All Forum Posts by: Wayne Loux

Update on this project.  Purchased in July for $242k renovated for 30k worth 300k, took the higher interest rate for some cash at closing.  Rate is 6% monthly is $1700 all in.  I am renting the two units out for a total of $3250, waiting now for the 6 month mark to cashout refi.  Any advice or tips for Brrrr would be great I have not refied other properties I own just bought and held the others. 

Investment Info:

Small multi-family (2-4 units) buy & hold investment in Manahawkin.

Purchase price: $242,000
Cash invested: $35,000

Foreclosure purchased from Hubzu.com renovated both units, fully rented out October 1 2018.

What made you interested in investing in this type of deal?

Fairly easy renovation and large units felt the area was underpricing the rental market.

How did you find this deal and how did you negotiate it?

Mls and hubzu.com auction style bidding

How did you finance this deal?

25% down conventional loan

How did you add value to the deal?

Painted both units, new flooring, new kitchen applicances, new baths and added a bedroom.

What was the outcome?

Fully rented it in October cash flowing 1500 a month

Lessons learned? Challenges?

Challenges were not living close to the project

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

I am a licensed Nj agent. My lender Larry Vindman First alliance home mortgage I highly recommend

Susy welcome! I would love to hear more about what you are looking for. Feel free to message me or reply here.  

Thanks for all the replies,  I think my plans for this property are still in line with my goals and I will play it by ear as the time comes

I am in the middle of a purchase for a two family property, definite add value with the addition of one bedroom to both units. My plan is to do the work, make the sqft improvements and cash out refinance 6 months down the road. The question I have relates to a conversation my lender and I had, he is offering me less money to bring to the closing for a higher rate from my experience it’s been easier to refinance if the rate is higher than current market rates.  Anyone have bad experiences with a move like this?  Is it easier to get the cash out refinance with the higher interest rate or do they only care about the capital improvements and new appraised value? 

Hey Stefan, I own a two family in South Amboy and I am a Middlesex County agent.  Did you end up moving on that property?  Would love to hear more about it and if I can help in anyway.  

Unfortunately that date does not work for me, but message me when the group plans to meet up again.

Has anyone had success in the mass mailings in NJ?