All Forum Posts by: Lamont Chen

@Arthur Van Riper

Have you spoken with a lender in NJ to see how much you would qualify for with 20% down? Depending on the condition for the place you can:

1. Partner with someone who has income and purchase as a JV

2. If it is a BRRRR property, potentially get private or hard money for the deal and buy in all cash and return after refinancing

Feel free to DM me and I can see how I can help

@Angel Baez

You can analyze deals and available inventory for the area you are looking in. Perhaps the triplex is in an area you want to be in vs the fourplex or vice versa. At the end of the day calculate the numbers and make it work for you and your criteria.

@Matthew French You can probably try to buy another 4 plex as owner occupied since you lived at your current residence for little over a year and then repeat for 2022. You can check with a local mortgage lender to see if this will work.

@Jenny Zhang

I have a couple contacts whom I work with that I would more than happy share with you. I will send you a DM.

@Seif Elkhouly

Funny enough I am building something at the moment in North NJ. I am using a GC who I know which may be slightly different than your situation but for my deal I know the area and zoning so I was able to calculate and pull the trigger on the deal.

Feel free for DM me and I can try to see how I can help you. 

@David Arehart Yes you can analyze recently sold (3-6 months) duplexes in the area to determine the ARV for your property. Hopefully the sold properties still have pictures from the listing so that you can compare the condition as well.

@Kokou Kanley

I am doing something similar in North NJ at the moment. If there is a similar duplex you want to build in your area you can try to connect with the listing agent to see who the builder and architect is to learn more about the process. The agent can hopefully tell you based on the location you are looking at what zoning rules are so that you can keep your eyes peeled for a deal.

@Ravi Patel

That is a pretty wide range you have set which encompasses lots of good and bad areas depending what you may be looking for.

Feel free to DM me and I can see how I can help you provide some insights for certain areas or share any contacts you may need along your process. Good luck!

In addition to Andrew's list for commercial deals you can try loopnet but sometimes those are posted on MLS as well.

Facebook groups are also popular for real estate deals. There is a multi-family NJ real estate group on FB.

@Patrick Q.

In NJ the landlord pays for common electric (hallway lights, outdoor lights, etc.). In a miscellaneous bucket you can put some reserves for legal, snow cleaning, landscaping, power washing, etc.). Also check if the property is in a flood zone which you would then need to factor in flood insurance.