All Forum Posts by: Stephen Kappre

Freefall Adventures? 

Any agent can show the listing - and you want an agent just representing you (not both parties) IMO.

Any decent lender can do this FHA loan, granted you want one that has a good track record and not "just any" lender. And yes you will need a pre-approval to make an offer (or showing enough cash for those that are going that way).

All good questions keep them coming :)

Steve

@Akhil Nagapuri a house hack would work in a lot of areas at least in south jersey. Gloucester, Camden, Salem counties. 

@Randall Esquivel sure Jersey works and there really is a huge swing in prices from South to North Jersey. South jersey you can BRRRR a multi and depending on location pick them up for $100k or less, definitely duplexes sometimes 3-4 also. Or you can find multis with very expensive price tags, especially as you go north or along the shore. As mentioned always gotta consider taxes, sometimes flood areas, knowing whether you want A, B, C neighborhood, etc. Lots of variables but once if you know your price range, if you want to BRRRR or buy something already rented, etc. there's a place in NJ that can make it happen.

Nice to meet you @Matthew Anderson welcome and looking forward to the conversations. 

@Account Closed sounds like a double whammy here ... doing the loan as an LLC and more than 4 is an issue for you typical loan.

Hi @Antony Charlier 

$10k isn't a lot but it's enough. As far as a multi-unit scenario one option is to go FHA and look for a duplex. You would be living in one of the units. It will require 3.5% down. You can have the seller pay some of your closing costs, which in this market won't be easy, but it won't be impossible. Based off of this info you may be looking at a home maybe +\- $150k - depends on how much the seller pays for, any reserves needed, etc (all info a great lender can help you with). In South Jersey (Gloucester, Camden, Salem counties) there are homes in this range depending on your specific needs and desires. Generally as you move north it gets more expensive and downright insane in some areas.

Awesome. Welcome, and looking forward to conversations. 

I’ve used Al Floyd many times. 

Salem county certainly. Of course it has to make sense. There’s cheaper single family or multi family for rentals or for flips. I suppose land for the right price and area, not just any area though. 

If the value isn't there remember it won't appraise for what you need and you will need to come up with the $$ or walk away (or renegotiate). We just had a similar scenario - We offered $170k (the value based off of comps) for a place listed at $212k - we ended up not proceeding - even their agent was confused why we would offer low. Just way overpriced. It's a hot market, but not that hot!