All Forum Posts by: Michael Elfant

@Chris K. I shot you an email.  Please let me know if you've received it.   Thanks

Hi All,

Can you point me to the best architect in JC that has lots of experience doing 1-4 family new and existing development?  Add-a-lvls, bump outs, new construction, open floor plans, etc... 

Thank you in advance.

Mike

@John Moses I appreciate that.  Will hit you up if I need an inspection down there as well.  

Mike

Hi, i'm looking for a solid landlord/tenant attorney based in Monmouth County, NJ.  

Thanks in advance,

Mike

Hi All - I am looking to potentially acquire a property at a discount due to an issue that the current owner has that he doesn't want to deal with himself.  The details are as follows:

The owner's daughter and her boyfriend are currently occupying his property without paying rent.  This has been going on for 5+ years and the father is looking to sell the property and pass along the tenant and subsequent eviction problem to me, the buyer.  Of course, I will be compensated fairly for taking on this headache.  I'm just wondering if anyone has gone through anything like this and what the process is?  I should add that the property is in NJ.  I think that even if it takes me 3-6 months to evict that the deal is still worth it based on the purchase price and the fair mkt value.    

Thanks,

Mike

Hi guys,

Wondering how your experience has been with section 8 tenants in Jersey City?  Particularly in Greenville.  Also, do you manage the property yourself or do you outsource the mgmt.  If so, do you have a management company that you like to use in Hudson County / JC?

Looking at an off market 4 family in Greenville that is section 8.  Thanks!!

Good advice @Frank Geiger.  Thank you

Hi All,

In a home that you have a lot of equity in, do you think it is wiser to sell the home or would you rather extend the loan by doing a cash out refi?  I think if I was to refi the rent would just cover my monthly expenses.. I wouldn't cashflow much at all if I was to rent it and I would still be leaving a decent amount of equity in the home.   So i'd have less cash available to me vs selling.  

My goal is to use the equity to scale into more units.  

Thanks!   

@Ashish Acharya I have another apartment that i'm moving into so won't need to replace my residency with the cash.  The difference in tapping your home equity is that you need to pay interest on that cash.. 

Hi Guys,

Do you think it is wise to take advantage of the capital gains tax exemption if you have significant gains in your home at this current part of the cycle?  

Purchase price: 438,000

Year Purchased: 2013

Rehab: 25,000

Current Mkt Value: 700,000

The proceeds would be used to fund more buy and holds and potentially some operating capital for flips, etc..