All Forum Posts by: Brick Biermann

Anyone familiar with any lenders working with investment properties or can recommend creative ways of financing? The few lenders I've reached out to in my area (local banks, credit unions, etc.) are only working with primary residence for Helocs or Cash Out refi. Considering on taking advantage of the equity in my investment property instead of selling and would like to know what's out there to take into consideration for re-investment opportunities.

 I've thought about property mgmt. but I'm having a problem deciding on whether or not giving up 10% of gross income to cover the cost of mgmt. is worth more than convenience of improving the proximity of another location closer to my primary and easier to continue managing myself.  Not to mention the possibility of finding a new location to invest in that may have a higher growth rate since I think the current location has plateaued and might have reached it's peak in value at least for the near future. Appreciate the advice.

 Ahh yes, I forgot about the depreciation. I know I have a few more years of being able to do that with this property but they are definitely dwindling. Appreciate it the advice.

Hello All,

Here's the situation, I have a 4 unit home, fully rented, all with 1 year leases, located in a great location of Jersey City. Also have a low interest mortgage (less than 3%), 43K annual NOI, potential equity of 600K and since owning it for almost 20yrs have never had any issues renting out any of the units [longest turnover was 2 weeks to find a new tenant].

With the exception of finding the tenants (I use an agent) I manage all maintenance aspects of the property but am coming to a point where I might want to move on and considering doing a 1031 exchange to of course avoid Cap Gains and invest in another property closer to my primary residence. I understand some of the possible implications of making this move would be a likely higher interest rate and lower NOI on the new investment but would like to get additional feedback on what other things I should take into consideration with this possible move from those out there who might have some experience in this realm. All thoughts are appreciated.

Thanks Alex, FYI we've actually taken that approach and lived in one of the units for 14yrs before finally moving out and getting a 1 family. Now that multifamily is fully rented but not sure I want to keep it just as a rental, especially with all the equity it has. Appreciate the suggestion nonetheless.

So I have a Jersey City 4 Unit rental property that I own w/my wife with a Rent Roll of $8750 a month. Bought the house over 15yrs ago and definitely gained a lot of equity over the years (approx, 500-600K). At this point the value of the house is still increasing but not at the same rate as the previous years for a number of obvious reasons (high Interest rates, age of house, etc.) and at this point I'm not sure what my next move should be since I don't like having all that equity tied up in the property and borrowing against it (HELOC) doesn't seem like a good idea since banks seem to be charging even higher than "normal" interest rates because the house is not my primary residence

It's been almost 2 yrs since a I moved out of the house and I know my time is running out before we'll have to pay capital gains on the property if we chose to sell it [unless I do a 1031 exchange of course] but wondering what other options I might consider. Any thoughts out there from any seasoned investors?

Hello All,

Been contemplating in possibly putting up my 4 unit fully rented house located near the firehouse on Palisades Ave for sale later this year and looking to get some rough estimates of it's potential sale value. Now before anyone suggests meeting with a realtor, getting an appraisal or looking at comps of recent sales to get a more accurate figure, I'm fully aware of those options. 

However I'm just looking for a "vibe" from some pros, experienced investors or people familiar with the area out there who'd be willing to give their 2 cents of the potential value with some caveats/details of the home as follows:

• - 2022 Home Appraisal valued home @ $1,100,000
• - 1st 2BR duplex unit rent=$2800, 2nd 2BR duplex unit rent= $2150, 1st 1BR unit rent=$1950, 2nd 1BR unit rent=$1800
• - All units have washer/dryer
• - 3 of the 4 units have been upgraded (new floors, appliances, etc.) in the past 5 yrs.
• - Both boilers installed new 2017
• - Both electric panels upgraded 2015  
• - Shared Backyard access for bottom 2 units
• - No Parking, No Central Air
• - House built before 1900
• - Roof about 20Yrs old
• - Assume Fed cuts rate at least .25 point later this year

 Any thoughts would be appreciated.

I get your point but as a novice landlord I figured anytime an unusual rental increase occurs it's always going to ruffle some feathers. Just wanted some feedback on how to possibly lesson the ruffling :-). Appreciate the advice.

 Appreciate the advice!