All Forum Posts by: Nick Sansivero

Hey everyone, I'm currently considering a house hack in Columbus, OH, and I just spoke to a (highly-rated) realtor regarding my options for FHA financing. I was told that as of last year FHA no longer offers financing for 3-4 units at 3.5% down. I was only able to get pre-approved for a 1-2 unit property because of this.

Is this accurate? I might just be uninformed, but I hadn't heard anything about this. Thanks!

@Winston Covington @Kevin Sobilo thank you both! I'll continue to check in with my agent. Maybe someone over at the Escrow company took a vacation. 

Hey everyone, I was wondering what the standard timeframe is for receiving your earnest money back after a deal doesn't go through? It's been 6 weeks and I haven't received any of my deposit. My agent said she sees the payments pending for 3 weeks now. Is this normal? 6 weeks seems unnecessary. Thanks!

Hey everyone! I recently got an offer accepted on a 4-plex in a great suburb area right outside Cincinnati, but my financing fell through. I'm seeking a private lender, or possibly hard money, that is able to do a 95% LTV, 30 yr. The purchase price is $345k.

The purchase comes with a 2nd parcel of land that will be buildable (and worth much more) within 2 years. The property needs about 10k in rehab on 1 of the units, otherwise it's in great condition and ready to rent out.

Please message me if you know of anyone who is able to help me with this deal and need further information. You can reach me at (631) 748-1214. Thank you!

@Peter Tverdov No worries I’ll keep your contact in case I start looking further south. 

@Peter Tverdov Hi Peter, I’m a little North of there in East Orange. Let me know if that would work for you. Happy to chat this weekend. 

@Jonathan Greene Thanks Jonathan I will explore using a single person vs a management company 

I'm closing on a duplex in a couple weeks and I'm considering using a property manager vs. self-managing. I was wondering if anyone could provide a recommendation for a reputable property management company in Northern NJ that handles small multifamily? I plan on buying at least a couple other 2-3 unit properties in the area (Newark, Jersey City, East Orange) over the next 2 years, so it will be great have a contact. Thanks! 

@Sami Gren Hi Sami, I’m currently finishing up purchasing a duplex in East Orange, I’ll be renting it out in October, so I can really only speak to 2 units. From what I’ve found for 2 unit houses in EO, you’re looking at around low 200s for medium rehabs, high 200s for low to no rehab. The closer you get to train stations and convenient areas, the higher you can expect the prices (sometimes 300+). Rents can be between $1300-$1700 depending on how nice the unit is and how close it is to a train station. For rents take a look at rentometer.com, or Craigslist to find similar listings to what you’re looking to purchase. The Newark/east orange area is scattered with nice areas and crime areas, so try to use Trulia.com crime maps to find a good area.

@Michael Doherty Hi Michael, I just saw your post above about a lender with 30 day seasoning cash out refi. I would love to get their contact info if you still have it!