All Forum Posts by: Vincent Paventa

Hi BP- 

I'm a landlord/rental property investor in North Jersey, with 8 units across 3 properties in Garfield, Woodland Park, and Hoboken NJ. I'm looking for a property manager recommendation; either an individual or company looking to service small multifamily. I'd like to start with service on my 4-unit as a trial and then likely expand to services for all my current and future properties (goal of 1 acquisition per year). 

I know NJ is not known for great property management, so I appreciate your references!

Hi BP- Looking to connect with investors out there who own or flip properties in Woodland Park, NJ. (or nearby Totowa, Little Falls, or Clifton)

I'm based in Bergen County and recently closed on a a 3-unit multifamily buy & hold in Garfield.

I did close on the property earlier this year! Been very happy with the investment so far. I'll DM you, would love to hear more about your duplex and experience in town. 

Hi BP- Looking to connect with investors out there who own or flip properties in Garfield, NJ. 

I'm based in Bergen County and own a 4-unit multifamily in Garfield. 

Congrats on the deal, @Damon Redmond! 

What is your method for determining ARV?

Would you be able to share the lender(s) and FB group?

Does anyone have guidance on what to do if the tenant will not complete the forms needed by the bank to set up the new sub-account? I inherited tenants on a new property and have a couple tenants who have not provided this after following up a couple times, so I can't set up the bank accounts. Chase Bank has a few forms required. 

Does anyone have guidance on what to do if the tenant will not complete the forms needed by the bank to set up the new sub-account? I inherited tenants on a new property and have a couple tenants who have not provided this after following up a couple times, so I can't set up the bank accounts.

Hey Dennis - I can't make it to this one (have a wedding) but would be interested if you have them in the future. I'm based in Glen Rock and have properties in Garfield and Hoboken. 

-Vince 

Hey BP-

I recently funded part of a down payment on a new property using a HELOC (on my primary residence). I used Figure Lending (online bank) because of the fast application and closing process, which I needed to complete in time to close on the deal. Unfortunately the rate is high (7%) vs. competing HELOC rates I've seen in my area (Bergen County, NJ) that are as low as 2.5%.

I'm wondering if I could take out a new HELOC to use to pay down the entire balance of the original HELOC. Although I also have the option to pay down the original HELOC with cash over time, I would prefer to not have that much cash "in" the property and instead reinvest my cash into my next property purchase. At the end of the day, I also want to have an open HELOC (at the lower rates) to use for future investments.

I talked to one local bank who said I could not take out a second HELOC on the same residence, but I've found that the feedback from banks is often very different.

Appreciate any insights, especially for those in the North Jersey area. Thank you!

Gotcha. Any particular reason you're looking at condos/townhomes only @Account Closed?