All Forum Posts by: Kevin K.

@Sooyeon Kim Sure no problem.  As mentioned by someone else, check with the Jersey City fire department.  Back in the day, they used to issue permits for tanks I think.  One of the properties we're in contract on uncovered tank permits from 1957 and 1973 with the Fire Department (commercial property...discovered via Phase 1).

Forgot to include in my original post but this is the link for JC's online portal for building permits (not sure how far back in time it goes):
https://www.sdlportal.com/towns/nj/hudson/jerseyci...

Also, as mentioned by someone else, there are different types of tank sweeps.  Some guys do a basic magnetometer scan (detects metal) and others can do more comprehensive ground penetrating radar (GPR).  The metal detectors will pick up any metal like rebar in sidewalks/driveways, iron sewer lines, etc. so gives more false positives that can be hard to discern resulting in a report that identifies "areas of concern" with no real conclusion.  A GPR will give more definitive answers.  This company is based in Jersey City and does GPRs...some of the other guys like Accurate Tank Testing may also do it:
http://www.tadcoenvironmental.com/gpr/

I haven't used them yet but they sounded relatively reasonably priced for GPR scan.  Good luck.

From what you're saying, a tank sweep should cover you, but it's possible that the current owner or someone removed tanks in the past where soil may have been contaminated.  The current standard is that if a tank is being removed, the soil around it is tested.  If a leak is found, it is reported to the NJ state DEP.  The contractor then creates a remedial action plan and carries out the remediation, and then has the DEP review it to approve the remediation and ultimately issue a NFA letter.  In this case, it's possible a tank was removed 20-30 years ago, and no one tested the soil or perhaps standards didn't exist then for it (not sure...I'm not a LSRP and don't know the history of state regulations for environmental issues).  In which case, I think you'd probably be ok because if no tank exists then there should be no requirement to test soil in the future.  However, if there are any reported violations to the DEP in the past that haven't been closed, then that could come up on you later.

Here's an example of a deal I'm in contract on...tanks were removed in the past but no one told me when my offer was accepted.  A tank sweep showed no tanks but there were signs a tank existed at some point probably.  Research into building department records and DEP records confirmed tanks were removed a while back.  Only at that point did the seller (via her attorney) disclose that they were working on getting an NFA letter.  That made me wonder if they were trying to let it slip and have me close quickly.

A few tips to cover yourself when doing diligence on any property in NJ...submit OPRA requests with Jersey City building department and NJ state DEP.  It can all be done online and information can be emailed back to you.  It can take some time to complete though.  Jersey City also maintains some of the more recent building permits online so if there was any work done recently, the information can be viewed online.  I'm not sure when that system was implemented but it'll only have history for the last few years I believe.  Anything prior to that would have to be done via an OPRA request or a visit to the building department.

JC OPRA:
http://www.cityofjerseycity.com/cityclerk/

NJ state DEP:
http://www.nj.gov/dep/opra/

The NJ state DEP also maintains a very comprehensive database of environmental issues online via their dataminer.  It's a poorly organized database and interface though and can be hard to find what you want so an OPRA request can help cover anything you might miss researching on your own.

A lot of unsuspecting buyers don't know these types of information exist and are available for free to the public.  I've passed on deals where I see later that someone bought a property that had environmental issues that I uncovered.  It could've been bank owned and the seller really didn't know of issues.  The buyer clearly didn't do their diligence either, and the next buyer probably won't either.  NJ is full of environmental issues...the Bergen/Lafayette neighborhood is one of the oldest in JC and has an industrial past.  It's also a low lying neighborhood so got hit hard during Sandy...there may be some parts that are outside of flood zones though so not sure.  Commercial real estate deals have a higher burden of completing diligence on environmental issues (i.e. Phase 1) but residential doesn't so homes likely trade all the time among unsuspecting sellers/buyers.  Although the standard says sellers should disclose material facts, that's not always the case.  The burden of diligence is on the buyer.  Basically, do your homework.  Good luck!

@Mit P.I used www.mlsmyhome.com and selected the 6-month package that included a listing in the local MLS. You can Google search for other competitors to that one. You want to make sure that whoever you go with gets the listing into the right MLS. Most people in NJ use Garden State MLS I believe. Hudson County uses Hudson County MLS. There may also be others but I think those are the main ones. Just do a search on Realtor.com for your area and see the listings source shown for the homes in your area...most are probably on Garden State MLS.

That website essentially contracts out the services to a locally licensed realtor in NJ. That realtor is the one you get into contract with and that realtor is essentially acting as a transaction broker or at least that's what they called in their contract. He didn't do anything for me other than post my listing into the MLS.

On the listing or on phone calls with realtors, I asked them to submit offers using the NJAR contract.  If you google search it online, you'll probably find an older one.  Most realtors know to use that one although some might use a proprietary contract provided by their broker (i.e. a Century 21 contract, etc.).  I like NJAR and I think most attorneys do to.  That gets you most of the terms up front, but in the end, the attorney is going to disapprove the contract by default during the attorney review period and ultimately end up producing a rider with terms that should supersede the NJAR contract.  Pretty much all attorneys do it so that it buys time to finalize any other issues like oil tanks, etc.

As a seller, you usually want to maximize the sales price and probability of closing.  A good realtor should know the right strategies and tactics to do that, but an experienced investor should also be smart on it and can potentially do it themselves.  It just depends, and market factors (i.e. inventory levels, buyer vs seller's market, etc.) all impact it.  Good luck.

