All Forum Posts by: Sen A.

@Christopher Lane I'm going to side with your wife on this one. It seems that you have not been able to secure stable employment outside of military service and have proven time and again that your investment strategies have not worked out. 

When you're done with your deployment it is possible that she will be the only income earner in the household while you go on a new real estate venture that initially cash flows very little. In CA, that income from the 160k/year will disappear very quickly.

I would consider thinking about your career path after military service and possibly secure a W2 job.  Stabilizing your month-to-month finances gives you the ability and confidence to take on the risks of RE investing. 

Your cash flow is low-ish because you're on a 20 year mortgage and making larger monthly payments. There's nothing wrong with that considering you only put 20% down, have a relatively low interest rate and will pay off your house quicker. Look closer at your monthly expenses--I suspect they're not that high.

As a side note, when I come across something that is close to the 2% rule it's usually in a C-/D neighborhood. 

@Roston Elwell Great! Glad it worked out for you. 

@Alex Furini Look at the code under 334-10  Permitted Increases.  https://www.ecode360.com/15397118

Max rent increase is 3.5%.  For qualified seniors, it's 2%. Maybe you can ask some other BP members who currently own 4+ family properties in UC for advice.

I'd consider anything east of New York Ave. as bordering Weehawken. 

Recently, Union City has amended their rent control laws to include 3-family non-owner occupied houses. Just something to be aware of before you buy:

https://cecininilaw.com/landlord-tenant-blog/union...

@Aman A. Check out Aimloan. We just got a 5.125% rate for 25% down on a similarly priced sfr. Wanted to go with a local lender but they were much higher.

@James Marshall We print out recent comps along with before and after photos of the renovation and hand it to the appraiser.

@Account Closed both Alex and Richard give great advice. For what it's worth, I've house hacked a MF in north jersey and recently bought a long-distance rental in PA. DM me if you have any questions.

You may not get a clear CO without having proper means of emergency egress and I wonder if you could even get a conventional mortgage in this situation. Ask your agent. 

I’d consider putting in the same offer contingent on the repair and installation of functional fire escapes.

@Jacob Breazile I grew up in Monmouth/independence and know the area well. I remember hearing about high property taxes, but it’s nothing compared to our taxes in jersey. As an exercise, I think you should run your numbers with more conservative estImates and see if the deal still holds up. Include property management because there is a chance you will move, maybe even out of state. Are all your utilities separated? You may have to cover those costs. Are you including PMI for the fIrst few years plus the cost of refinancing into a conventional loan? This may offset the initial advantage of your low capex/maintenance numbers.