All Forum Posts by: Eric Gomez

@Andrew S. Thanks for the tip. Yes will request it I want to do as much as possible to avoid liability or any expense related to that in the future. 

@Rob Glasser oh wow!! Seller accepted my counter to go 50-50 but I have a cap of 3k, whatever goes above will be on his behalf. Well really hope this goes well for all parts (seller and myself the buyer).

Thanks for this intel, very useful!

@Rob Glasser that sounds like a plan, lets do that meetup! If things go well will be closing in September so we'll be neighbors. I do have plans to continue growing my RE portfolio so would like to connect to explore lending options and so on.

Please keep me posted regarding the details of the tank removal you had.

Im really hopping there's no contamination because its a decommissioned oil tank, but we'll find out soon.

@Max Vishnev That's why Im still negotiating with seller, house is in great condition (still pending inspection for details of course) and great for a house hack and as you said long term buy and hold. We'll see how this ends and fingers crossed because its a decommissioned tank there is no contamination and its an easy removal and fill. Thanks again, hopefully we'll be neighbors soon and get together for a coffee or so - sounds good? 

Thanks for the input @Max Vishnev. I did push back and requested to lower my cap down to 3k, also adding a timeframe to this otherwise I can walk out of deal, also requested a NFA from city in order to proceed. Im expecting 30 day delay to closing (if all works fine) think that is decent?

So far its in sellers court waiting for my counter offer of cap and see if they accept. Thanks again.

@Alecia Loveless Thanks for this info, think will call some companies to inquire, I just don’t to put money down on something that seller should do at this point when things are under attorney review. Thanks!

Hi Nick,

I recommend Jesus Rincon, he's a great CPA and real estate investor as well. Google Rincon Tax Advisory Services.

Hi everyone have a 2 family under attorney review in Bayonne, NJ. During review attorney passed along that a there's a decommissioned underground oil tank, I saw reports/permits from state of that. I asked my attorney to request seller to remove oil tank and seller came back that they're prepared to remove oil tank and remediate any contamination but requesting to buyer (myself) to contribute 50% with a cap of 5K. So it removal is 2K ill put 1K if the removal is 20K I put the max of 5K. This is my first house hack and never dealt with this situation, and don't want to incur with any other expense from beginning when I could be using this money towards improving the rental unit. Curious if other investors faced this issue or have experience in this matter. What do you think a worst case scenario would cost in Bayonne? What about your best case? Im thinking of requesting 100% of the cost to be on seller side as I dont want to get into a bigger problem down the road, also not considering the timing of tank removal in regards to closing. Would appreciate any input.

@John Ghebrial I’m new as well. Hope experienced investors give us some input soon ;) also hopefully some investor friendly realtors chime in and that would be great.

Hi everyone,

I know it's been a while and things change in 5 years but any thoughts in multi family investing in Bayonne nowdays? Thinking of starting with a 2 family as well.