All Forum Posts by: Leonard La Rocca III
Leonard La Rocca III has started 5 posts and replied 8 times.
Post: Avoiding My HCOL Area - Advice?
- Investor
- Monmouth County, NJ
- Posts 8
- Votes 5
I need some tips for investing when your immediate home is a HCOL area. In North Jersey, buying is difficult from my beginner perspective with high prices, property tax, etc.
Barrier to entry feels high in my area. It feels like 10K in PA is equivalent to 2K in NJ. Any advice for this situation?
Post: Is Property Tax a Killer?
- Investor
- Monmouth County, NJ
- Posts 8
- Votes 5
Do you guys factor property tax when looking for deals?
Obviously the answer is yes when it comes down to the cash flow, but I am particularly wondering if HCOL/high property tax areas are places you would cross off the list entirely. My local area has high property tax and makes me wonder about PA as an alternative.
Let me know general thoughts on how property tax factors into your research.
Post: How Much Needed to Buy 200K Property ALL INl?
- Investor
- Monmouth County, NJ
- Posts 8
- Votes 5
Yikes, getting pricy. So is 80K all in for a 200K property par for the course?
Post: How Much Needed to Buy 200K Property ALL INl?
- Investor
- Monmouth County, NJ
- Posts 8
- Votes 5
I've been reading books and checking out posts here on Bigger Pockets, but have one question at the back of my mind: how much capital do I need to buy my first deal?
I'm talking all in: Down Payment, Inspection, Closing, Rehab - everything. I'm okay with some assumptions being made in your responses.
Let's assume the property is a duplex and sells for 200,000 in Scranton, PA. I put down 20% (house hack is not an option)
Let's say the property requires a moderate rehab.
Here's my beginner math:
Down Payment: 40,000
Closing: 10,000
Inspection: 1,000
Miscellaneous: 2,000
Rehab: 20,000
___________________________
73,000 sound right? Too much? Not enough? Let me know!
Post: Conventional Lending Out of State
- Investor
- Monmouth County, NJ
- Posts 8
- Votes 5
So is it common to find a conventional loan without meeting the lender in-person? If so, is that recommended for a first-time buyer?
Post: Conventional Lending Out of State
- Investor
- Monmouth County, NJ
- Posts 8
- Votes 5
Quote from @Derek Brickley:
Hey Leonard!
Yep as John mentioned, it really doesn't change much. Just need to be sure that the company itself is licensed in the state and so is the lender/broker you're working with. You typically will see small banks/credit unions probably wouldn't be able to out-of-state, but otherwise any mid-size company or larger should be able to.
So would Bank of America be an example of national even if I go to my local branch?
Post: Conventional Lending Out of State
- Investor
- Monmouth County, NJ
- Posts 8
- Votes 5
Wondering what the process looks like for getting a conventional loan for an out-of-state deal. For example, if one is looking to buy in PA but lives in NJ, is the typical process to inquire with banks local to the property in PA or is it normal for NJ banks to approve out-of-state?
Post: NJ Rental Market - Rental Property Green Flags?
- Investor
- Monmouth County, NJ
- Posts 8
- Votes 5
Looking to enter the NJ Rental Market in 2025 - Central/North Jersey. I've been reading and looking a ton, but want to hear from those that have done it:
1. How much, roughly, is enough to begin in this NJ market? It seems no less than 50K.
2. What are some rental property green flags you've seen that scream buy?