All Forum Posts by: Arjav Parikh

It is likely that the seller has a mortgage on the property (185K (250K-65K)) and is able/interested in financing equity worth 65K.  I have noticed that usually bank would like some skin in the game and may require to put something down.  

I expect 65K on the HUD statement to show up as seller assisted financing (something along those lines). I would think that seller will hold a lien in second position (your lender in the first position) of 65K on the property.

This is one of the possible scenarios. 

I am interested in connecting with commercial leasing agents for a strip center and office building property in southern NJ. It is about 26000+ sqft between strip center and office building.

Please PM/send me a colleague request.

Thanks

I am interested in connecting with commercial leasing agents for a strip center and office building property in southern NJ in Paulsboro.    It is about 26000+ sqft between strip center and office building.

Please PM/send me a colleague request.

Thanks

I owned 3 multifamily in the Greenville neighborhood of Jersey City for 7-8 years.  It is not an easy task.  If you understand what it takes to make it happen and buy at the right price, it can be profitable, but will take a lot of efforts.

PM me, if you are interested in learning more.

@Nathan Click - Thanks Nathan, I will be in touch.

In terms of rents, when I owned a few multifamily buildings (3 buildings - 18 units in total) in Jersey City, NJ,  I increased my registered rents with town every year in line with allowed rent control increase. The rent registration form included registered rent and actual rent for the unit. Due to market condition (bad economy during that time), my actual rents were lower (10% lower than registered in many units).

Following proper paperwork allowed me to charge market rent (registered rent) when tenants change and economy got better.

Although, I didn't try, not sure if this allows to increase rent at lease renewal time for an existing tenant to market rent.

@Reginald Truss, @Stephanie P.

Thank you so much for your response.  I will send you PM with details later today.  Much appreciated ...

Looking for contractors to help rehab a commercial property - roof, parking lot, interior fixes etc.  

Please send me a message with your contact info.

Current asking price is 700K, ARV is 2mm, approx rehab cost 500K. I expect rehab to take 9-12 months, would refinance after rehab.

This property consists of a strip center and an office building in southern New Jersey.

@Justin Stanfield:  Thanks, let me send you a PM.