All Forum Posts by: Johnathan Boyle

Chris L. Agree that realtor can expose on the mls and it will gain a lot of traction there.

Chris L. Approximately 30% less inventory than same time last year and increased prices by approximately 5%. I don't think we are at the top of the market but it is coming very shortly (maybe 18-24 months).

@David Da Silva Welcome to BP. First, congrats on finding this resource. It is awesome. Second, congrats on planning to get your license. It is definitely an advantage in this market in my opinion. As far as buy and hold, do you have an idea of how you want to purchase? aka 203k, fha, conventional loans or hard money or all cash? and as far as markets, you need to see which works better for you, appreciating markets or cash flow markets as Essex and Bergen have both. 

@Account Closed Not always. Navy fed is a big bank and I got a VA loan at 3.375%. However, unfortunately you need to be a veteran to get that benefit.

@John D. because you want to be covered if it does get accepted. If you're going to be in the business long, you'll have to pay for certain things sometimes even if the deal doesn't happen such as oil tank sweeps and home inspections. Don't overthink it honestly. Also, some attorneys will do it for free if the deal doesn't happen as they know you'll be doing multiple transactions. But only if they know that and you build a relationship. Nobody simply works for free. 

John D. Not required but highly recommended and depends on the attorney but usually they charge everything at closing. Don't Nickle and dime it to lose quarters

Jordan H. I'd always be interested to see what you have as long as it's Essex county and you're not daisy chaining it haha.

Michael Lee depending on location, best bet in my opinion might be a short sale as I've rarely seen people assume loans in northern NJ (could be wrong) but it would probably be the longest process too but the amount you can get the property for could be much less. If it needs repairs, mention every single thing. I've got two short sale properties approved recently. 1 for $60k below the appraised value of 200k (and asking for more now since there's a leaking tank and they are actually willing to credit me more now too.) and another which appraised at 225 at 155. Mind you, both arvs are conservatively at 325 and 300 respectively with rehabs of 70 and 50k total. Feel free to ask me any questions and I'll be glad to help.

Mario Gonzalez are you looking only for smaller banks? Just out of curiosity

Randy Lewis welcome to BP. I would recommend figuring out a specific market in Newark and then how you plan to purchase.