All Forum Posts by: Geet Doshi

@Corey W. - Yes this is my first deal I am looking at. That would be much appreciated! 

Thank you!

Thank you @Mike Hanneman for your post. I have already read a few real estate books, listened to podcasts, and have been looking at the area I want to invest in. Of course there is always something new to learn, and more work to put in but I believe I have a solid foundation of real estate thus far (still working on a couple of other books). I do not want to get stuck in the "analysis paralysis," so I am looking to get into my first deal in the next couple of months. 

I agree 100% with you that I should go to the bank/lender and get first hand experience. I think this would be my next step! Thanks for your help!

Hi All,

I am new to real estate investing and have some questions on the legal side of REI. I was not sure which forum to post this in as it could have been in several different ones, so I decided to put it in the General Real Estate Investing forum. I am looking to buy a house in the next couple of months, I have not put an offer on a deal, but before I do I would like to know:

When is a good time to talk to a real estate attorney? CPA? Do I talk to them when I am making a deal or closing on a deal? before? after?

How far in advance do I apply for a FHA/203k loan? I know the process might take a while and the time frame varies, but am I applying to these loans before or during the process of me closing a deal? How long does the process generally take? 

What paperwork do I need for all of this? As a landlord, how do I get get the paperwork to give to my tenants?

Any help would be appreciated!

Thank you all.

Best,

Geet Doshi

Thank you @Corey W. for your replies.

Corey - Where can I get the price of water, sewer, garbage, gas, electric? I may have a better idea of the deal as I am going to see the house this weekend. Thanks for pointing out 5% closing costs.. I didn't include that in my down payment, but I will be sure to look into it more. Regarding the monthly mortgage - The actual monthly mortgage I calculated with interest rate, property price, PMI, is around $2,200. I added $300 for the reason that I may have missed some expenses (ex: water, sewer, garbage, etc...). I will definitely do more detailed analysis on a lot more properties before actually purchasing it as well, thanks!

Ryan - Regarding why I used 1br/1ba units compared to the property I am analyzing in particular that has 2br/1ba is because there were not very much 2br/1ba units in the area (Montclair). I decided to compare it to the 1br/1ba because I thought it would be a more conservative approach instead of estimating a price with very few 2br/1ba units. I am going to see the property this upcoming weekend so I will get a better idea of the property/tenants if there are any. For maintenance, admin expenses, CapEx reserves, and other expenses I will encounter.. my reserve account will come out of the cash flow that I will be getting while renting out the 3 properties ($800/month). This income will be strictly for these types of expenses, at least until I have more experience, capital, properties, etc... I agree North Jersey is hard with the higher property taxes, but I think there are select few places that it would work. Thanks a lot Ryan!

Ro - Thanks for the insight...from my research the location is good, and as I stated before I will be viewing the property this weekend so I will get a better idea of it. I will try out the buy and hold calculator on this property...I think that's great advice. I will be able to use this sort of as a blueprint and try and do other analysis similar to this one. Thanks for your help!

Thanks James! Much appreciated.

Hi Everyone,

I have been on the search for a great multi-family house in Northern New Jersey. I found a deal which (I think) is good if not great. This is my first time writing and analyzing a deal fully so please let me know if I am missing anything or there is anything I can change.

I am looking to get an FHA/203K loan and put 3.5% down on a multi-family home. So I will live in one unit and rent out the 2nd (3rd and 4th depending on how many units the multi family home has) unit.

First off, lets say I have been approved for a 203K loan for $320,000. The original home price is $300,000. This particular unit is a 4 unit multi family home, so I would live in one of the units and rent out the other 3. Each unit has 2 bd 1 ba. The average monthly rent in the area for a 1bd 1 ba is $1100/month. The monthly mortgage (including property taxes, fees, MIP, etc.) is $2,500/month.

So,  3.5% down of the $320,000 loan --> $11,200 as a down payment.

Unit 1 - Owner Occupied (I would be living in it for 2 years) - $0

Unit 2 - Rent - $1100

Unit 3 - Rent - $1100

Unit 4 - Rent - $1100

This leaves me with $3,300/month, while the mortgage is $2,500/month giving me positive cash flow for $800/month.

This is what I have come up with...anything big I am missing? anything I may have done wrong? any comments/advice?! 

Thank you all for reading!

Best,

Geet Doshi

Hi All,

Have not posted in about a month or so now, but I have been listening to podcasts, finished a couple of books, and have analyzed and looked at many deals in the Tri State Area. I am fairly new to BiggerPockets (its been almost 2 months now) and Real Estate Investing in general. For those in a similar situation as me without much experience I highly recommend reading "Rich Dad Poor Dad," it's recommended by all of the pros and I can finally see why. Awesome book! Currently I am reading @Brandon Turner's "The Book on Real Estate Investing with No (and Low) Money Down." So far it has been great and hope to be done with it in the next week or so. If anyone is in the same boat or has any recommendations please feel free to contact me.

Good luck everyone and thanks for reading!

Thank you everyone for the motivation and tips. @Sebastian Bedoya I will take a closer look into this as well. Thanks!

Hi All,

I have been interested in Real Estate for about 4 years now. I have just recently joined BiggerPockets (4 days to be exact). I am almost halfway done with the Ultimate Beginner's Guide, I've listened to 3 podcasts, and have done a lot of price analysis in various towns in NJ. I have learned a great amount in these last few days, but I can already tell it is not even a fraction of the information that is available on BP and the REI world in general. With that being said, I am looking for someone to show me the ropes of REI and shadow. I can help out with anything, I would also like to note that I am a recent graduate from Rutgers University. I have a degree in Economics; I am very analytical and good with numbers. I am currently working full-time, but am willing to put in whatever time it takes to help... I am willing to put in the effort and time any project big or small. I also have great soft skills and can communicate very well with almost anyone. I'm not looking for anything in return, I truly just have a passion for Real Estate and would love to learn as much as I can.

Anyone part of or know any REIAs in the Northern/Central, NJ areas?

I hope to hear from you guys soon!

Thank you,

Geet Doshi

Thank you everyone for your posts and advice! I will definitely look into all of my options and keep you guys updated.