All Forum Posts by: Daniel Green

Hello Ray :)

I had an inspector tell me there may be a lead pipe leading into the property.  There wasn't.  Some inspectors just cover all the bases "just in case."  Any big potential expenses I would dig in further.  What an inspector thinks will cost 10's of thousands might be an easy fix...not always but sometimes.  And that is when you can buy on the cheap when other investors got scared away.

Thanks Ryan!

Thanks Scott Mac great advice!

All valid points.  It's been on the market awhile I really think it has something to do with how plain it looks on the exterior.  Perhaps a grander entrance area, flower boxes and better front path to the door would be a more economical way to go....

Looking to buy and flip this home.... but trying to think of ways to make it more interesting.  Considering a shed dormer but don't have firm idea of the costs.  Any ideas?  The property is located in northern NJ.  Just looks so dull.  1450 square feet inside so not as small as it looks. I thought it was going to be 1100 SF or less.  Any ideas?

Hey Guys:
These are actual numbers for a 3 family in Weehawken NJ. 

- Bought the property in 2011 for $725K and lived in one of the 3 apartments for about 5 years.

- Current value now is about $900K (it's 15 minutes from Manhattan by bus and has good schools) . I classify it as B+ neighborhood.

- I have not refinanced the mortgage and I have an APR of about 4.1%

I say it's been a pretty good investment.  I've been raising rents every year and that helps. Turnover is very low.
Hope it helps to provide real numbers.

Dan

I actually lucked out.  The guy who did the inspection was wrong when he said the 2 family I was buying in Englewood had a lead water main.  I had a plumber come in to an estimate on replacing my water heater and I do not have a lead pipe for my water main.  Whew.  What a relief!  Goes to show you to check things out thoroughly.  Turned out to be galvanized steel.  If I did have a lead pipe I would have either done a re-lining of it, pulled out completely and put in another line or used lead water filters (the cheapest of the options and one I didn't love.)

Go to town hall and the building department.  Ask them about their rent control or "rent leveling" laws.  Tell them yoy are buying a multi-family property and would like to know the rules.  In each town in NJ it's different.  I own two multi-family buildings- one in englewood and the other in Weehawken.  The rules are different in both towns.  You can try to get this information over the phone but I find they give you a lot more information if you go in person.

Adam-  Any decision on your end.  I ask because I'm in contact on a 2 family in NJ and just found out from the inspection report that the water main is a lead pipe.  Did you replace this?  How much did it cost?  If not did you just get a filtration system?