All Forum Posts by: Markus L.

Ibrahim , thanks for the advise to check with the DCA . I will also check with the city for similar issues . Good point regarding the gas conversion . Since the building is heated with hot water and no ducts available, I suppose my only option is going for some sort of individual gas heating per unit . I will need to research that further and thanks for the insight. I will PM you to get in contact with investors in the area .

Chris , I will PM with the details and I welcome your feedback

A question to all : What should I expect as far as Attorney fees as well as building inspection fees ?

Thanks again to all the feedback,

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Hi , I am new here and this is my first posting . Great forum !

I am considering the following investment
-11 unit building , mix of 1 and 3 BDRMs , fully occupied
-Price is $415K
-NOI 55K on 105K Gross
-Building is circa 1930s and requires TLC in all units. No Major structural issues though. I say this is class C- but still in a walking distance to the train station directly to Manhattan

Problems:
-no green card / Certificate of Occupancy due to violations . Nothing major but will require $20K to $30K of repairs to get the state certifications
-oil heated and will need to spend $5K to switch to gas and remove the oil tank

Based on the numbes , CAP is about 12%

Questions :
-I am considering buying all cash , fix the violations and get state Certificate of Occupancy and then get a loan / mortgage . would I be able to get a loan on such building ? What rates should I be expecting
-Would the fact that the building is older and not well maintained have impact on the loan ?
-Is the asking price reasonable ?
-Would I be better of with leveraging the $500K I have in a LTV of 80% and get a bigger/better building with lower NOI/CAP ?

Thanks in advance for the help ,

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All Forum Posts by: Markus L.

Markus L. has started 1 posts and replied 2 times.

Post: 11 unit building - Union , NJ

Post: 11 unit building - Union , NJ