All Forum Posts by: Sebastian Hernandez

Hi @Margaret Pattillo, I highly recommend @Darcy Reynolds and her team!

Welcome to Bigger Pockets @Ally Coghlan! I am happy to help if you need any help with construction

Hi @Steven Bialecki I own a GC company here in NJ, happy to answer any questions you may have regarding construction here in NJ. 

I'm in a similar situation, multiple lenders have advised me that 15% down is the only option at this point. 

@Shawn Rose Given you have a W-2 job, I would suggest you take the real estate course online. They have classes that can fit your schedule. I took my course with "the real estate school, llc" they are out of cherry hill NJ. I really liked taking my course with them, they have great professors. 

Hi Tony, the way I would look at this scenario is as follows. First, think about your long term goals and why you bought the property in the first place. Second, I would get estimate on the property value as is price vs the price after the home is renovated. Again, you should make the decision based on your long term goals. Lastly, if you decide to renovate the unit, you could do a Heloc, bank loan, zero percent promotional credit card or contractor financing. Hope this helps.

Absolutely, use your license to do your first ever deal. I have no doubt your broker will hold your hand during the transaction. Not only will you make the commission but you will gain experience!

I agree, if it does not cash-flow after you move out, I do not think it will be a good investment starting out. 

Hey Tim, I am very familiar with house hacking as I’ve done it myself. My suggestion is that you run your numbers with both scenarios. You want to make sure that once you move out and both units are rented, the house is generating cash-flow. I am very simple with this stuff, I just want my rentals to generate at least $700 in pure cash flow. 

Now, you should also run the numbers while you live in the property. You most likely will not cashflow at all. However, you will see that the tenants rent should cover the majority of your mortgage. The idea is that your “rent payment” payment will be significantly lower than if you were actually renting a house. For example, if you house hack, you contribute $700 towards the mortgage. If you rent, you pay $1,900. Thus house hacking is saving you $1,200 per month!

Hope this makes sense! 

Welcome to the bigger pockets forums! There are plenty of real estate meet-ups here in New Jersey. A good portion of them get listed on Eventbrite, just look up real estate events near me. The other good chunk of events will be found on Facebook and instagram posts once you start connecting with active investors here in the area that host events. Feel free to DM me I can send you a list of upcoming events I see coming up. Best of luck!