All Forum Posts by: Luiny Tavares

I am currently looking at a deal in Essex county New Jersey it is being sold to me as at a 7% cap. Its 41 unitsin 6 properties the net operatingincomes are as follow $76,844, $111,517, $35,257, $42,412, $51,792, $46,814 total 364,636 The asking price is 5.6 million. Do these numbers make sense and would this be a good investment, this would be my first comercial property in the US can you provide some advice?

@Ibrahim Hughes thanks a million I will contact him I will let him know you referred me.

I need to hire an architect to draw up a plan for a conversion. I have a one unit house with 1800 sq feet that I want to split into two 1000 sq feet apartments. Can anyone recommend a good person for this Job. the property is located in Newark NJ

I will be closing on a single family house tomorrow, and I want to convert it to a two family I will be adding 300sq feet of space. So as I understand it I will be needing an architect do draw up plans, then I need to submit it to the city's building department for approval. And then I can start my renovation. As I am interviewing prospective architects, one asks if I have a plot plan or site survey. This will be my first time going through this process, can anyone out there help me look in the right direction, i don't know what these things are, or how I can make this process as painless as possible.

@Craig Bellot  thanks for the heads up, question, since you know the Connecticut market a 3 bed 2 and 1/2 1250sq feet condo in Dambury would typically go for around $ 1700 correct?

@Jason Arcuri what other markets in the north east you think I can look at where I can get 3000 dollars on a 200K property. also as I understand it the taxes are included in the HOA fees please clarify that point for me if you can. thanks

Hi Jovon, yes I do see the same issues your looking at, this is a condo in Connecticut and the taxes are very high, I think I can get most of my money out cause the arv is about 240 and im gonna have to put up about 20% of the value plus the closing costs so I figure the LTV is at about 80% so Im calculating that I should be able to get most of my money out. And thats what I want to figure out is this deal really doable if I ask the owner to owner finance a portion specifically the down payment. Or would it be better for me to try and get a subject too Mortgage considering that the owner owes only 60k on the property and I think I can talk her into a subject too because of thy the tax advantages that she would gain

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@Craig Bellot amazing stuff, you really gave me a lot to think about, it has inspired me to study the Subject a little deaper, and take massive action by posting awsome content every day

Thank's @Gerard j. I will definitely be looking to meet up with local investors, by attending Reaal estate investors clubs, and also I will make it a priority to get on these forums for at least an hour every day.