All Forum Posts by: Kevin Hill

Welcome to Bigger Pockets John, seems like your post got cut off. 

Welcome to Bigger Pockets @John Hessell! Do you get mostly Section 8 tenants there? Its tough to credit screen in those type of areas. I had a rental listing in Paterson for a landlord and it was tough to find a good tenant, even though the apartment was really nice.

Welcome to Bigger Pockets Daryl! There is a ton of info on the site and the members are very helpful!

Hi Ian, don't use single family comparables when valuing a 2 family, they are different animals.

Try first to use other 2 families in town with different bedroom/bath counts. Next try looking at neighboring towns of a similar caliber for 2 family style homes.

At times, valuing properties is like putting a puzzle together and you don't always have perfect, recent comps.

Originally posted by @Boris Portnov:

I recently made my first offer on an REO in bergen county NJ, buy regrettably my offer was declined and has since had been put under contract with another party. I'm not.discouraged because as @BrandonTurner states it's a "funnel," the more deals I analyze and make offers, I put the odds in my favor! Can anyone in North Jersey share their experience with MLS REOs?

I am seeing less REO listings in Bergen County and the list prices seem to be closer to full market value. You can still get some good deals, but the well priced REO listings often get multiple, all cash offers quickly.

I notice that the MLS REOs in Bergen also don't sell well below the list price unless they have been on the market for a long time or in very poor condition. Seems like the banks will systemically reduce the price after so many days by a certain percentage.

Welcome to Bigger Pockets Ryan! You'll find tons of info here and many helpful members of the community!

She might be right. I don't know what MLS she uses, but I mainly use the NJMLS and it doesn't allow me to search by what type of financing the buyer used. It does state it on the listing though. It would just be real tedious to go through each listing to check for cash buyers.

The main road isn't optimal, but just make sure the comps for your valuation you are using reflect a similar external inadequacy and base your numbers on that. If you buy at the right price, you can make money on any deal. Research the days on the market for homes on a main road and budget your carrying costs accordingly.

Hi Anthony, I would meet with a loan officer now. This way they can counsel you on how much you need to save up, improve your credit score, and tell you how much you are currently approved for.

FHA 203k is a good product. You will have to reside in the property if you are using this type of mortgage. There are 2 types of 203K loans, one is for more minor repairs the other for more major renovations. 2 appraisals are performed, one for its current value and the other post repairs/renovations. You have to use licensed, approved contractors and you have a time line in which the project needs to be completed. A good loan officer will be able to provide all the details of the process.

If you know a good lender, contact them now. If not, line up an agent who will be able to provide lender referrals to you. 

I know as a real estate agent, I like meeting with clients well in advance to help counsel them and get them focused so when a deal comes along when they are ready, they can pounce.

Good luck!

You got some misinformation there. You always have to pay your property taxes!