All Forum Posts by: Ryan B.

Short answer is probably not. Long answer is talk to a CPA.

Following this thread as well - @Julia Bykhovskaia I'm currently in the market for a medium-size MF deal in that market and open to partnering.

@Jake Handler @Cheryl Schuck seems like we are all located nearby.

Does anyone have any experience applying for a Boarding House license through the NJ Bureau of Rooming and Boarding House Standards? How difficult is it to get a license, if they are even issued at all? Is there a document somewhere out there that clearly explains the requirements and distinctions between Classes A, B, C, and F?  I'm interested in knowing the requirements for whatever the least specialized license is - not an assisted living facility or anything like that. Does the local municipality play a role in the approvals process? That is to say, can you get the license from the Bureau and then still get rejected if the town doesn't permit boarding houses?

Any assitance or direction would be appreciated!

Quote from @Anastasia G.:

Not a lot of consumers know but there are conventional programs with 5% down for 2 family with no private mortgage insurance/reduced mortgage insurance - which might give you higher buying power.

I'm no longer a first time home buyer, but do you have additional details about these programs? I'd like to recommend them to others. I was able to get a 5% down conventional (with PMI) for an owner-occupied duplex back in 2020 through a big bank, but my understanding is that they haven't been offering these kinds of deals as of late.

Hey all, I'm local to Morristown as well. Seems like we potentially have enough people to have a Morristown-specific meetup.

Baller move. Excellent thread on Twitter, following you now for updates on this project!

Posting in this thread for info as well. 

Does anyone know offhand of any towns, particularly in Northern NJ, that definitely allow rent-by-room?

Another $10k on a $340k property absolutely shouldn’t be making or breaking the deal, especially when a large % of that $10k is probably being financed. 

You can essentially ignore the list price if you’re buying for cash flow. There is a price you’d be willing to pay for every single property in order to get the deal to work, as determined by your specific criteria. Offer anything up to that amount but no more than that.

The hard part, of course, is being confident in your numbers and criteria!

Does anyone have any resources on what towns (if any) permit renting by the room in NJ?

Check out Craig Curelop's book on the house hacking strategy from BP - best strategy to pursue for someone your age, imo.