All Forum Posts by: Ro Maga

I'm no expert, but wouldn't maxing out your credit cards obliterate your credit score? Besides, you'd have to pay that ridiculously high percentage fee on the cash withdrawal on top if whatever interest rate you have. If this is as good a deal as you say it is, why not try a hard money lender instead of credit cards, at least that way the possibility of a refinance might still be an option. Still, I'm not sure?Id buy a property without some good reserves in the bank.

Summit Auto in Jersey City. Both Tommy and Rich are awesome, reliable, and honest.

Within those parameters, you might find something in Weequahic. For the Ironbound, you'll need to double your numbers.

Well, I don't know how REOs are in Ohio, but anywhere within close proximity to Manhattan, you should expect bidding wars on any reasonably priced REO. So expect lots of competition and much disappointment before getting an offer accepted. As for "dirt cheap" REO properties along the Hudson, the only units I can think of are a few small condos/coops around Fort Lee that have very very high taxes, and doubly high HOA fees ($1000+ per month each). Once you factor these costs in, these properties are just not worth the time of day in my opinion.

Hello Kevin! And welcome to BP! Here are a couple of extra resources for you: - If you have any consumer debt weighing you down (credit cards, car loans, etc.), check out Dave Ramsey. His Total Money Makeover book changes lives. He's got a podcast too. - If your outlook on spending needs a tune up towards frugality and "badassity", search for Mr. Money Moustache.

The type of house will affect that too (you can't really treat a 1890s house and s a 1970s one the same). You should be looking at the renovation as a whole for a cohesive finish that will attract more buyers.

Follow up in writing and make sure to send her the notice to vacate via certified mail. A phone call alone doesn't do you any good. In some places, it may be acceptable to post the notice on the front door and take a picture. You want to have proof that you're giving her sufficient notice. Otherwise it's your word against hers.

You may also want to look into loan programs by some of the big banks (e.g., Chase, Citibank, etc.) who, after years of discrimination towards first time homebuyers in the very cities you mention, have been forced to offer better terms and conditions. And yes, like everyone has said here, a you should be able to finance a 1-4 family home through FHA. That your mortgage broker/lender got this wrong, or even that he/she left you with the wrong impression, is reason enough to drop them.

If it was near the Path, he could be asking $1k more per rental unit, per month, but then they seller would be asking twice as much for this 3-family, too (especially if it's indeed a legal 3-fam).

Not a bad plan, but you need to add to this an aggressive savings and income-increasing plan. I know we hear a lot about buying houses with "little or no money down," but that might be the case elsewhere. In this most expensive state and in one of the hottest markets, the more you have the more likely it'll be for you to close on a deal, any deal. Do keep on saving! A HML is probably not an option for a down payment. Remember that FHA will ask for seasoned funds for your down payment and that your lender will want to see an additional 6 months of reserves in your bank account. So for a $200k property you'll need at least ~$20-25k ($7-8k down payment, $12k for 6 months of PITI, and some $5k for closing costs unless you roll them into the loan, which can be a deal breaker when dealing with lots of competition). That's not including repairs that may fall outside your 203k loan. And there are always more repairs than you thought were possible or necessary -- count on that! So come up with a plan to aggressively increase your reserves! It can be done.