Hi RE 🐠 , looking to buy my first rental property. Currently live in townhouse bought 2 years ago and mortgage is about $3.2k. I’m in NJ/NY area and open to buy property in other states. Budget is between 300k to 350k as I plan to make 10% down payment. Thank you!

like
Posting as :
works at
You are currently posting as works at

Have you found a lender that will allow you to do 10% as a downpayment on a pure investment property? Most will require 20-25%.

like

A1 and D1 - Haven’t found a lender yet but can put down 25% as well. Looking for suggestions on neighborhood in and around NJ. Also open to other states

In NJ you’re looking closer to the PA side than close to NY with that budget. Maybe south Jersey or northwest jersey.

like

Thank you!

This is the hardest part. I'm in the same situation as you. Right now, rates and prices are so high nothing is a good investment. At least hands off. We were out looking again today, with a budget of $2M, which gives a huge range and huge variety. We're willing to lose money the first 5-8 years, but most of what we're seeing requires taking a bath. We looked at a beach house in Mantaloking today that would lose you $60k a year, possibly more.

You are looking to buy an investment property to rent out for 2m?

MD Montgomery county

Related Posts

Why does the purchase agreement call for a FIRPTA when no real estate is being purchased?

Will mods hurt the resale value of a car? I'm considering selling my daily and am debating on whether or not I should put the effort in to return it to stock.

like

Just starting to invest, should I make an account with Vanguard or Fidelity?

like

Any of you using TikTok to display your properties? I see it's working for some realtors and I am tempted to try.

like

LCSW 50k loan repayment- Has anyone been granted a contract through the National Health Service Corps Loan Repayment Program? I’m interested in applying for the 2 years of full time work as an LCSW but my loans are a bit under 50k so I’m wondering if they would only give me what I need to clear my loans or would I still get 50k as long as I complete my contract ?

like

Why so red? Any stocks good to buy now?

like

What am I supposed to do with a firms mandatory pension notice? $6B... okay, seems good 🤷🏻‍♀️

Or am I supposed to actually pay attention to something specific in the notice?

likehelpful

I'm a masochist. PRQ tied up a ton of my assets during the last run up in early 2021 while crabbing and dumped just as bad as other alts in May. I just heard whispers of a big cex listing and put some money back into it. 😬

like

Has anyone made a big bet to try to attempt to retire early? It seems like everyone in this bowl focuses on traditional, conservative investing. Going that route I’m gonna be a wage slave all my life

like

Thoughts on dipping into the condo market? Was thinking of waiting till March but don't think prices will drop that drastically and will be ok long term...

like

There’s gotta be some strategy to play this. Either stock buying or options play. Give me some strategy here BC

Post Photo
like

Here’s a point of reference on meme stocks for people who thinks it’s too late to get in or who think it’s close to peaking. Tesla: 948M outstanding shares; market cap: $837B. GameStop: 69.75M; market cap: $5.36B.

likefunny

Which style home do you prefer and why?

like

ETC is my fave <3

likefunny

Current Tenant Rent: $1075, Monthly Payment: $400 (with property management), Initial Repairs: $2-5K, Down Payment: $12K

At surface level, do these numbers check out?

like

Does anyone want a 2 tone Sky Dweller on Jubilee, black face? I got an allocation from my AD and don’t want to upset them by saying no. Deal would be at msrp + tax.

Post Photo
like

I just received an offer to lateral into banking. How does independence affect the stocks I currently own? If I join and my stocks are on a restricted list will I have to sell them? Or will I be limited to being unable to buy more/sell any during the course of my employment.

likeuplifting

Hi all,

Does Here Technologies offers employees stock purchase program in India, do they provide stocks with regular offer/bonus??

like

What is with people not knowing how to read signs? We have a huge one that says “NO CASH ALLOWED” and I still get asked almost everyday if we take cash

like

I am going to buy AntShares aka NEO bigly. It has a potential to go to 100$

like

More Posts

How do you deal with unapproachable managers/colleagues in a Jesus loving way?

like

Curious: What percent of your income do you give to charity?? 💰💸💰💸

like

How to define product roadmap and prioritize, pls share your experience..

like

What are benefits of working with a content strategist on a project?

What are strong must-have traits of a good content strategist?

Trying to build a case for my agency to hire our first CS!

like

Recommendations for a weekend in SF?

like

Is genetic carrier screening prior to starting an ivf cycle necessary? I tested and found some disorders. Now my RE won’t start my cycle until my partner is tested. They are saying they will have to do special PGT tests if we are carriers of the same disorder. I am confused. I thought this type of testing was optional and usually recommended if you are using a donor. My guess is that they are booked and pushing me to the Jan cycle. Thoughts?

like

Looking for salary range for X-ray techs with 15 years experience or more.

like

What salary one should expect for Senior 1 , 4.5YOE, in Business Consulting??

like

Is it bad to not respond to messages by headhunters?

like

Hi
How much in hand for 14.5 LPA at nokia, 7.5 percent is performance based.

How is PWC deals strategy over Accenture Strategy CN?

like

Which one is high level post member technical staff or software engineer?

like

Hi all,
Yesterday my people lead told that there is no variable pay for me as my previous people lead put negative remarks on portal. Here in the screenshot as you can see yearly bonus on November is zero. But there is a monthly bonus amount. What is that monthly bonus and when shall I get it?

Post Photo
like

Have to prepare for a 3 statement model case study. Any tips/tricks and resources i can leverage?

