All Forum Posts by: Patrick Q.

Hello All,

I am planning to convert the unit I occupy in my house hack duplex in Jersey City (JC) to a medium term rental.

And will no longer be living in the property.

Does anybody have any resources as to what the rules are for doing this in JC?

Does one have to register?

Are there any permits required or restrictions associated with operating strictly as a medium term rental unit?

Any info or resources you guys could offer, would be greatly appreciated.

Hello All,

Looking to connect with a real estateattorney in Westchester NY whom is very well versed and experienced in creative finance deals.

-Seller financing.

-Subject to.

-Novations.

My preference would to be to get a referral of somebody that you have acatually used and were happy with.

Any help would be greatly appreciated.

Thanks all.

Hi there,

Did you ever find one?

I am in the market for the same thing.

Hi guys,

Came across this post.

Does this group still meet up?

I used American Way Plumbing, Heating And AC.

Al was a decent guy and did most of the work himself.

Hello All,

Trying to connect with an architect that has designed, filed and created drawings for specifically 2 and 3 family investment properties in Jersey City.

If anybody has worked with one in the past or is one.

I would appreciate hearing from you.

Regards,

P. Quaid

Hello All,

I am positioning myself for the my next property which will be a house hack.

Trying to get educated on lending strategies.

Any recommendations for YouTube channels and reading materials in addition to BP that would help me learn about options/strategies that I may not yet be aware of?

Hi guys,

Came across this post.

Does this group still meet up?

@Nick Riccio

Appreciate your taking the time to respond.

We are living fairly inexpensively for what we have. Not close to free though.

The property will perform well over time (I believe) and will hold its own in the mean time.

Hoping to come up with a nifty plan to speed things up as much as possible though.

We had not planned on staying here as long as it looks like we will be.

There were factors beyond our control that made that come to be.

I am expecting a spike in equity/value at some point soon as the neighborhood changes (had hoped it would happen sooner).

There is a possibility to add some value, but trying to get rid of the debt first.

Hi all,

Working on moving on to our 2nd house hack.

We have around $61K in credit card debt that we will have paid off within a year using Avalanche method (may not pay fully down to zero if it makes sense not to).

We are currently in an FHA mortgage and have around 5.5-9% equity on our first house hack (been here a year).

Planning on saving up the money for a 5% down payment for our next house hack $40K-$65K (purchase price between $800K+$1.3M).

Will also need to get some money together for reserves and painting or light repairs before moving into the new property.

We will also need to get some money together to do some upgrades to part of the unit we live in, in our current house hack.

We are looking at a 2- 2.5-year timeline to get all of the above done and move into our next property.

We would like to get it done in less time.

The price point in the areas we would like to live are in the $800K+$1.3M.

We have chosen this area because we plan on staying in this house hack long term.

Does anybody have any suggestions as to how we could speed up this process?

Potentially ways that we could pay down the debt faster...

Potentially ways that we could get out of the PMI on the FHA to reduce the costs on our current house hack so that we could use the additional cash flow to get where we need to be financially, sooner.

Suggestions on other loan products/strategies that we do not know about.

Any advice would be appreciated.