All Forum Posts by: Cindy Truong

Quote from @Sandeep Jain:

Quote from @Shawn Mcenteer:

Portfolio lender, they’re limited to certain counties though. Union county is as far south as they go at the moment. I am working on getting them to open more counties🤞

 I would love to connect with the lender too, I also live in Montclair and have few rentals in the area and looking to add at least one multi family this year. Thanks in advance for any information. 

 Hi Sandeep, can I DM? I am looking to house hack in Montclair but I'm not familiar enough with the rent amounts and areas of Montclair to see if it makes sense. 

Quote from @Leslie Monroy:

Hello everyone! I'm looking to invest in a duplex in NJ to house hack.  Any thoughts on Bloomfield, NJ or other towns that could appreciate well and have or lead to positive cash flow?  Thanks!

 Where did you end up doing your house hack? I am also looking at Bloomfield for my first house hack.

@Steven G. Did you ever get a response on the ADU in NJ? I saw that Fannie Mae is allowing FHA financing now. Currently I read that only Princeton, Montclair, Maplewood and East Orange are beginning to permit ADUs, but I'm curious if you know more.

Hi Piero,

I know this is an old post but were you able to put in the bathroom for the basement? I also owned a rental in Kearny and was thinking of doing the same. I already have a half bathroom there, but was wondering the logistics of turning the basement into a studio and the costs of everything. Thanks!

Quote from @Jag C.:

Hi Doris - I am doing something similar with a coop apartment in Manhattan. 

Hi Doris and Jag, what did you guys end up doing? I'm considering doing this to my co-op in Manhattan. We're renting it out for two years (planning to move to NJ) and then selling it after. Were you both able to convert it using both IRS rules? Also, if so, are you able to take your capital and split it into two cheaper apartments to rent out?

I don't know if you already figured this so if you did, please let me know but my in-laws live in Harrison, NJ and it's rare to find a legal 3-family let alone a 4-unit multifamily there these days and I believe new developers can't convert unless it's grandfathered in. So I don't think you can but I could be totally wrong. There is a lot of new development in Harrison but they are either luxury rentals or huge two-family houses going up. Hope this helps!

@Rich Ramjatan I am considering an expeditor for my Kearny, NJ two-family. Do you have any recommendations?

Thanks!

Cindy

I am in the middle of a couple of permit approvals for my two-family in Kearny, NJ and I am struggling to schedule inspections and getting passed. I am new to this so I was wondering if hiring an expeditor would help. Also, if you agree, does anyone have anyone they can recommend?

@Ryan Allen I also looked at multi family deals and agree that the cost has sky rocketed but if you are looking to house hack, living in a multi and renting out the other unit might still cut your living expenses in half if not more (considering the low rates right now). You might not cash flow for a few years while living there, but if it help you pay less in expenses, it might  be worthwhile. Not sure what your living expenses look like now but just my general thoughts. 

Hi all, my two partners and I are looking into Bethlehem to invest in a few small multi or one large multi. We are based in the NY/NJ area so hoping to get some insight into the market before we visit. We are comfortable with student housing but given covid-19 and the hybrid classes, do you think that's still a strong market in this year?

Would love to connect with any Realtors on here if possible. Thanks!