All Forum Posts by: Michael Peralta

To add - I am looking for properties in NJ but easily commutable to NYC (1-hour tops) and my price range is $200K to $350K.  Obviously the cheaper, the better!

Hi BP Community,

I am eager to get involve in the process of purchasing real estate, however, as a newbie I want to ensure my first deal is a favorable one. Unlike most, my financial situation only allows me to have one shot at this so my 1st purchase will be the most important. A bad deal could set me back a couple years.

Therefore, are there any websites you recommend to conduct my proper due diligence? Before investing I want to analyze the following: 

• Identifying a Town/Neighborhood to Invest In
• Identifying a Reputable Real Estate Agents
• Housing Trends in the Area 
• Quickly analyzing a Deal
• Average Rents in the Area

Hi BP Community,

Is common for folks to purchase short sale homes and flip them for a profit? I see tons of short sales in my area and wanted to inquire.

Thanks,

Michael

Hi BP,

I am aware of the 2% Rule when it comes to Real Estate investing. However, does this rule apply if you are not putting 20% down? Reason being, PMI payments could shift your numbers.

Should the 2% rule change to a the 1% rule if you have PMI payments?

@Christopher Phillips

Q1 - I have not seen the property in-person but I plan to soon.

Q2- I currently plan to house-hack the property. However, this might be an opportunity to flip for its true retail value. 

Hi BP,

I've come across a great deal but the property seems to be a foreclosure. Is there any possible way to obtain the property with FHA loan?

Thank you in advance,

MP

Thanks @Nathan Gesner - I'll let her know.

Hi BP Community,

My friend is looking into purchasing a condo. Before she put in any offers, she would usually ask to get more information from the building association (financials, recent repairs, any delinquent HOAs). However, she noticed that many associations are unaware or unwilling to provide that information.

Is there a way she properly request this information? Are there other factors she could look into when purchasing a condo? 

Next time, I'll force her to create a BP account! :)

Hi BP Community,

I am currently shopping for a multi-fam in NJ ($250K) and wanted to know what are the best towns to house-hack in NJ?

Thanks,

MP

Hi BP Community,

I just been pre-approved for 250-275K and I am afraid of investing in the wrong property (and being out the "game")

I am looking for a multi-fam home (owner occupied) that I could obtain decent rental income. Is it possible for you guys to provide me with 3-4 affordable towns in NJ that I should invest in?

Thank you in advance,

Mike