All Forum Posts by: Account Closed

Hello guys,

I am looking to purchase in a condo community as investment property

Community is about 40 units, all 2br/bath, which were initially sold as new construction back in 2004 for price of about $340-$400k

Since then, there has been several transactions in the community in the range of $250k back in 2011-2012

There are currently 3 units available for sale, REO at $267k, and two units $280k and $350k

I am considering one of the unit at $280k (asking price)

What do you guys think in this scenario of demand/supply and resulting price equilibrium aspect of the community when there is clear divergence of where people bought their property?

I feel like buying at $280k gives me good protection since bank is ok unloading at $267k as is, and market bottom back in 2011-2012 at around $250k

Hello all! After reading about benefits of being a landlord, I have finally entered into sales contract of my first investment (kind of, will explain) condo! Sales price is $280k and with $500 HOA and $600 tax monthly. Rent approximately can be had for $2000-2400 However, I have been looking to help my parents out so I I'll be "renting" out to them for free for foreseeable future My question is whether I should get a mortgage or not given higher rate to expect in investment condo vs primary and my lack of use in capital.

Hello all I'm putting down 50% on 280k investment condo. What range of rate can I expect compare to 1st primary home?

John Errico would like to attend your next investor get-together. Let me know

Sorry guys, let me clarify I can qualify for mortgages, I meant 100k cash as down payment

Hello all Any advice or comment how I should do this? I'd like to generate some cashflow in the North NJ area property preferably in Bergen or Hudson county

Alex- are you a RE professional? If you find some sort of local gathering for people with RE interest, please let me know.

I've been looking to be more involved in RE and would love opportunity to meet like-minded people.

Update from Hoboken/Hudson county

First hand experience of tight supply- a 2 family home in in West part of Weehawken had 4 offers within a week of listing, 2 of which was solid cash (although few % below asking, but seller accepted all cash offer and is in contract already). Having 30% down pre-approved mortgage seems overmatched in a mkt driven by savvy investors alike, darn it!

It also seems that many of the newer residential properties built past 2-3 years enjoyed a minimum10%+ annual price appreciation over the past 1.5 year.. can't complain but the days of trying to "pick the bottom" in both asking price and mortgage rate is long gone.

Any other thoughts/observation?

Hello Everyone

Looking to establish meaningful relationships around real estate investing. Just joined after speaking with few of my friends about investing in general and R/E was one of the first things that came up! 3 of are all in the late 20's, all homeowners in or around NYC with some investable asset. Mentors, opportunities, anything and everything about R/E, welcome!