@SallyMayweather cant be, people were getting custom homes built in 2000 with a 50k salary supporting the whole family. now 100k gets you a decent apartment. the math isnt making sense.
the BRRRR strategy works in NJ but nobody talks about where.
Trenton, Camden, Newark have a ton of distressed properties with real upside if you know how to underwrite a deal and find the right lender
this is where generational wealth actually gets built
buyers: seller concessions require leverage.
In this market to negotiate a seller concession, you have to have a justifiable reason.
The ultimate leverage is the willingness to walk away.
I became a HUD certified housing counselor because i watched people miss opportunities and get taken advantage of by bad loans, predatory lenders, agents who didn't explain anything.
My goal is to share all the game I have to create more homeowners.
little known: when you buy a multifamily in NJ with FHA
the appraiser has to calculate projected rental income that income can offset your debt-to-income ratio meaning you qualify for MORE than you think.
the #1 thing killing home sales in NJ right now
overpriced listings sitting 60+ days then price cuts that make buyers think something's wrong
your first 2 weeks on market are your most valuable don't waste them chasing a number the market won't give you
most first time buyers don't know NJ has down payment assistance programs that don't need to be paid back
not a loan. not deferred.
free money sitting on the table because nobody told you to ask
sellers: pricing your home $20K over market doesn't get you $20K more
it gets you 60 days on market and a lowball offer from someone who watched you sweat
price it right the first time
buying a home in NJ with bad credit isn't impossible
it's just harder without the right person in your corner
580 credit score gets you into an FHA loan 500-579 you need 10% down
most lenders won't tell you that second part
i'm not saying buying is for everyone
i'm saying most people who THINK they can't buy actually can
they just never had anyone sit down and run the real numbers with them
that's the gap i fill