All Forum Posts by: Shawn Mcenteer

Quote from @Derek Wilson:

I'm looking to speak with a seasoned real estate investor. I have a cash flowing short term rental property & I'm ready to move on to multifamily investing. I have so many questions about which financing to use to purchase a property. Should I get a conventional loan, a hard money loan, cash out refinance or just try to raise capital. 

Thank you,

Derek 

Hi Derek, happy to talk.  I specialize in small multi family in NJ and am also a mortgage lan originator.  At the end of the day the process and the way you buy properties matters big time.  How you purchases your existing properties and how you buy your next property matters big time in this process. Anyone can sell you on a loan that works today, what's most important is a loan that works for getting you to the property after your next purchase. 

Hi @Richard Herro Jr. you are welcome to tag along on my house hacking adventure.  I specialize in house hacking and creative rentals helping to fast tracking new investors breaking into todays market reach their financial goals. Not knowing your entire situations seems like house hacking may be a good option for you.

Hi @Eric Fernando

1) If there is hardwood and it is in good enough shape I would refinish or sand.  If there is no hardwood, LVT is great.  If hardwood is in need of major repair, LVT is smart.

2) Quartz is 1 and done.  You should not have to replace for 20+ years and it is the growing standard especially if you are attracting middle to high end user.  Even basic renovations ill do quartz just based on the fact that most of the time if you have to replace something twice it cost more money

3) Tile tends to be smart move although there are really high quality attract bath fitters that can cut down on time and last long time. Both work and have high quality finish. Just avoid cheap (1 and done is smart)

Hi @Rafael Milanes are you looking to purchase property?   What questions do you have, happy to break things down for you.

Move into the FHA property. Keep lease with current property you are renting. As long as you move into FHA home no one can stop you from leasing another property.... Word of advice, when buying this house hack do not buy it in a town/city with crazy rent control, once you become a landlord rent control can stinks if you do not know have to navigate it. Seems like your current landlord is getting hit hard, you don't want to be like them.

Hi @Brandon Morgan Essex and Union county are great markets, I own properties in both counties.  What makes North Jersey such a desirable market is the fact home price keep going up.  What's expensive today looks like a steal in a few years is constant theme of North Jersey.  You own a property out of state, what is stops you from house hacking locally?  

Hi @Charles Lundquist  doing this already.  The huge thing here is doing it in the right area.  If Elizabeth is still the primary market I can say you are stepping over a dollar to pick up a dime.  

MTR tends to be far more lucrative and legal of a approach.  Rent by Rent laws are strict and come with large penalties.  Its not impossible, I have clients doing it, you just need to have ducks in a row.

Quote from @Nick Anderson:

Ideally I want to House hack a fourplex, that’s number 1 priority now.

Quote from @Shawn Mcenteer:

Quote from @Nick Anderson:

Does anyone know any solid lenders?

 Are you looking to house hack or purchase as invest?  

 Smart move!

Quote from @Nick Anderson:

Does anyone know any solid lenders?

 Are you looking to house hack or purchase as invest?  

Hi @Nick Anderson small multi is all I focus on.  It is a great asset  class because it allows investors to fly beneath the radar per say. Large multi is where the majority of wacky laws are.  The biggest thing with sMFR is avoiding the towns that have strict laws.  Are you thinking of leveraging a house hacking strategy? Great way to acquire properties quickly in our market.