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All Forum Posts by: Michael Baffuto

Michael Baffuto has started 9 posts and replied 14 times.

Post: Union city, New Jersey buy and hold

Michael BaffutoPosted
  • Rental Property Investor
  • Posts 15
  • Votes 2
@Michael Badin thank you for your note. It seems that every single property in this area would only allow me to break even or make like $100 a month. It’s because I’m putting down such a little amount.

Post: Union city, New Jersey buy and hold

Michael BaffutoPosted
  • Rental Property Investor
  • Posts 15
  • Votes 2
Hi All, I’m looking to purchase my first 3 family property in Union City, NJ. The home borders Weehawken which is one of the best areas for buy and hold in NJ. I’m a little concerned on a counter offer the listing agent made. We offered $705k and they want $729k. It’s not much but I’m worried because I can’t find comps in that area. As far as buying and holding the rent roll is decent and I’d break even every single month so not that great of a cap rate. Only putting 5% down so would love to get anyone’s feedback that is familiar with union city. Do we think the market will go up or down? Any help would be great. Thanks

Post: FHA loan on multi family

Michael BaffutoPosted
  • Rental Property Investor
  • Posts 15
  • Votes 2
@John Warren thank you!

Post: FHA loan on multi family

Michael BaffutoPosted
  • Rental Property Investor
  • Posts 15
  • Votes 2

Can someone confirm or deny whether or not 75% of the potential rent roll of a multi family has to be able to cover the all in cost of a multi family when securing and FHA? I'm finding multi family properties but then the lender is saying the rent comps will not be sustainable for the FHA.