He does work in Hudson County.  I've done at least 2 inspections in Hudson County with him.  Not sure why his website says otherwise.  My last one with him was in Guttenberg in October.  Just give him a call to confirm.  You can mention my name but he may not remember me as it's been a few months since my last inspection with him.

I've used allinonehomeinspection.com a few times.  He's pretty good and actually gets on the roof unlike some inspectors I've seen.  I got him as a recommendation from several realtors who don't know each other...he just happened to get multiple recommendations.  He can be pretty busy though at times.  On my last inspection, he took longer than planned to get the written report back to me but that didn't create any issues for me.  Good luck.

http://allinonehomeinspection.com/

I flipped a house in Essex county a while back. The house was very nicely renovated, open floor plan and basically brand new looking. I didn't really need a listing agent to "sell" the house but did need buyer's agents to bring buyers so I did a flat fee listing where I paid 3% to the buyers agent. The listing agent just got paid a flat fee of $300 or so to list the property in the Garden State MLS. I setup a lockbox, created some flyers, put up a sign, did some light staging, took nice wide angle pics and got it into contract in 25 days. You can do other tactics like open houses, put a deadline for bids, update the listing so it sends new alerts, etc. I handled the initial negotiation and had the buyers agent submit the offer on the standard NJAR form contract. After that your attorney can take over during attorney review. I do feel that you do need to pay a buyers agent for bringing buyers to the home.

If your house is going to be difficult to sell then a listing agent can help market the property (i.e. Send marketing blasts, talk to other brokers who they have relationships with, etc). They obviously should get paid for it. I didn't need it. The fee can be negotiated down but depends on the market. In a market that's hot where there is low inventory and homes sell themselves, you can negotiate it down. Low inventory means agents are fighting to get closed deals.

I follow the market pretty closely as an investor.  It's hard to say without knowing more details of the actual unit (layout, square feet, bathrooms, who pays utils, heating/cooling setup, broker fee if any, etc.).  Most of the ground up, new construction in the Heights is the typical 3 story, 2-family building with 3beds/2bath in each of the 2 units on top of a ground floor garage.  Those always have the same type of setup: hardwood floors, forced air, stainless steel appliances, etc.  I've seen those types of units rent anywhere from $1800 (landlord prob doesn't know he can charge more) to $2500.  Perhaps market is around $2000-2200 or so.  Once you go above $2000, you don't see many listings at this range in the Heights yet since there are tons of old buildings up there with long time tenants.  You can always shoot for the stars, create a nice detailed listing with plenty of pics and price it above $2500 and see what happens.  The closer you are to Palisades Ave, the better it is.  You may eventually find someone but could have a long time vacancy.  It's also harder to find tenants in the winter.  Most research shows that summer months are best for maximizing rent.  I've experienced that first hand and don't let my leases expire outside of the warmer summer months.  Hope that helps...good luck!

I'm an experienced real estate investor and developer mostly with a focus on Hudson County, NJ...mix of condo development, retail and multifamily. I'm looking to meet investor friendly agent(s) or property managers that work in Essex County, Union County and Bergen County of New Jersey. NJ has too many towns to list, but I'm not looking for deals in places like Newark or Irvington. I'm looking for safe, working-class neighborhoods like Nutley, Lyndhurst, etc. or nicer towns like Montclair, West Orange, Maplewood, etc. My target investments would be buy and hold single family, multifamily (up to 20 units...maybe more), retail or land. The properties can be turnkey or rehab. In the end, the properties have to generate decent returns (i.e. usually cap rates on real NOI>7%). I can buy all cash or with financing. I can usually qualify easily with standard mortgages or commercial financing. If you're an agent who might be able to help, please send me a private message. I'm also interested to chat with other experienced investors or property managers in these areas.

If you're a commercial broker with expertise in commercial real estate (mostly multifamily or retail), please send me a private message also.

Keywords: New Jersey, North Jersey, Essex County, Bergen County, Union County, Roselle, Cranford, Westfield, Scotch Plains, Union, New Providence, Summit, Millburn, Maplewood, Livingston, West Orange, Verona, Montclair, Nutley, North Arlington, Englewood, Teaneck.

Hard to give you a sense of cost, but I can tell you what's involved.  You'll need an architect to prepare plans that would be submitted, reviewed and eventually approved by the building department as part of issuing the permit.  The extension would have to be up to current building code (i.e. electrical, smoke det, etc.)...architect can tell you more.  Depending on the scope/size of the project, the plans could cost a few thousand dollars (really depends on scope though).  Check the zoning to make sure the addition would even be allowed under zoning rules.  An architect can tell you but usually you can read the zoning laws yourself or ask the building department.

From a construction perspective, you're talking about the same steps that would be involved in new construction...footings/foundation, masonry, framing, roofing, siding/exterior, electrical, plumbing (if needed), etc.  It involves coordinating multiple construction trades which is no easy task.  If your GC has done ground up construction, then he should be able to handle it.

I do development. It should be the builder's responsibility. Typically the builder will file for it and contribute to the trust fund as part of the application. Usually the builder applies while under construction or after it's approved by city planning or the bldg department.  It would be pretty cheap of the builder not to pay it.  Maybe it's a small time builder. Ask the realtor on it or your attorney.