All Forum Posts by: Michael Smith

@Steve Wilcox it neends a gut Reno, no income at the moment

Hi everyone on BiggerPockets, I came across a 5+ family in Orange, I was thinking if someone could help me out Calculating the numbers and to help me understand the Orange NJ market, as i am Familiar with Newark but in orange i am getting Lost Thanks in advance for everyone

@Dan Barli thanks for your time and help, So yes I would buy it in cash, I just don’t know how much a title, inspection, attorney, taxes, transfers, etc. costs

Hi everyone I am trying to find out how much money I need to consider in closing costs in Newark NJ, I came across a seller for a 3 family in Newark asking 200K cash quick close, now I am trying to crunch the numbers to see how much cash I would need for closing Appreciate any input

Thanks so much @Moises Mari From What I understand From you is, that every house in Newark is subject to rent control if they recorded the rent’s with the county, and even if I buy it vacant or I am doing cash for keys with the existing tenant I cannot ask for the market rent with the new tenants? The Reason I am asking is, I came across a guy wanna sell his 3 family in Newark, the house Is In overall good condition, although the price is below market price The rent roll is very low that I wouldn’t cash flow much

Hi everyone I would like know ok someone familiar with the rent control Rules in Newark NJ Essex County For example is a 3 Family under rent control? What if they move ? and what if buy It vacant?

i am looking for that kind of deal any insightswere theywere get it? 

Originally posted by @Lashawn McCauley:

I was able to get one tenant to pay their rent for a whole year using a program from NYC.) 

 Sound interesting. what program? 

Thanks for following up @John Errico

It's 1 in Newark and 1 in east orange and i am looking to wholesale it  

Thanks @BrianPulaski

you mention that you can add like partner approval 

Worst came to worst you have to show something to prove you are right like you gotta have a partner in place to say that no, or just say that's the story?