All Forum Posts by: Lilly Shamam

@Andres M Reyes Give Tony from Stonewall Associates a call at 914-774-9342. Good luck!

@Andres M Reyes There are many suburban and rural areas that have no storage facilities  and would require you to find a large lot and build. That's a very good reason to build and not buy existing. In the last few years many people are downsizing and need the storage option so demand is there. 

 I know a great lender who just funded one for a client of mine in Fishkill, NY which just broke ground. Let me know if you need his assistance and I'll send it over. 

@Courtney Nguyen I would rent it to them although would ask for a higher security deposit depending on where you live and if its allowed. If not, I would ask them to pay last months rent as well. Basically asking for an additional months rent to have on file just in case.

Good luck

@Andres M Reyes There are many suburban and rural areas that have no storage facilities  and would require you to find a large lot and build. That's a very good reason to build and not buy existing. In the last few years many people are downsizing and need the storage option so demand is there. 

 I know a great lender who just funded one for a client of mine in Fishkill, NY which just broke ground. Let me know if you need his assistance and I'll send it over. 

Investment Info:

Single-family residence buy & hold investment in Keansburg.

Purchase price: $80,000
Cash invested: $80,000

Large lot purchased in order to upgrade the property and get it ready for tenant occupancy. While occupied we attempted to subdivide it directly with the township. After several attempts to go for variance direct, attorney and local engineer to assist with the process. After several months of preparation and COVID 19 in the middle we were finally able to present our case in front of the board with a positive outcome. Now 2 separate lots with a home currently on one lot and a vacant

What made you interested in investing in this type of deal?

Large lot in up and coming neighborhood

How did you find this deal and how did you negotiate it?

Through the MLS. Property was on the market for a while as agent noted that buyers "feared" the work needed to complete.

How did you finance this deal?

Silent partner

How did you add value to the deal?

Upgrading property, renting and subdividing

What was the outcome?

Property was recently on the market for 11 days and received several offers for each parcel.

Lessons learned? Challenges?

Never go into partnership with a friend

Investment Info:

Single-family residence buy & hold investment in Keansburg.

Purchase price: $80,000
Cash invested: $80,000

Single family home with large lot purchased to upgrade the property and get it ready for tenant occupancy. While occupied we attempted to subdivide it directly with the township. After several attempts to go for variance direct, we chose to hire an attorney and local engineer to assist with the process. After several months of preparation and COVID 19 in the middle we were finally able to present our case in front of the board with a positive outcome. The investment is now 2 separate lots with a single family home currently on one lot and a vacant lot with utilities on the other which is ready for build out. Both properties have now been sold on the open market.

What made you interested in investing in this type of deal?

Large lot in up and coming neighborhood

How did you find this deal and how did you negotiate it?

Through the MLS. Property was on the market for a while as agent noted that buyers "feared" the work needed to complete.

How did you finance this deal?

Silent partner

How did you add value to the deal?

Upgrading property, renting and subdividing

What was the outcome?

Property was recently on the market for 11 days and received several offers for each parcel.

Lessons learned? Challenges?

Never go into partnership with a friend

Investment Info:

Single-family residence buy & hold investment in Antonito.

Purchase price: $80,000
Cash invested: $80,000

SFR purchased with large lot to rent and subdivide.While occupied we attempted to subdivide it directly with the township with several attempts to go for variance we chose to hire an attorney and local engineer to assist with the process. After several months of preparation and COVID 19 in the middle we were finally able to present our case in front of the board with a positive outcome.The investment is now 2 separate lots with a single family home a vacant lot.

What made you interested in investing in this type of deal?

The large lot and potential subdivision

How did you find this deal and how did you negotiate it?

Local MLS

How did you add value to the deal?

Repaired the single family home, upgraded and rented. Hired attorney and engineer for subdivision

What was the outcome?

SFR + subdivided lot ready for build

Lessons learned? Challenges?

Only partner with an experienced investor and make sure to put everything in writing!

Investment Info:

Single-family residence buy & hold investment in Antonito.

Purchase price: $80,000
Cash invested: $80,000

Single family home with large lot purchased to upgrade the property and get it ready for tenant occupancy. While occupied we attempted to subdivide it directly with the township. After several attempts to go for variance direct, we chose to hire an attorney and local engineer to assist with the process. After several months of preparation and COVID 19 in the middle we were finally able to present our case in front of the board with a positive outcome. The investment is now 2 separate lots with a single family home currently on one lot and a vacant lot with utilities on the other which is ready for build out.

What made you interested in investing in this type of deal?

The large lot and potential subdivision

How did you find this deal and how did you negotiate it?

Local MLS

How did you add value to the deal?

Repaired the single family home, upgraded and rented. Hired attorney and engineer for subdivision

What was the outcome?

SFR + subdivided lot ready for build

Lessons learned? Challenges?

Only partner with an experienced investor and make sure to put everything in writing!

Did you review your appraisal report? Your appraisal should have also noted that it was a legal non conforming or non conforming use. Call the appraiser and see if he did research and called the township. In addition look in the report and see if he included 2 and 3 unit properties. Difference in value may be minimal. How many meters are there? 

Investment Info:

Single-family residence buy & hold investment.

Purchased as a short sale in 2015 in the $300 range and property is now worth $700+-. Kitchen has been upgraded, electrical, basement upgrades, sewer system etc..

What made you interested in investing in this type of deal?

I was interested in investing in a property in the Metuchen area due to their great school system and its central location. I knew that it would be necessary to upgrade this property in order for it to be similar to the neighborhood as it was in bad shape when purchased.

How did you find this deal and how did you negotiate it?

Local MLS

How did you finance this deal?

Mortgage

How did you add value to the deal?

Added value when purchasing a distressed property within an great neighborhood.

What was the outcome?

This became my residence and as we grow so does the home. We upgraded the kitchen and bathrooms and have increased the value $400k+ in 6 years.