All Forum Posts by: Michael Baffuto

Hi BP - have any of you had success working with wholesalers to find off market fix and flip properties? If so, how did you go about finding a good one? I’m having a hard time finding a good wholesalers in Northern Jersey.

Thanks

Hi All -

Purchasing a 10 bedroom home in Orlando and looking to find a interior designer who can help make the property pop through interior work such as custom children’s beds, murals, props, game room, etc. here’s and example of the type of work I’m looking for:

https://www.airbnb.com/rooms/47996863?adults=8&source_impression_id=p3_1612911218_x99F0JT2hxFGiNtF&guests=1

Does anyone have a recommendation for someone in Orlando?

Thanks

Hi There - I’m looking forward invest friendly real estate agents in North Jersey. Please reach out to me if you’re actively selling/listing multi families in north jersey such as north Bergen county, Essex, etc. this would be my first multi family so I’m ideally looking for an agent who will have some patience with me and also consider my long term goals.

Not sure if it's bad practice, but I have about 25 questions to help me analyze properties and I feel like every agent I've come across has been reluctant to put in the work to help me with simple straight forward answers. i.e. historical vacancy %, NOI, operating expenses, etc.

Thanks

Hi BP community - I’m looking to purchase a multi family property but I’m reluctant to put 20% down. I purchased a single family home to live in so I’m only qualified to get a commercial loan. Are there additional ways to get funding with 3-5% down on a multi-family? Any help here would be great! Thanks

Hi All - I’m having an incredibly hard time finding a multifamily that will allow me to break even each month. I’m particularly interested in properties in Northern Jersey but I’m finding all the properties on Zillow, trulia, etc. are overprice. A few questions:

1) how does one go about accurately evaluating a deal?

2) any suggestions on strategies to find multi families?

Bonus question: is a multi family the right route if I’ve never invested in real estate (aside feom my own home)?

Thank you so much!

@Johann Jells this is so helpful! Thank you so so much! What a nightmare. And fair market value is determined by the price I pay or the actual assessment.

@Johann Jells thanks for your help. I’m so new to this and still having a hard time figuring out the potential tax implications. Not sure what equalization rate means and all that. The taxes are 11,800 on the property now and that was based on the last assessment. Any advice on finding out a formula on this? Thanks

Hi All, How does a tax assessment work when you close on a property? I called the union city, NJ tax assessor and he basically said that they assess any home that gets purchased. My realtor is saying that’s not the case. I’m worried the current tax rate will sky rocket when I close on this multi family. It’s not new construction and not much work has been done but the cost is more than what they paid 3 years ago. Any help would be appreciated. Thanks

@Patrick M. Thank you!!

Hi All, I’m looking at a property in NJ for a house hack. I’d live in one unit and rent the other 2. In union city you can increase the rent as much as you’d like as long as you live in one unit. The moment I move out I’d have to adhere to “Rent Controlled” guidelines. I read that rent controlled only kicks in if someone has lived in the unit since 1974. If not, it then takes on “Rent Stabalized” guidelines. I callLED the municipal office to find out more but they haven’t been to helpful. How would I go about finding out this information? My question is how does rent stabalization work? Am I correct when saying the rent increase guidelines only apply to someone who is renewing their lease rather than a brand new tenant signing a brand new lease? Any help would be greatly appreciated. Thanks