All Forum Posts by: Wenner Nunes

Following to see what everyone says, I looked into Buildium and it seems like they check most of the boxes, however, I think they did start charging for ACH.

Hi Stan,

I'll chime in as I had a call with Sherman Bridge regarding this hard money program they offer. I think if you have the liquidity - this is a great option. From my understanding, they will cover 75% of purchase price (25% down payment from buyer) and 75% of rehab costs (up to 75% ARV as you mention), so it would require a larger cash reserve to cover those repairs, which is why I decided to go with another HML for the time being.

Looks great though! Let me know if you have a positive experience with them.

 Thank you for the very thoughtful and informative response Chastity!

What service do you use for your electronic forms?

 Thanks, Thomas. Appreciate the feedback.

So you don't charge a fee on the application itself but rather just the price or the credit/background check?

Congrats Ryan! This sounds like an awesome deal. Glad everything went smoothly and you were able to stick to the budget.

Do you mind sending over the hard money lender's details as well as your final numbers? I'm doing flips in the PA/NJ and would be interested to know. 

Thanks and onto the next one!

Hello everyone,

I wanted to get your thoughts on the following rental application for a New Jersey property. This application covered most things - but I'm wondering if there's anything that was left out of if it's asking for too much information (i.e. credit card information / balances). I plan on also doing a credit check / background check after I receive the application back from prospective tenants.

Heres the link: http://www.nj.gov/treasury/dpmc/Assets/Files/Renta...

Also - do you guys usually charge application fees? Does a $25 fee seem sufficient?

Thanks for all the help!

I actually am looking around for a local REIA... are you a part of one in NJ? Message me and let's discuss!

Sure thing.

Milford, PA (House Flip)

I found this deal through a wholesale I connected with that works out of the Philly area. This was funded through a hard money loan. Numbers are as follows:

Purchase Price: $90,000

Rehab: $20,000 (paint, laminate floors, new finishes (chandelier,ceiling fan, thermostats, light finishes, etc), new appliances, and some landscaping for curb appeal)

ARV: $165,000

Newark, NJ Rental

I found this deal through the MLS and it was officially listed at $299,000. Knowing I had some competition and they did a highest and best offer, I offered a little bit higher than asking as it still made sense. Will be closing on this with an FHA loan. Numbers below are assuming I'm paying rent for simplicity sake.

Purchase Price: $310,000

Unit 1$1,300.00 (3 bed/1 bath) - below market rents

Unit 2$1,500.00 (3 bed/1 bath) - assuming market rents.. will be owner occupied

Unit 3$1,200.00 (2 bed/1 bath)

Total$4,000.00

Potential Gross Income$48,000.00

-Vacancy & Credit Loss$4,800.00

Effective Gross Income$43,200.00

Operating Expenses

Repairs$2,160.00

CapEx$4,320.00

Utilities$1,500.00

Insurance$1,500.00

Property Taxes$2,300.00 (extremely low... had to double/triple check this)

Total OpEx$11,780.00

Net Operating Income$31,420.00

Debt Service$20,169.96

PMI$2,532.00

Annual Cash Flow$8,718.04

Monthly Cash Flow$726.50

Hello everyone,

Really happy to be here. I've been a longtime follower of the forums and listener of the podcast. I wanted to make an introduction here and be more active in the community and offer some insights wherever I can as I have just began to get my feet wet with my first two deals!

By way of background, I'm in the NY/NJ area and my parents were in the business (mother was a realtor, father was in construction) up until 2013,  and after graduating college I gravitated towards doing real estate myself. Currently I'm an office leasing broker in NYC and doing these deals on the side.

I closed on my first flip project located in Milford, PA on 2/6 and that's currently undergoing rehab for a resale (hopefully within 2-3 weeks the contractor will be done). This Friday, I'm closing on a 3 family rental property in Newark, NJ which will also provide a nice cash flow and help build my portfolio. My long-term goal is to keep building up my portfolio and units using profits turned from flips.

Happy to connect, get on a call, and offer insight wherever I can. I'm also looking forward to meeting other investors in my area!

Let's keep the ball rolling!