All Forum Posts by: Michael Baffuto

@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.

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

@John Warren thank you!

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.