All Forum Posts by: Joseph Tarallo

Does anyone have any experience with a 203k fha loan? The property I'm buying needs work but I rather use my own cash. Because i hear the loan rate and expenses is a lot higher when using fha 203k. What's the big difference between that and a conventional. Thanks

@Aly W. yeah I know where the hole and the wall is. I'm born and raised in south amboy so I know the area well. Small town and small world lol. I'm just getting cold feet going into the deal now.  I think in the area 220 even though I may need to dump 30 into it will be a good deal 

@Aly W. the property is located on cedar street right by the roller rink 

@Peter Fokas it's in south amboy not sure if you know the area.  

@Peter MacKercher 

I just want to rent out all 3 I am not planning to live there.. I don't know what it will be worth after rehabbed ?  I don't know how to get that number either ... Comps in the area go for 300k or more though.  My building is bigger.  The rent give or take will be approximately 3200 -3500 between three apartments. Expenses taxes 9k, water 400 a quarter, insurance 1700 a year.  Utilities are separate so that would be renters expense. 

I need help on a deal in nj. It is a 3 family home that needs about 30k of work put in. My family does construction so I already know the numbers to renovate the place.  Two of the apartments are 2 br 1 ba and the other is 3br 1 ba. The lot is 5000sqft and the house is 3500sqft. It is not occupied. The price I'm paying is 220k plus the 30 I need to renovate.   Taxes are 9k. 

25% down 55k plus 30k for renovations is about 85k out of my pocket cash. Mortgage will be cheap and figuring I get a total of 3300 in rent give or take.  I'm having a hard time pulling the trigger because it's a lot of cash to invest on one deal for myself.  

I am in the process of buying a 3 family house in central NJ.  It is vacant due to the fact the house needs to be fixed up before renting out.  I'm worried about after I get it fixed up and in good shape that I will have a problem getting it rented.   What are some good strategies  I can take to make sure I get top dollar and rented asap ... 

What number do you usually look for when investing in multi families after all expenses and mortgage.  What is the percent most investors look for.  8% 12% 15% or more ? 

I keep finding properties that I think are good deals, but then I get cold feet and start pulling away from the deal.  I'm 26 years old I been saving for a while now.  I have a pretty decent amount of cash saved and I want to buy a multi family property in NJ.  The deal I am looking at now, well actually I'm in attorney review is a 3 family building.  2bdr 1 ba, 2br 1 ba, and a 3 br 1 ba.  It needs quite a lot of work but me and my father do the work since he is in construction.  The problem I have is knowing if it's a good deal for sure or not, and how much I can get in rent when I re renovate the place.