All Forum Posts by: Rocco Deltaco

@Rich Zellmer

My plan is to use a FHA loan and look for opportunities through HomePath. I have a very small down payment. I tend to be conservative so that repairs and life's unexpected expenses are less worrisome. With my last home I bought at only 52% of the amount I was pre-approved for. Although lending practices have improved, I would certainly feel like I've overextended myself before the bank would. I should mention I have little concept of what the closing costs would be in NJ in addition to my down payment.

@Karen Malecki  Thank you for sharing your experience.  

@Erik Goldfarb I will reach out as soon as my finances are in order and I work with lenders.  

@David Lichtenstadter Thank you for your insight. 

Hello,

Very new to the forum and currently renting in Ridgewood, NJ.  

Near the end of the year I'll be in a position to buy with a conservative budget of 175k and more of a stretch at 225k.  Looking for something in Hudson County where good opportunities may still exist.  I'm in my early 30's and single so a neighborhood that is a little gritty is okay if it is moving in a positive direction.  

I am considering a condo with the expectation that I'll make improvements where needed and begin to rent it after about 2 years.  

My question is, with this budget and a competitive market, will I be left with only a building / neighborhood with depressed rental income and renters that need a lot of oversight?  

Would I be better served to buy a house in another area so that I am not as limited in terms of making improvements?

I feel the need to purchase within the year because of the direction the market is moving and I don't want to miss the boat completely.  

Hats off to those who bought around 2010/11.  I purchased my first home in another state around that time and it worked out well although that real estate market is generally pretty flat.  In retrospect I should have kept it as a rental.  

Thanks for your insight!