All Forum Posts by: Sunny Burns

I believe PSE&G - a utility service provider - only operates out of Northern NJ. But do any landlords utilize the worry free program for their rentals and is it worth it?

I am thinking about enrolling in the program just to put my gas fired boiler on it. It will cost $13.19/month but is supposed to cover parts and labor whenever it malfunctions. Its an older Utica Boiler at least 40 years old that is probably on its way out.

How are they when they can't fix something? Do they offer a free/subsidized replacement? Any feedback is very much appreciated.

https://www.pseg.com/home/customer_service/worry_free/index.jsp

@Patsy Waldron decided to do something similar and thought for the minor expense it was worth the expenditure. Efficient Space Heater only $36 at walmart and now the tenants won't be freezing doing the laundry.

@Ahmad H. was the biggerpockets member who originally suggested I try out Trustco, over a year ago now when I was first getting that quadplex under contract.

Nice of you to chime in.

@Ryan Vienneau yes I just cash-out refied through them as well about two months ago. Pulled out $67k.

They had really low closing costs, if you don't count the Home Insurance that we had to re-up for a year($2082), then our closing costs were only $1,537.

I believe they would have let us to take up to 90%. We decided that we only wanted to take out everything we put into it ($43k down payment, $24k materials) so that is why we took out $67k and left about 20% equity in the property. On a side note we went from a 3.99% interest rate to a 3.49%. Win!

Not sure what they would offer for non-owner occupants. Give them a call.

Oh and we refied just shy of 1 year of ownership. So I don't believe there are any seasoning requirements.

Willy Waldron please do. I hope you have a good experience. Marcell L. Yes, currently the only piece of real estate I own is a four family in Garfield, Bergen County NJ. I live in Unit 1. We've been there for a little over a year now and hoping to owner occupy another triplex or quad in the same town soon.

Hey @Bryce Cutler yea I believe you are correct that it is only a percentage. And I can't recall what it was; but its better than 0% the credit union I initially tried to get my pre-approval with was trying to give me.

Since not much has been said about this portfolio lender and they have been so instrumental in starting my investing career - I wanted to write up a quick review.

Some highlights about this banks residential mortgage offerings for owner occupants:

-Will finance for up to 4 family properties

-10% down for 3 and 4 families, and I believe 5% down for SFH and duplexes

-No PMI

-Low closing costs ($9.8k for our $430k)

-Competitive Interest Rates (Just re-fied a couple months ago for 3.49% 30 year)

-They will consider your rental income as income even prior to two years of tax returns as long as you have signed leases.

Anyway before I get people too excited, they will only lend in counties that they have a branch in, below is a list:

New York: Albany, Columbia, Dutchess, Greene, Montgomery, Orange, Rensselaer, Rockland, Saratoga, Schenectady, Schoharie, Ulster, Warren, Washington, Westchester

Florida: Brevard, Charlotte, Hillsborough, Lake, Manatee, Martin, Orange, Osceola, Palm, Polk, Sarasota, Seminole, Volusia

Massachusetts: Berkshire County

New Jersey: Bergen County

Vermont: Bennington County

So I was just at their Ramsey NJ branch last Friday, trying to get preapproved for our second investment property we are on the lookout for. I tried getting preapproved elsewhere but because the other banks wouldn't consider our rental income (Most banks have a rule where rental income won;t be counted unless it appears in the last two years of your tax returns). Trustco being a portfolio lender who doesn't sell its loans doesn't have to abide by the same rules, and just required us to show us their signed leases and counts the income. So now our debt to income ratio should now be low enough to be approved for our next rental property.

Here are some more details:

I asked the branch manager a few questions and it seems that they are fairly selective as to who they will lend to.  She said they usually want you to have a pretty good credit score, she has seen a person without credit history get approved at the low 600's but they immediately reject anyone with bankruptcies, or serious dings in their credit.

Anyway I just wanted to share this information, because a year ago when I was buying my first rental property I was in quite a pickle, until a biggerpockets member mentioned Trustco. I feel they are a very good choice for anyone looking to owner occupy and house hack their way through some rental properties. 

Yea through the app you can't even post pictures.

Hey Joseph welcome aboard. Bergen County is an expensive place to invest but it can be done. Not sure if you are looking to invest in Bergen county, but if you are I highly recommend checking out Trustco Bank. They are a portfolio lender who keeps all their loans. If you are thinking to house hack they will allow you to put 10% down on up to a four family property and won't charge you PMI. Pretty much unheard of. You do need excellent credit as they are very selective as to who they let borrow from them. There interest rates are also very competitive and closing costs low. But right now they only lend to Bergen County in NJ. They have a branch in Ramsey and Northvale. Good luck and Godspeed!

So we built a laundry room in an Unheated portion of the building... I live in NJ where we do have abundant below freezing days. 

I did just finish installing heat cable on the cold and hot water running from the house to the laundry room. 

But I'm concerned that won't be enough and the water that's trapped in the washer machine will expand and break the washer machine. Does that happen? I think the pipes will be fine with the what cable, just worried about the washer machine itself. 

If so have to I guess I will install an electric space heater and keep it on low.... any thoughts?