All Forum Posts by: Jonathan S.

Originally posted by @Damaso Bautista:

@Jonathan S.

Bottom line is you are the new owner and you dictate the decisions that are going to be made for your property.  

As long as there is no language in the contract that says him staying there was part of the sales agreement, I think you will be ok.  

But if you are going to make this decision, make sure he is out of the property prior to closing because if he is not then this scenario can turn into another fiasco.

Good luck!!

My offer was accepted based on him staying. We are in attorney review and he blindsided me with the request for a three year lease. I countered with 1 year and he said no it has to be three years and provided an explanation. I can't help but feel like hes trying to run the show here and even with my lack of experience I can feel that is not right.

Originally posted by @Aaron K.:

He knows it isn't a dealbreaker for you at this point so he is trying to squeeze you in negotiations.  If it's me unless I'm getting a great purchase price it is market rent or nothing.  I'm certainly not signing a multiyear lease with the guy.

At this point its been stated he wants 2 years with option to renew or its a done deal. I read that as 2 years with option to renew, he'll just renew and get the 3 years anyway, which I'm not particularly fond of. 

Originally posted by @Jennifer S.:

Why does the owner want to stay as a tenant at all? Sounds very fishy to me...

States one of his roommates is 85 and on a wait list for assisted living that could take 3 years also he wants to retire and move south but hasn't made the decision yet

I'm under contract for a 3 unit, the owner wants to stay on as a tenant and is willing to sign a lease (initially the property was advertised as owner would like to stay but not required). I'm ok with this as I figured we could do a 1 year lease and would act as a good transition for both me and the property. The owner has come back and wants a 3 year lease slightly under market value. I've countered and agreed to his low number for a 1 year lease and he still insists on a 2 year lease with option to renew. Am I being unreasonable by not wanting the owner to stay for a longer period? I will be owner occupying another unit and I'm afraid of the old owner trying to take advantage of me being the new owner becoming a headache down the road. I would also like to note the existing owner is using his 2 bedroom unit as a 3 bedroom and using almost all of the common basement storage for himself.

I'm a mechanical engineer specializing in HVAC and plumbing design. I'm looking to expand my consulting business and help out my fellow BP members. I can provide design services or your rehab or flip projects including unit selection drafting etc. so you have a complete set of construction documents to build from. I am also able to help troubleshoot any issues you may have with existing building systems. I have a passion for real estate and construction so feel free to reach out with any questions or comments, doesn't matter how big or small.

From a business standpoint it is probably a very smart move for Amazon to back out. They would've spent way too much money to not get that much (facilities and construction costs) and they still would've had the backlash from a minority of the locals and politicians looking to grab headlines. I can see the standpoint on both sides of the community though. it would've bought a tremendous amount of improvements to the community and many top tier jobs while at the same time skyrocketing the cost of living. NYC is a sensitive area when you start talking to locals about cost of living, rents, etc. Many normal people are priced out of Manhattan to rent and Brooklyn is starting to get overpriced too. LIC, Queens, and Bronx are becoming the refuge area for mid level rents with accessibility to Manhattan.

Hey guys, I posted in this thread earlier but I'm a wholesaler and engineer. I specialize in HVAC and plumbing design (MEPs). Just wanted to share a recent project I've been working on. A former mansion in the forest hills section being converted to a commercial use building. Feel free to message me to link up on any topics.

Originally posted by @Jacques Simon:

Hi Friends, 

We're currently seeking great referrals for these specialists in Essex County NJ for upcoming projects this spring 2019:

Architect

Land Surveyor

Builder

General Contractor

Insurance Agent/Broker

Lending/Mortgage Broker

Experienced Realtor (Essex County Specialist)

Please let us know if you guys know of any great names that you can refer to us!

Thanks in Advance!

Please elaborate on the scope of your project. For example one may use a different architect for a 3-family vs a 100 unit Apartment building.

You hit the nail on the head with the fact that the only way to make the numbers work in North jersey is to go 3-4 fam. I think one of the major things to keep in mind or note when running the numbers is, what is your goal? Own and make money for 5 years and then sell and move one? or just keep building and hold long term to set yourself up for the future?

think of it this way, you may only cashflow a couple hundred a month but in 10-15 years you have an asset with higher rents, has appreciated and is paid off while you lived for free, and is now cashflowing.

Don't get caught worrying about short term cashflow.

This is an awesome Thread! I'm a mechanical engineer and dable in wholesaling. I've since turned most of my attentions towards growing my engineering business and finding a 3-4 family for a buy and hold. I specialize in HVAC and plumbing design for buildings and have worked with a bunch of developers.

Personally I'm a big fan of the essex county area. Theres plenty of deals to be had in Newark and if you have the capacity now is the time to buy. The next 5 years will see substantial up-turn in gentrification as jersey city, hoboken, and the rest of the jersey gold coast becomes overpriced and unattainable.