All Forum Posts by: Johnathan Boyle

@Jonathan Park depending on if you have student loans and how much they are, your debt to income ratio, etc , then thats good income for a purchase. As far as Home Possible, I honestly never heard of it until you mentioned it. I would recommend talking with a mortgage broker about that portion. As far as locations, do you have a few towns or certain areas in mind? 

Jonathan Park I agree with Justin about price range depending on your income. If you have a steady job and income, I would recommend getting an FHA loan and then house hacking from there. But you should be aware of taxes in the area and they typically could kill many deals in NJ.

Jorie Aulston id be interested as well in what you have in Harrisburg. Thank you.

Yavuz Bayram I work with a brokerage that does an 80/20 split and have been an agent for about a year and some change. They have a mentorship program which only costs 10% to the mentor so in total you are learning and getting a 70% commission and after 5 deals goes to 80%.

Kavita Bhakta finding those to partner with is as simple as meeting with people from BP, see what they have done, what they are doing, and ensuring you have the right team in place that you feel confident in. You will typically know right away if someone is just talking vs doing. But again, I would say read more, listen to podcasts and network as that's how I have learned so much. BP is a great source. Finally, Bloomfield will rent pretty quickly but beware of taxes as those can turn a positive deal into a negative pretty quickly. To see what rents go for, id go to rentometer and look up addresses. It's not always entirely accurate but it's a starting point.

Kavita Bhakta I would have to agree with Darren Sager. Inventory in general is at an all time low. Those "turnkey" units are easily going over ask and to more retail buyers. I'd say you'd have to find something off market to make any of those investments make sense or work with someone who has been purchasing and rehabbing and putting your funds into the deal and in return they'll teach you a few things.

Lourdiana Saint Louis oh and I'm not an attorney and not giving legal advice. Consult an attorney

Lourdiana Saint Louis at that capital point, it'd be way too difficult to handle agreeing on anything unless in the LLC you split the profit a certain way but all decisions are from 1 or 2 people. The operating agreement would have to be extremely tight and understood and explain how someone may get out of the agreement in a way that wouldn't negatively affect you all.

@Dylan Pereira you don't always have to wait for the 2 year mark. If you were in school prior to that or had another job related to it, that could be sufficient, but I would recommend talking to a few mortgage guys. For my first personal home, I did a VA loan with Navy Federal Credit Union and it was simple and my wife's 1 1/4 years at her job sufficed when we got the preapproval so I would look now if I were you before interest rates go up again. And yes Nutley is a great town, but I have not seen a great investment as a buy and hold unless you are betting on appreciation, but even then, it is not as great unless you hold for awhile. It's better as a fix and flip town. I lived in Belleville since childhood and I have two properties UC that I plan on flipping. 1 is a single family on Joralemon and another is a 2 family on Baldwin. You can find deals around here, but it takes some time to find them. What are your goals exactly for your buy and hold? I saw you are looking into specific towns, but what are you looking for in cash flow, etc?

Dylan Pereira why are you waiting until March 2018?