All Forum Posts by: Die FU

There's more that goes into the value and appraisal than the square footage. Square footage should just be a rule of thumb and should NOT be a sole indicator of a potential offer. If a deal is that great, it might not be on the market for that long. At this time in most markets, it will only be available for 1-2 days tops. What is your plan for this property? Are you looking to BRRRR, refinance, turnkey?

I'd make an offer before the open house contingent on a full inspection.

@Die FU you can find condos that break even at about 40% down but that doesn't take into account any vacancy or repairs. You'd want to put more down and then at that point my clients prefer to do all cash. It all depends on your budget and comfort level.

I have many investor clients that only own condos in NYC and/or JC. They were either originally owner occupied at one point or purchased all-cash as investments. Yes, you can look elsewhere for lower expenses and higher cash flow, but my clients like condos around here because they are easy. A and B+ class properties with A and B+ class tenants. I vet the tenants, and handle any repairs and turnover, so there is no property management. Most of my condo clients are OOS and some are out of the country (and have never even seen the condos in person). 

Cap rate does not apply to properties under 5 units and certainly not to a condo so don't use that calculation. Your HOA is going to be VERY high in JC/Hoboken and you would want a condo over a coop. Your in-price is so high for a 2 BR condo, if you aren't going to live there, I would be looking at 2-families in JC in the more developing areas.