All Forum Posts by: Chris Daliani

@Alok SoodI would have to purchase at a much lower price then this for it to be worth it for a knock down...but I do understand what you mean...

Hello BP!

In process of purchasing 2 family property in Bayonne, NJ. Had oil tank sweep and inspection yesterday...of course there is a curve ball...

No oil tank on my property. HOWEVER!!! There is a shared common driveway with an apparent out of service/decommissioned oil tank. Tank sweep guy stated there is no vent pipe and that is why he feels it is out of service. According to seller...the neighbor advised them it was filled over 20 years ago. My question is...should I be concerned??? There is a lot of "what if's." I guess this would be equivalent to someone having a tank under their front yard next to my property line...not much I could do about it??? or is there? Anyone ever have experience on this? Can I request soil samples?

The next major issue was that the inspector advised to add approx 10 lolly columns for additional support in basement. The home was built in 1920...it is solid but this is what he advised. On top of that he also informed that there is a lead water line coming into the home. I am assuming these issues could exceed 10k. Trying to come up with a solution as I do not want to loose the deal, but not afraid to walk away if I have to.

Keep in mind...this is a private sale with only attorneys involved FYI.

Any input with these matters would be great! Thank you. 

Hello,

I am looking for an investor friendly contractor and architect in Hudson County New Jersey. I am purchasing a 2 family in Bayonne, which is right outside of Jersey City. Need to get plans to remove a wall or 2 and plans to re-do the unit.

If anyone can recommend a good contractor and architect up this way I would greatly appreciate it!

@Bob Roach Hi Bob, 

Those areas are fairly easy to rent out however you need to be cautious of condos due to the HOA fees in my opinion. That is an expense that can go up and you can not really judge. Also a one month vacancy might wipe out any profit for the year.

What is the significance of a 200k unit?

@Aaron Mazzrillo 331 Forrest St which you found is in a war zone. Very high crime area at least for the time being...

I am starting to realize North Jersey and Central Jersey may be a more investor friendly market then Northeast NJ. The market in the NY metro area seems pretty inflated right now.

@Julie Verardi Hi Julie. Many of the agents in Hudson County like to fluff there listing by listing their property in the better or "up & coming" sections of Jersey City. I have seen so many listings in Greenville that realtors are posting as Berg/Laf or even Journal Square...which is insane!

As per the map yes it shows MLK Light Rail as Berg/Laf. If you go by that map..stay as far east and north as possible. Anything off of MLK and Ocean should be avoided IMO.

WestSide and Liberty State Park light rail is decent...

@Anna Monteiro Hello welcome to BP! You are going to find this site to be an incredible resource for you.

Maybe look into Somerville NJ. I was poking around Realtor.com and saw a few multi families for sale. Also, most of the towns along Rt. 22, on your way to Newark, have multi families. Dunellen, Plainfield, Union, Cranford etc...

Since you have 25k to put down I would def suggest "house hacking" which means actually moving into the multi family home and renting the other unit(s) to lower or eliminate your living expenses. This will allow you to qualify for the FHA loans and not require you to put down a full 25% which most banks require on a non-owner occupied investment property.

Once you find an area that you are OK to live in then you can start searching further. Use this site to run the numbers and ask away!

Good Luck!

@James Mabe Thank you for our input!

Thanks for the input. I think this got a little out of proportion. I have not submitted any offers nor do I plan to not owner occupy if I go that route. I will make a choice tomorrow to owner occupy or go at it as an investor.

I am just asking for some past experiences with this type of purchase as I have never done this before.

I do appreciate the feedback and the fact we are looking out for each other.

Thanks Logan. Yes however I believe as an owner occupant you have a greater chance of getting the property during the first look. Fannie can accept your offer before first look expires. 

Was just wondering for those that have been through this before...how does Fannie check up on you? Especially if it is a cash purchase?