All Forum Posts by: Allan Szlafrok

@Dror Refaeli Definitely get it tested and removed. There are companies who if their tests come back clean will guarantee the price for removal so that should cap your exposure. I just did this on a property in JC a few months back and am glad I did.

@Patrick O'Reilly You can't split the units half in an LLC and half not. Either you buy the duplex in tour own name or an LLC. Speak with a qualified accountant to discuss what option is best for you I suspect that buying it your personal name and getting great financing will be your best option. Best of luck!

@Kiara Crespo There are a lot of neighborhoods that make up that city some of which have showed a lot of improvement and others that are still struggling. You need to narrow down the areas of the city you are interested in investing in. But yes I’ve invested there and have had success especially in the North Ward area although even over there some blocks are good and others are not.

Budget a few thousand dollars extra for a cash for keys deal. ideally come to an agreement before closing so it doesn't drag on. Thats usually what they are after anyway and its one of the reasons you got the property so cheap in the first place.

I invest in JC and think its a great city to invest house hack in. @Chris Martino is spot on those are the areas where you will likely have most success house hacking. The west side is especially appealing because there is a lot of new development happening there with the Bayfront project and others and that neighborhood is really starting to transform. Plus you have easy access to the city with the West Side train station so thats where i have been focusing most of my JC buying.

@Michael Elfant It’s very much hit or miss in that section. I’ve had some success and some nightmares over there. Really depends on the block can’t make a blanket statement about the neighborhood. My advice would be to keep an eye on the block at various times of day and talk to some of the neighbors see if you can get some insight like that.

@Greg Hills My brother used to work at a great Brooklyn law firm I’d be happy to put you in touch with them.

@Julian Rodriguez It comes down to your goals and your comfort level. If you want more cash flow and less risk (but also less cash to reinvest) consider taking out less money than the max. If your comfortable with less cash flow to help offset any rough market conditions then go ahead and pull out whatever the bank will give. In my experience in JC I was only able to pull out like 60-65% of ARV because the properties had appreciated so much but the rent roll wouldn't support more than that. The good news that whatever I pulled out was over 100% of what I put in but you may find yourself limited as to the amount you can take out anyway.

@Steven Schulman A local architect can tell you how feasible the plan is in the first place and you’d be able to proceed accordingly after a quick phone call. I was considering converting a 2 family I had into a 3 family as well and after a quick call decided it wasn’t really feasible for the area or at least for that particular property. So an experienced architect can advise you pretty quickly as to what to do. Also as someone with experience in the areas I can tell you that 5 bedrooms apartments (id say even 4 bedrooms) are kind of a waste as there isn’t a huge market for such big units and if anyone who would rent that unit probably has a lot of kids or relatives living with them that will be tough on the place. That being said a property with that kind of layout can make an excellent flip so consider that as an exit strategy as well.

@Kalina Carey Jersey City, specifically the West Side and Bergen Lafayette are great options for that.