All Forum Posts by: Chris Mandle

@Mor Haffman Yes I am interested in selling and dont have an agent yet.

I literally clossed and refinanced a property a week ago. However, I have a potential cash buyer I am considering selling to.

Can anyone help me figure out what cost I have associated with closing?

It is a 3 family property in Newark NJ.

I literally clossed and refinanced a property a week ago. However, I have a potential cash buyer I am considering selling to.

Can anyone help me figure out what cost I have associated with closing?

It is a 3 family property in Newark NJ.

I live in NYC, but own a property in NJ. I am refinancing and need to move the property into an LLC. I was going to name the LLC by the address, but wanted to know advice on if there is a prefernce to open LLC in NY or NJ. Again, property is in NJ.

Does anyone know if I can Get FEMA assistance because of Hurricane Ida? Or another source of assistance? I own a 3 plex investment property in Newark NJ.

Thanks! 

Thank you @Vaughn Smith!

Thanks @Matthew McCormick! No lease in place. Never was one since the day I purchased property....I will ask my attorney. Appreciate the insite.

Thanks @Erica Larence-Penna! I will reach out!

I own a 3 plex in Newark NJ. As we all know, you can increase cash flow by increasing rent (working on that), but also decreasing expenses. I had always planned to refinance, but am considering it a lot earlier then I originally anticipated. Here are the numbers:

3 plex Appraisal value: 390K

Outstanding Mortgage: 325K

Purchases in Feb 2020.

Any chance to refinance and get a lower interest rate? What do I need to refinance?

Throwing this out there to see any ideas...I purchased a 3 plex in Newark nj in January 2020. All three units have tenants, no leases. Rent is significantly under market value. Finally hired a PM in August. We decided that we should increase rent. Tenants are not having it and were very upset by this. They did not pay September rent. My hands are tied because we can’t evict, and there is no way of increasing rent. What can I do? 

The only option I see is to try to ease some of the tension, get them back to paying the original amount until courts open again where eviction is back on table. 

Cash for keys is not a viable option for multiple reasons. Maybe in a few months, but not right now. 

Newark seems to have rent controlled buildings- not 100% sure if mine is. 

Any suggestions.