All Forum Posts by: Rasheed Chambers

Thanks for the input Theo & Marvin I think im over thinking it, I had a bit of time to think it through and I think I can find ways to make myself more comfortable. Again ghank for tge input it is much appreciated.

I am currently under contract with an owner to purchase a property in an area with high crime (gang related). This contract is currently under attorney review. however I am considering backing out of the deal, not because there is something wrong with the property or the numbers, I fair for my safety. I have a FHA loan which would require me to live in the property for a least a year. Should I pull out the the deal or just stick through it?

Hello All, 

So I have been pre-approved for a FHA loan and looking to purchase my first property. I have been searching for the right deal and have even bid on a few properties, but have had little luck in the purchase of a house as of yet. I have been asked by my agent if I had a lawyer and or house inspectors ready to work with me in the event I find a property that I like and a seller willing to sell to me. Unfortunately I do not, I have decided to put my search on hold until I have first spoken to lawyer and a house inspector. I would appreciate any suggestions, I live in the Northern New Jersey area looking to purchase a multifamily, any help you could provide would be much appreciated. Thanks again.

Happy Birthday Brandon, btw 30 isn't that old

First off I want to thank you both for your advice, Crystal thank you for the link, it is much appreciated and I agree with you that 7k to 10k is a bit much but Ive been told by several friends and professionals that its a norm in my area. Andy thank you for you insight, I requested a 5k concession I will see how it goes, if it is approved I can and ready to close in 2 months, I can save an extra 3K to put towards the purchase if need be. Again thanks again for your valuable input it is much welcomed and well received.

Hello All, 

I have a bit of a dilemma, I have been pre-approved for a FHA loan and I am currently in the process of making an offer on multifamily property in the northern NJ area. This will be my first property, I have used the BP rental property calculator and the numbers for this property looks good. The issue I am having is that outside of the down payment for the property I have maybe 2,000 to 3,000 dollars left for closing cost. I have been given a closing cost estimate of 7 to 10 thousand dollars for closing cost. It would realistically take me about 5 months to come up with that kind of money. I was advised by my lender to request a concession, but I am not to sure about how to go about asking for one. I do have an agent who would be doing the asking but I don't know how to much should be requested for the concession. If I ask for 5,000 thousand and the seller counters with 2,500 I would still kinda be in the same place I was before. If I ask for 10,000 will the seller think that its to big of a request and discard my offer, please note that it is not my intention to offer the seller there asking price. Are there any other options out there? Am I asking the right questions? Any input would be much appreciated

Thank you for the information Kevin, it is much appreciated. I am currently waiting for my financial adviser to forward me a contact as well. I will reach out to Daniel. Thanks again. 

Thanks for advice Al ig is much appreciated. I will reach out to my financial advisor for a referral 

its a multifamily 2 units with a finished basement. I looking to spend 260k.

Hello All,

I am working on my first deal, have been approved by a lender and I'm currently looking to purchase my first property in the Northern New Jersey area. I will admit that I am a bit of a novice and this may very well be a novice question but can any tell me I need to hire a real estate attorney and if so how much of my budget should set a side for lawyer fees. Also if you are in the Northern New Jersey area and know of any local lawyers please drop me note.