All Forum Posts by: Naseera Mohamed

Thank you guys , for your ideas.Even I was wary as to how to evict an owner occupant if the property appreciates and I want to sell .

@George P. I am putting down 32k . Monthly payments including mortgage(abt 870) plus taxes(5500/12= 458) plus insurance (80) = 1408. Rent would be about 1800 for one unit(4 bedrooms1.5 bath ) and 700 for the other(1 bedroom, one bath) , totaling 2500.

I figured after maintenance and vacancies, I would still have some positive cash flow, since occupancy rates are good here, in Jersey City and labor is not expensive for maintenance

Sorry if I wasn't clear . This investor wants an equity share of 20%. Apart from that HE would be the renter in one of the units as well. I wd get 80% of the rent he pays and he keeps his 20%. He says as an owner- renter he wd take better care of the property.

I am expecting a total rent of 2500per month in total.my down payment is 36k. Taxes are 5500.

We are closing on a 2-family house that was REO , for 160k with 20% down. It is a good deal and similar homes were listed at least a 50K above. Another investor is offering a 20% investment . Says he will put 25Kof his money , as well as live in one of the rental units -the bigger one. He says that way the property will be well maintained and no headaches of renting it out etc. What is the best thing to do ? We searched a long time for this deal and it is our first investment . Is it worth taking on a partner for resons mentioned above? Your 2 cents is appreciated

My husband and I also signed up for the 'free' seminar. But my son always checks things out before committing to anuything and he found this to be a rip-off venture and stopped us in time! Pays to go online for a few minutes before doing anything like this!

I don't know about flipping but we started looking for a house the past few months and most of the ones we liked ( value- wise) werer mostly either short sales or REOs. I don't think you are too late !

My husband is in the process of buying a house (our first very own ) -a short sale we located, in NJ -seemed a really good deal at 250K in a neighborhood where any house worth buying would be in the mid 300K range. We figured we cd do some fix-ups at 330-50K and it would be well worth it. Unfortunately we found there is a buried oil tank in the yard. The seller has been living there for the past 20yrs and says they decommissioned it when they moved in , but they are unable to bring up the records. The town hall had records of a permit applied to decommission it, but they could not find the actual permission granted or work done, as records were not well kept. Some oil tank companies we called say that a typical clean up in case of oil spills in residences wd be in the 8-10K range. Seller refuses a soil test to be done. My husband is ready to buy it and take on the oil tank issue. Is this a good idea even assuming seller does not reduce price further? Please give me your 2 cents !