple of months I guess…
Post: Lender doesn’t allow down payment money to be a gift
- Closter, NJ
- Posts 72
- Votes 19
Hi,
After contacting a few lenders I’ve realized that the down payment money can’t be a gift. Does anyone have an idea how rigid is this rule and if there is a way to work around it. I did receive funds from my parents to purchase investment properties and would like to use a mix of my saving and their help.
Thanks.
Post: Buyer stopped paying his finance fees. How to take possession
- Closter, NJ
- Posts 72
- Votes 19
Thanks you so much @Rick Fagan:
I guess with the social economic population in the parks I will find myself dealing with this kind of cases often. Ill have to reconsider if this is my path…
Post: Buyer stopped paying his finance fees. How to take possession
- Closter, NJ
- Posts 72
- Votes 19
Hi,
I sold a mobile home and financed it to the buyer. I have a good contract and a lean on it. The buyer after the first month stopped paying the monthly fee and won’t respond to my calls. I have no choice but to take legal action. What are the steps I need to take? I really don’t want to hire an attorney as the sale price doesn’t have enough meat… any advice would be helpful. Thanks!
Post: looking for a good property management in Jacksonville FL
- Closter, NJ
- Posts 72
- Votes 19
Thanks Kevin. very helpful advise!
Post: looking for a good property management in Jacksonville FL
- Closter, NJ
- Posts 72
- Votes 19
Hi,
I’m looking for a good property management in Jacksonville FL. I have a small two family property over there and I am located out of this state. Any recommendations? Many thanks!
Post: Avg Purchase Price Vs. Avg Rents in Your Town
- Closter, NJ
- Posts 72
- Votes 19
Originally posted by @Che Chiu Wong:
Originally posted by @Corby Goade:
I am curious about the buy and hold markets in other cities in the US. I know there are MANY variables to this information, but let's attempt to keep it general for the sake of simplicity. In my town (Boise, ID) you could buy a basic duplex (2br/1ba each side) on the MLS for around $175K and rent each side for approx. $725. The vacancy rate in our area is about 2% and the population is around 400K.
Without getting into the details of any specific deals, how do those numbers match up with your town?
In Jersey City, NJ, in somewhat okay, inner-city, but not war-zone neighborhood, price per unit is roughly 100k to 120k per unit (Those are 2 family or 3 family houses). 2bedrooms rents for approx. 1100 per month and 3bedroom rents for approx. 1350 per month.
hey @Che Chiu Wong, in which areas do you get this return in JC? Are you dealing with bad tenants and high vacancy rate?
Post: How did you make your first mobile home deal?
- Closter, NJ
- Posts 72
- Votes 19
Apologies for my ignorance, how does the Dodd-Frank impacts MH financing?
Thanks!
Post: Rental Property in Jersey City
- Closter, NJ
- Posts 72
- Votes 19
Thanks Terri & Ray. What do you think of journal square? Is it a good area to invest in rentals?
Post: Rental Property in Jersey City
- Closter, NJ
- Posts 72
- Votes 19
Hi,
I’m looking to invest in Jersey City and purchase a buy and hold rental property. I am not that familiar with that City and would like to know if anyone have any suggestions regarding neighborhoods I should focus on.
Many thanks.