All Forum Posts by: Jonathan Rivera

Hey,

I understand the analysis paralysis I've been going through a similar situation. Lets look at your short term goal of getting a place to live. If you're talking about living rent free you maybe talking about a living house flip or house hacking. Basically if you can live for free you're going to be able to save a lot of $$$$ vs having to pay month to month. Your analysis paralysis I believe is coming from trying to jam your short term goal to fit your long term goal. Focus on putting your mask on first, then help your mom put on hers. Can't help her if you're swimming in debt due to a bad deal. You can still help her if you're living rent free. So that's where I see the win win. 

As far as how much, well the price shouldn't be a problem if the numbers line up properly. I can tell you that living in Union City, NJ (20mins from Newark) I can't really find anything at those higher price points that would allow me to live rent free, at least not without putting substantial money down, but that's my numbers, yours maybe different. Continue to run numbers and see what you would need to have in order to create the scenario you want. Usually my analysis paralysis comes from not having enough information. Shop around properties you would like and play like crazy with the calculator so you understand not just the environment, but that numbers of that environment. Soon you'll know what you want when you see it.

I want to say congrats! I'm jealous and totally understand the desire to leave and that sense that you are tied to a leash. I've been a full time police officer and I'm tied to the state and any movement to another state will add more time that I have to serve as well as cut the pay that I do have so I totally understand. I've been at it for 15yrs and still have 10yrs left, but I definitely don't want to have to go back to work somewhere else I won't like. Its not that I don't love my job, its that between politics and culture the job is almost impossible now. In either case, I'll be throwing on the uniform and going back in again. Wish you the best of luck!!!

@Andrew Mowe

Hey I know it may not be convenient, but Consider if you’re taking one unit, if there are other bedrooms perhaps a friend or room mate may help go from break even to income producing. Just weigh whether it’s worth the head aches or not, I know room mate situation isn’t pleasant, but definitely something that will give at least $500 or so a month. I’ve done it, some days it’s a pain others it’s great. Just food for thought.

@Scott Lennon

It’s definitely a culture shock.

@Scott Lennon Just some stuff I’m hearing on the ground and no particular experience on the real estate market.

I’m in NJ, right across the river in NYC. What I’ve noticed from searching for a home is that those that could leave the cities have. Prices around my area of Union City are still high, but they’ve dropped them 10-30k. Granted most things are still above 500k, but where there’s been an equal increase in price and bidding wars has been in Sussex County which is more Rural.

What I think you’ll see is people downsizing or relocating from urban centers to more rural areas. Combo of lockdown and riots has people going for more open space.

However, I don’t think this will last. From what I heard from people that are life long in Sussex County is that the same thing occurred after 9/11. A mad rush to get away from the city only to return 3 yrs later. The 1hr 30mins commute with no traffic had a lot to do with that, but now that people are working from home and office leases aren’t being renewed some may stay. It depends on if they can survive the culture shock.

My girl is looking at changing color in leaves from 3 weeks ago and shedding from her horses and predicting a bad winter up here.... don’t look at me the girls live up here I’m a city boy 😂. However we’ve discussed that as soon as they realize the plow isn’t coming by that street, that their generator won’t power it all, that they only have electric and their pellet stove is also off and doesn’t take firewood or worst they have a wood burning and didn’t get enough, just the labors of having to live here when it was all so convenient and easy in the city will weed out the weak...

Maybe that peaks your interest or turns on a lightbulb. Hope that helps.

Hello all, so I saved up for a house and I’m in the process of purchasing. It’s a solid 3-1 with more than enough space to create a second bath and an attached garage. On the same property, but different lot sits a 3 car garage is simply amazing. It looks just like a show room. Above that sits an addition which was originally in the design I suppose for storage. Two owners ago, they attempted to make it a separate unit without apply for permits and he had to rip the kitchen and bathroom out. The garage already has electrical and plumbing in it. I’d like to finish it, but would have to apply for a variance.

I don't have any experience in application, chances of it getting accepted, etc. The house sit on a lake community and it is zoned specifically for SFH. I understand I can't rent it, but figure A) creating a mother/daughter would improve the property value and B) I have friend/ family that's willing to move in and chip me $1200 a month for it, so while yes I'm technically renting it, it's not an air BNB type of rental or absentee owner which is what the community is afraid will happen.

Both of these are a great win for me as my girlfriend is selling her place and moving in as well. All in all when it’s said and done I’m sitting pretty in a new home paying $300 a month. That’s assuming I can get the variance and create livable space. I’ll be honest and say I’m emotionally attached to the garage and come Saturday after home inspection I’ll post the pics here on this post of the garage and the space and you’ll understand why. It’s just the perfect place to keep the Harley and all the other toys.

Many people have said I should just let it go or leave it as is, but honestly I have more than enough storage with the attached garage and the 6x12 shed that’s outside. The space was designed to be lived in and should be, but I am afraid of the unknown and know that this is a much better community for advice than parents or friends with horror stories.

So my questions are:

has anyone seen a case similar to this before?

Are there any keys to increase my chances of success when it comes to apply for a variance on land use?

How long does it take and can anyone speculate on a success rate?

If just 1 neighbor says no is that an automatic no or is that simply a consideration for the Zoning Board?

Any stories, links to articles, answers, other questions etc would be tremendous appreciated. Stay tuned for those pics!

@Michael Lowe

You’re growing and changing and they won’t or don’t want to take the same risk as you. They have too much fear. I know it’s difficult but best advice I can give you is to trust the numbers and your gut. You have a wide range of experiences from life that have lead you to take the path to invest and change your life. You also have a better education into RE investing than them.

Everyone is going to have a horror story on how things went horribly wrong, but did those people have the education, did they know what they were looking at or what an ROI even was. Probably not. They're not the people I would take the advice from.

Lastly, perhaps changing your perception to their negativity may help. For instance, most people don’t care about others to warn them about what they feel is danger. Don’t take offense to their warnings. Understand that they care for you and don’t want to see you in what they perceive is a dangerous and risky situation. They simply care about you doing well and being successful and are giving you the best advice they can. They may not want to open their eyes and it’s not on you to force them. Thank them for caring about you and continue forward.

As you grow and become successful the tune will change.

@Jack B.

There’s a case where an older man would have coffee in the morning wearing a robe by his window. He did this every morning and every morning the robe left him indecently exposed. Children walked the route to school and now he’s on a registered list. You can most definitely be arrested for that. If you had proof that it was intentional and not an accidental, the police have enough probable cause to make the arrest.

Glad you called the bluff.

@Jack B.

Well lewdness is still a crime. If you purposely know someone will be in your apartment two days in advance. Honestly sounds like he’s just sour. I’ll have to read the rest of this thread to see what happened

@Gurshan Bansal congrats!!! Sounds like you got all the parts moving at once! Very exciting. I sent you an invite to connect. Definitely want to see how this turns out! I'm looking to BRRRR myself going to see a couple properties with my agent on Tuesday. Got one where the numbers work well. They're asking 219k, but thanks to the agent I know they owe 144k. Vast difference, plus place needs a roof repairs which tells me everything else is going. Rents are well below market value. I keep trying to refrain myself, but I kinda have high hopes when I know I shouldn't.

I keep thinking about the movie Heat. “Don't let yourself get attached to anything you are not willing to walk out on in 30 seconds flat if you feel the heat around the corner”. Just gotta keep it on the numbers and know to walk away.