Updated about 8 years ago on . Most recent reply
Three Family Irvington New Jersey (Three unit NJ)
I'm new to BP and last week had my offer accepted on a 3-family house in Irvington, NJ. I I calculated a $4,800 monthly income (3/1,3/1,2/1) with $2934 in expenses (including P&I) and with a cash flow of $1864. The area is away from the mean streets of Newark, East Orange, and Irvington and close to Union and Maplewood. A working class area.
My question is that the property's green card expired on May 25, 2017 with 7 violations (we obtained this information through due diligence and not from the seller). When my agent and I pointed that out to the seller, he stated that they are not violations but open permits that he will begin resolving ASAP and at closing will have a valid green card for the property.
My attorney has said from his experience expect this process to take at a minimum 60 days. Personally, I'm okay with that since the numbers are ideal and all the units are currently rented and are in good shape. And I've only agreed to put 10K down after attorney-review.
Has anyone had experience being under contract and waiting for the seller to fix the violations/open permits, have the property re-inspected, and have a valid green card delivered at closing?
Any insight in appreciated for this next step in the process.
Most Popular Reply
i dont think you need to drive down there since it is an electronic document now. one day i called trenton and they emailed it to me within 30 minutes.
your rents do seem kind of high. go on craigslist and put in 0 miles from those zip codes and see what the results are.