All Forum Posts by: Alessandro Cardito

@Johnny Lopes sounds like an exciting project, however did you consider selling to someone to maximize sale price and buy something smaller yourself? It’s indeed a lot of money you are putting down - I feel you could try to buy out the majority partner and then sel the whole building making the best interest of yourself, your mother and your aunt?

I appreciate everyone's input, especially those who helped me understand the situation from my agent POV.

To answer a good point by @Frank Wong, I'm not dropping the price for the sake of.

I'm making an offer for a triplex in need of renovation in a market where there are very few comps (were talking of maybe 5 sales a year). My rationale for a lower price is based on what I would need to make it work financially at a cap rate that is in line with the area.

I think it is totally possible that the owner is not in a rush and wants to get what he believes it's the right price- I respect that and I'm ok to move on. However, as there are various (3-4) properties with similar characteristics I was hoping to have some leverage with the sellers.

@Matt Brown is also right in a way - in all fairness I still have to meet an agent that is REI friendly yet also has a good understanding of my area - my current agent and I are finally past the comments on how pretty the tiles are :) and I respect her, yet sometimes I wonder if she's the right person for the job - she served well in sellers market, but I recon she might not have the best skill set for a buyers market.

In all honesty, I sometimes wish I could just talk to the seller's agent or the seller myself- it would be easier to understand what's important to them (price, timeline, keeping the tenants or else!)

I'm looking to buy a property in Hoboken where the market is not so hot at the moment and Zillow forecasts a 5% decline in the next year.

Based on my research and financial calculations that's still the best option and I want to go on with the purchase. 

It's clearly a buyer market- the properties I'm looking at have been on the MLS for 100+ days and new comps keep coming up, I've put some offers through my agent 20% below asking, but my agent keeps saying the seller's agent is not positive about my offer and plenty of offers are comin in right now (yeah...sure...)

My agent has been good to me and advised me well in the past, but I feel someone a bit more pushy and stronger at building logic arguments would be able to persuade the sellers agent and eventually the seller, making it a win-win for them and myself.

I've told my agent a couple of time what she should say and to put pressure but I've the feeling she's not able or not willing to.

Would you think it's fair to go to another agent (which I know and has been recommended), being transparent with him and give him the challenge? If he manages to close the deal at the price I've in mind the fee it's for him to take, otherwise I'd stick with my current agent...am I being fair? How would you otherwise deal with this situation?

I feel she's not helping me making the most of a buyer's market!

Thanks for your experience!

@Michael Plaks great example thanks! For equal units this is easy, however he unit I would occupy would be 40%bigger and have a garden- I feel the value increase would be open to interpretations and depends also on the buyer ( is a developer wouldn’t care but a owner occupier would)

I'm purchasing a property and while I've a relationship with Wells Fargo I asked for a mortgage quote to a Kerney - they got back to me with a rate 50bps better!!

Is there anyone that has direct experience with them or otherwise would have suggestions on what to watch out for?

Thanks!

@Jessica Zolotorofe of course I could, but would be happy to pay someone to do the chasing and likely add his expertise!

@Natalie Kolodij thanks Natalie and everyone for the answer- where I’m puzzled is how will I split the capital gain across units- I plan to over invest in my unit and leave the other two as they are- will I be able to reflect the higher investment in my unit vs the other 2?

I’m planning on buying a three family house- rent two units and live in the third.

I plan to depreciate the building to lower my tax burden on a yearly basis.

Assuming I live there for 3 years and then sell it I would not pay taxes on the capital gains from the sale - that seems to me like a winning strategy as I lower my tax burden on the rent and do not have to pay it when I sell...am I right or am I missing something?

Hi guys,

does anyone has experience with Wholesaling in NJ, specifically in the Hudson county, Hoboken, Jersey City, Weehawken?

I see several properties that are vacant and could be a great investment opportunity but I dont know how to reach out to the owners..

What are your thoughts on this?

Hi Everyone, I sent out a connection request to everyone based in Hoboken.. I think we should start a small group in Hoboken to get to know each other. It's great to see that there are already meetups in the county, but I guess I'm not the only one who doesnt own a car :) - starting local is the best way to move forward!

Please accept my request or send me one if you want to join - happy to coordinate for a meeting and getting to know each other.

Alessandro