Came across some guides and videos on breaking into wallstreet and corporate finance institute but wondering if there is anything more out there.

like

Just started about 3 weeks ago. Ordered a work phone, FedEx admitted they lost the package, I’ve tried calling Deloitte and at&t seems like nobody is coming up with a solution. Any help here?

like

As far as I know the new ascendas office is mokka building like any other it cmpy. Don't expect it to be world trade center level. It's basic one.

like

If I invest in Eth today, would it be smart? Or should I wait till it cools down?

Any good recommendations for patent industry magazines with regular print editions? too much of my keeping up to date is by blogs.

What are your biggest red flags when dating someone new?

likefunny

Additional Posts in The Real Estate Bowl

Current Tenant Rent: $1075, Monthly Payment: $400 (with property management), Initial Repairs: $2-5K, Down Payment: $12K

At surface level, do these numbers check out?

like

Any Property Management recs in Seattle area? :(

like

Hi guys! Looking to learn about real estate investing! I am a senior in college graduating with a degree in finance so I understand certain aspects, but am looking to learn more on my own about real estate specifically!

What books would you recommend I read?

like

Due to a family situation we are looking to move to a different state. Normally we would sell our current home and buy a new home in our new location. However, with todays prices and interest, will it make more sense to rent out our current home and rent a home ourselves vs. selling and buying immediately when we move? We are moving from Vegas to Sacramento and we are not sure how long we would stay in the new area. Thoughts?

Now that the rents are going higher and housing is not affordable. With wfh option is it good idea to love to ranch with house?

Anyone here invested or opted as primary living place outside of cities?

Cheers

like

Finally got an offer accepted on a home I love! (In DC) Spent months searching. Next thing is getting to the closing date.

Now I feel super anxious about everything going thru and getting the keys. How difficult is that process of getting to close, have heard the underwriting portion could be a headache?

like

I am moving to Charlotte, NC for a new job. I currently live in Portland, OR and have a single family home here. With my income, and current mortgage, I can afford a 350k house I’m Charlotte with about 10% down. What are the pros and cons of buying a new place in Charlotte and then sell my house in Portland?

like

Does anyone have experience managing an out of state property yourself? Are there any tips/services you use?

like

Can anyone recommend a solid lender in Westchester County single family homes? Low rates, good service, easy to deal with.

likefunny

First time home buyer and I have no idea what I can afford. Excellent credit. I know to get a preauthorization before looking but want to skim homes the meantime. Any good rule of thumb when searching?

like

Anyone know the average annual rent increase for 1200 sqft 2 bedrooms? I’m renting and want to know what to expect in a few weeks

like

We are renovating a condo and the previous owner had two Crane toilets (not sure how old, but functioning although seals are old according to our contractor). Back outlet flour mount ones are the only options for the building, and one toilet can cost $300-$500.

We are redoing all the bathroom tiles and walls and debating what we should do with the two toilets. Would resealing the toilets extend the use life? Or should we just replace the toilets? Any other recommendations? TIA!!

like

In process of buying a house, both my surveyor and specialist damp contractor found damp under kitchen tiles (In the grout) & in skirting boards and up one wall. Sellers had work done initially in 2014 on the wall only(with garuntee) & their company has visited and assured there is no damp… what is next best course of action, get another damp specialist to examine independently of other reports? I don’t trust them….. (U.K. Victorian terrace, damp is in the kitchen extension built circa. 15 y/o)

like

I'm under contract for a new build in progress that won't be done until much later this year. I fully expect interest rates will be higher than what I originally estimated. I may or may not try to lock in a good rate early, but I'm planning on renting it out and this throws a bit if a wrench in my margins. I can take it financially, but wondering, If I absolutely needed to get out of buying it, what recourse do I have? Or could I go ahead, and refinance later (who knows rates at that time...)?

like

At what income level should one be comfortable to spend 2400/mo on rent in HCOL? Assuming single, no kids, no debt or major expenses.

like

Has anyone made a property purchase using sheriff sales? Can you shed any light on the process or share tips or resources?

like

I am considering putting down an offer for a TH in a community that has Mello Roos. It gets added to the property tax. I am looking at paying an additional 5-6k for that.

Online videos say it’s all good because the money gets invested in building the community .

any potential downsides? In terms of future sales and demand ? What am I missing?

like

I would like to learn more about development and real estate. Can anyone recommend any books or courses that you think are informative. Eventually I would like to own a few apartment buildings, but I know there is a lot I need to learn 1st. Any advice appreciated. 

like

Hi - any good books recommendations for getting started on real estate investing?

like

I share my first property with a family member which is my primary home. If I buy a second property (and keep the first property) and live there, does that second property now qualify as my primary home?

like

New to Fishbowl?

Download the Fishbowl app to
unlock all discussions on Fishbowl.
That was just a preview…
Sign Up to see all discussions
  • Discover what it’s like to work at companies from real professionals
  • Get candid advice from people in your field in a safe space
  • Chat and network with other professionals in your field
Sign up in seconds to unlock all discussions on Fishbowl.

Already a user?
Login here

Share

Embed this post

Copy and paste embed code on your site

Preview

Download the
Fishbowl app

See what’s happening in your industry
from the palm of your hand.

A phone with Fishbowl app

Scan your QR code to download
Fishbowl app on your mobile

Download app

Sign up for free to view this conversation on Fishbowl

By continuing you agree to Terms of Use and Privacy Policy

Already have an account? Log in

Sign up for free to continue using Fishbowl

By continuing you agree to Terms of Use(New) and Privacy Policy(New)
Messaging rates may apply

Already have an account? Log in

For account settings, visit Fishbowl on Desktop Browser or

General

Legal