All Forum Posts by: Christie Duffy

Hi Dylan - have you had a real estate professional value the property and the rental value? Make a decision based on the numbers. Is it a 2 bedroom 1 bath? 

Hi Rob, I'd be interested in chatting with you about this. I am located in Mendham. I'll PM you.

@Matt Ternullo I was able to find a lender for my first commercial build by getting a purchase and construction loan with a small community bank.

They’ve been flexible to work with and offered a great rate and terms. I spoke to over 30 lenders (not exaggerating, I have a spreadsheet that I used to track) before I got this loan. I did put down 25% and they did look at our personal financials.

I ended up calling hard money lenders, national big banks and finally called all the local banks and credit unions in the area where I am building. Two local banks were interested in the project and I’m so happy with the relationship we now have with one of them. 

I offered the bank a strong presentation for our vision for the property and showed them our track record of successful renovation projects. I prepared a pro forma and gave as much detail on us (my husband and I) and the planned project as I could. They used a lot of this detail to present to their board when deciding to lend.

My belief is you can find someone willing to work with you even if this is a new arena for you because you are an experienced investor. Good luck! 

Hey Cody when I served a notice to quit, I had a real estate attorney write a letter to the tenant as part of my closing. Although I’d ask your attorney what is necessary based on your specific lease language and the law. What’s worked well for me in the past is simply having a conversation with the tenant. They may be planning to move already or open to it.

@Matthew Rembish — 60 days is typical. But it all depends on what it already says in your old lease or what you put in your next lease. If you’re going to switch to a month to month in September, I’d work with your attorney to write a notice to quit or some terms on termination with 60 days notice in the event of a sale. Thereby giving the buyer the option if they want the property delivered vacant. I’ve cancelled a contract over tenants on month to month leases with no clear cancellation clause because the tenant made it clear they don’t want to leave. In this case, if they’re paying rent what is the basis to evict? Also, I’d have an honest but short and simple conversation as soon as possible with the tenant - you need their cooperation to do showings and successfully sell for the most $$. Putting it all in an email to layout key dates and including the new lease with the terms you need may be the best way to start. Tell them you plan to list on X date (well in advance) and I usually work with tenants to get them on a showing schedule. For example if all tenants can commit to Tuesday and Thursday evenings 5-8 and Saturdays 10-2, these are the showing hours advertised and all requests in these hours will be confirmed yes automatically with text notifications sent to tenants as a heads up. This makes it less burdensome on them and you. 

Most importantly I’d simply tell the tenant you’re selling and you do not know if the new owner will keep the tenants or want to live there. What they pay in rent (market rate or not) and if the new owner wants to live in the property with be the biggest influencers. Keep the tenant informed. Think about if you were in their position.

@Sahil Rohra -- I think $200k is doable *if* you are willing to invest more dollars after closing, on a property that needs some work. I have buyers under contract right now on a 2 bedroom at this price point - the property needs cosmetic upgrades - it is a co-op with low HOA in Hudson county. I also purchased a 2-fam during covid in Bloomfield for $225k + $80k in renovation. So what you are looking to do is possible, but you have to be willing to do renovation and you've got to really, really look.

@Christopher J Lemmon -- I'd get the septic system tested. An inspector will tell you if there is a problem. If this is buy and hold you may want to get an estimate for replacement regardless, so you know what you could be in for later. There are large variables in cost depending on what type of system you need. If it's a small lot or near wetlands prices can be higher. If its a standard system with ample room for a field you will spend less. I just put in a new septic and it cost $36k. The property is large, but it is near wetlands so we had to put an advanced filtration system in to make sure the water coming out is clean. 

@Chris S. -- Jersey shore, NY Catskills region or Cooperstown NY are good ones! Just make sure there are no local bans on short term rentals. 

@Charlie S. -- Hi! You can get a 4-family and house hack it in Belleville for $699k. Higher in Bloomfield. I love Bloomfield and live and own rentals/flip here. I'm an investor agent. In Essex County overall, you can get a 2fam to house hack for $350-650k depending on location/condition. Hudson county is more expensive due to proximity to NYC but you can still be in NYC in just 2 train stops from Essex. 

Hi @Annaliese Sanchez -- I would check out Bloomfield! 2-stops to NYC by train. Can't beat it! I'm an investor agent in Bloomfield. I have bought, sold and rented properties in town. I retain 2 multis right now in Bloomfield. Feel free to PM me if you want to chat!