All Forum Posts by: Johnathan Boyle

Vishesh Shah first and foremost congratulations are in order for all you've done thus far. Second, what are you looking to do exactly in real estate?

My wife has a job opportunity near LAX and we are considering it. I want to know what is the best areas to buy for rental income in that area? I don't mind more rough areas. And as far as purchase price we are getting preapproved again now so I'm asking general questions on pricing and rent etc.

@Jason Guinard First and foremost, if you are replying to someone, you should @ them in the future because I would not have looked back at this thread without someone else mentioning me. It's ok because I did it too lol. Second, as far as local, I have talked with Alpha funding and ABL. However, I have been lucky with Lending Home (they are more nationwide). Also, I understand your concern about them, but honestly they need to fund deals to make money and they will only fund deals that make sense so if they are approved by a hard money lender, then you know you have a deal in your hands. So that is the benefit of working with them. 

@Kerry Boyle Thank you lol. I like your name in general as well haha. 

@Jason Guinard if he's having troubles showing POF, one of two things, his assets are not liquid to fund deals easily and that could be an issue that he is just saying he will fund it for whatever reason or 2) he just doesn't want to show it which is fine because you can always get off market deals UC without having to show a pof. If you are looking on market, I would reach out to some HML for POF letters. Some give them fairly easily and then when you are buying, just use your lender and have the HML as a backup. Hope this helps!

Caity Fie look at rentometer for fairly accurate rents

Danilo Lavia there are three things that most deals need. 1) time, 2) expertise, 3) money. If you can have two of the three, then it would not be difficult to find a partner.

Michael DeFilippo it looks like you have two options. One is to find a lender that will consider this income and be able to buy a second home with. Or the other is to sell this home and find a multi family to buy and have the contingency that when you buy this new home it is based off of you selling this previous one. But of course there are several variables have to take care of in this scenario as well.

@Aditya Puttigampala ok I understand. Unless you look off market, that may be difficult in most areas you describe as last few listings I've had went for over 20-30k above ask price. Or in the worse parts of jersey city it may be possible as someone mentioned Greenville. I'm assuming you're utilizing a 203k or fha loan then? 

Hiral Lai I understand and I would second that newark would definitely be if you want those kinds of returns because of taxes. Unless you're willing to send out letters and do off-market deals. But it all depends on your comfort level. There's something I tell new people all the time when buying, the 80/20 rule. 80% you'll enjoy and there's that 20% you won't whether it's price, location, finishes, etc.

Aditya Puttigampala as some said, it's unlikely to find that in Hoboken or jersey city. I would look into union city and Bayonne. As far as break even, what is your definition of that? Does that include cap ex, small repairs, etc?