All Forum Posts by: Hud Malik

Hello all, I will be a first time investor, looking to purchase in New Jersey. Is New Jersey considered to be a landlord Friendly state?

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I'm in the process of trying to find the best lender that would help me get pre-approved for my first investment property. I spoke to a lender today and she mentioned that the only way I can purchase a rental property is if I'm a homeowner prior to the purchase. she also mentioned that this is currently one of the  guideline that Fannie Mae goes by because of COVID and the landlord /tenant laws. Can anyone please clarify? Is this true? I live in NYC by the way, and I would like to house-hack in Trenton, New Jersey.

@Ryan Avila Thank you Ryan for that information as well. This is very vital for me, even though I am an agent in NYC, I am also looking into investing in to my first rental property and I need as much information I can get. Much appreciated. Thank you again.

@Bradley Padula Will do. Thank you.

@Bradley Padula I really appreciate this information that you’re giving me. I will make sure that I bring up those questions that you provided. Does it matter which bank to work with. Bigger name banks opposed to neighborhood credit unions ?

@Bradley Padula Got it! I actually have a zoom call with a lender tomorrow for a pre-approval. I will bring this to her attention. Thank you very much Bradley. I really appreciate it.

@Bradley Padula That’s new information for me. So what is the typical amount of points investors use ? If they use any.

@Bradley Padula I projected the rent based off of me living in one of the units. How does loan points factor in to the mortgage?

@Tim Herman That’s the cost of the insurance monthly. I could always get a second opinion. You’re right in a sense as to capex budget. I didn’t take in to account the exterior upkeep of the property. Thank you.