All Forum Posts by: Megan Brooks

Anyone from NJ attending the BP conference in October in New Orleans?

@Johnathan Boyle this is a few years later...but how was your Irvington experience? do you still have your property there? Good or bad experience with the town? How was the tenant situation? I'm looking for new towns to invest in in NJ. I was thinking Irvington near Maplewood may have potential.

Hi,

I purchased a 2 unit house that was CO'd 1 apartment and 1 commercial space. During the purchase we obtained a commercial mortgage. Now the building inspector is telling me he will give us a CO for 2 apartments (and remove the commercial space). Will this affect my commercial mortgage? Anyone have experience with this?

Thanks!

@Guifre Mora

Thanks! Got it now

Another question...if I run the report and say I'm not rehabbing the house I get a negative number for my "total initial equity" However, if I put in a rehab # it becomes positive. Does that make sense? Like I put 1k as rehab amount but still same ARV value as purchase price and then the total initial equity becomes positive. Shouldn't the equity be the down payment?

Hi,

I'm playing around with the rental calculator and have a question about the category "total cash needed" that is determined after the deal is analyzed. Is this the amount suggested by BP that is the down payment, closing costs and suggested reserves? Or am I totally off on that?

Thanks!

@Dan Weber I did do an OPRA request which is supposed to give us the public records for zoning, variances, permits and all we received was the CO we received at the closing of the house.

@Mike McCarthy it's kind of a unique house, it was a luncheonette with an apartment on the first floor and the 2nd floor has an apartment. At 1 time it was all occupied but now we just have a tenant in the top apartment.

Has anyone had an issue where there is a discrepancy between the building dept and tax dept in town? 1 is saying my house is 3 units and then other is saying 2 units. Building department has no documentation to back this statement up except a CO that was issued to us at the closing stating it is 2 units by them. Tax department has record of tax card stating its 3 units. Any input? Were you able to get it resolved without attorneys and a lot of money?

@Andrew B.

thank you for that site! This is the first time we are encountering this situation. I have reached out to my attorney for further advice.

@Carl Millsap

I was wondering if I'd be able to not renew the lease for her. Do we have to give a reason for that? If she's willing to pay full price can we accept her as a "new" tenant? She's a great tenant but it's so far under the rent in the area.

I think your first idea is an option as well. I will check with my attorney. Thanks!

Hi,

I'd like to raise the rent on an inherited tenant. I'm sending her a letter with the proposed increased 60 days prior to her lease ending. She currently pays $1050/month but market value is about $1500. I'm thinking a $250 increase is a reasonable middle ground; however, I came across this statement in my town's code:

At the expiration of a lease or at the termination of a lease of a periodic tenant, no landlord may request or receive a percentage increase in rent which is greater than the percentage increase in the consumer price index for the past calendar year prior to the termination of the lease.

How exactly can I figure out what's allowable for this rent increase? Any advice is appreciated!

Thanks,

Megan