All Forum Posts by: Julie Verardi

@Upen Patel thank you! 

Hi, 

I currently have two properties in the Jersey City area. I'm in the process of doing a refinance on one to move on to my next investment property. 

I was debating on doing the Bed Stuy or Bushwick area of Brooklyn. I'm running the numbers but I have no idea what water and sewer bills and insurance bills are like for a 3 unit multi family in that area? Anyone who owns over there could give me some numbers that would be awesome. 

Thanks!

@Robert S. Yes it did. The property I'm refinancing doesn't have a mortgage on it (I own it out right) so is it in different to which one I use? I was going with a refinance but they seem pretty similar. I'm not sure if one has better then the other. 

What is the difference between doing a refinance or a home equity line of credit when you're trying to take cash out to invest in your next place?

@Jessica Zolotorofe that was helpful. Thank you!

@Jessica Zolotorofe Do you need an attorney when doing a refinance when the current place does not have any mortgage on it? Also what are typical application fees?

What have people paid in application fees when refinancing in New Jersey? Do most people get a lawyer when refinancing or is it straight forward?

@Jeff Rabinowitz  @Account Closed are you guys saying I can change the rent increase half way through on a 2 year lease?

@Jeff Rabinowitz thanks for the input. I guess it benefits me as well since I know they won't be leaving and they are solid tenants. When you split the difference did you keep the rent for 2 years at 5% bump each year or did you do like 7% bump consistent for the 2 years? I understand what you're saying about letting them know ahead of time there will be a 5% bump but I got lost at what you were saying about splitting the difference. 

Hi, 

I have excellent tenants in a 3 bedroom, fully finished basement and backyard multifamily in Jersey City Heights. They want to do a 2 year lease and because they are such great tenants I'm fine with doing that however, how much should I bump the rent up before getting locked into a 2 year lease with them?I've heard the rule of thumb should be 5% ever lease? What do you guys think?