All Forum Posts by: Fahima Hilal

We have a 2-family house in Jersey City that is in a R-3 zone. I found out from the town that we could add 2 more units . I have never done this type of thing before. Can some experienced investor guide me on the process? Any recommendations for an affordable architect? My thought process was to get the plans approved and then sell the property , as it would be worth much more that way . Any suggestions? 

@Brian B. Simmons Thank you Brian.Appreciate it! 

I need home insurance for a 3-family worth 220K in Newark . Please contact me if that is something you do.

Thank you 

Fahima

[email protected]

@Bob Green It is a turnkey rental

@Doron Rice My experience with the building Department in Teaneck was a most pleasant one. I forget the gentleman's name-but the officer was most helpful . That should not deter you -they were really nice and helpful, in fact 

Good to know you @Maybelle Francisco! I used to live on Prospect St. in Glen Rock, right by Fair Lawn . 

I am seeking a purchase loan for a 6-unit property in Paterson NJ 

Purchase price : 440K 

Down : 50% ie 220K ; can even make it higher if needed .

FICO : 700 

Total Rent : 5600/month 

Taxes : 24000/year 

water/sewer : 920/year

Insurance: 200/month 

One late mortgage payment in Feb 2017 

Low income

Strong assets 

If this is something you believe you may be able to do, please send me a mail along with required docs/info and terms/rates of your loan,  to : 

[email protected]

I am not interested in loans that require ridiculous collateral as I am already putting down 50% or even more if needed, and the property that is purchased, is worth close to 600K . 

Thank you

Fahima

Thank you @Tyler Kastelberg

@Henry LiChi This is a property with a total of 6 units . Even though it is 2 adjacent properties, it is owned by the same people and is going to be transferred in one deed. 

Hello fellow investors, My husband and I are having difficulty finding a decent loan for a multifamily property we are buying even though we are willing to put 50% down, because we dont have enough income to show, on our tax records. We do have some money we inherited, but dont wish to tie up our capital by buying with cash. Here is one ridiculous loan offer we got . This bank wants 50% down, another 250k in deposit with them for the life of the loan as collateral! All this, for a 220k loan! Basically , the bank wants to borrow from us, to lend us money, and then some! Sigh! Any help/ advice would be greatly appreciated. Thank you !