All Forum Posts by: Kumar Appa

@David Weintraub I work in nyc

i am currently renting and It will be my first investment ever and feel it will be best bang for the buck if I live in one unit and rent others but I am open to other ideas

I now received an updated information a certificate of abandonment issued several years ago.looks like the tank hasn't been used for several years would this make it less riskier?

I would like to get started house hacking but I am confused where to get started I personally like jersey city as I have been renting here for quite sometime but prices have gone really high and wonder if they can go any higher from here.i am also considering bergen county Nutley/Clifton/Rutherford/Lyndhurst but taxes are high in these areas.i also heard about tax reval happening in jc and wonder if taxes will go further north from here.assuming equal rental income in Hudson and Bergen county as well as property taxes the subsequent metric to compare would be appreciation.i would like to hear comments from experienced members here which of these areas can have higher appreciation.appreciate your input.

@Thomas S. the way the seller worded it to me as "positive report" was that the oil tank had issues and it was fixed and local officials are ok after the fix. In any case i think it would be more judicious to have the offer contingent on tank removal and contamination free

Thank you all this was very useful feedback.

there is a multi family home I came across but it has a buried oil tank.seller has positive report about the tank.would it make sense to risk and buy property at bargain price and later get rid of oil tank?atmost what is the risk here?

Thank You!

I totally understand that multfamily investment is one of the wisest decisions one can make however I have a feeling I missed the train to invest last couple of years as the home values have gone up insanely high now in the locality where I stay.would it still make sense to invest in properties that are atleast 100 grand more than previous year?

I came across a 4 family home priced at 567k but it has a very high property tax close to 17k.The rents are averaging currently at $1000 per unit there is definitely more upward potential averaging at least at $1200 per unit besides good potential for appreciation.i would like to stay conservative and assume continue at $1000 per unit and overlook appreciation since it's currently only a speculation.

Please advice if this is a good investment with 20% down and 30 year conventional loan if it's not at what should be the optimal offer price of that property