All Forum Posts by: Michael Krassos

What kind of work so you need done and when.  I have one working on a property for me so would hate for you to steal him away I'm the short term ????

Hi all, finally bought my first multi-family, Yay! I believe I have a good case to have my taxes lowered. Property is in Bergen County, NJ. I was referred to an appraiser who will take care the whole process. His fees include; conducting an appraisal (he is a licensed appraiser), filing paperwork, court fee, and representation at court. He will do all this for a flat fee of $500. Question, is an appraisal necessary, normal? Is this just his way to gain additional business? What are my alternate options? I think I could go to an attorney but understand they will charge 40-50% of annual savings anyway, which is about what I will pay this appraiser. Thoughts?

Hi all, what are you recently paying for an appraisal for a bank/mortgage on a 2-family house in Northern New Jersey. Bergen County if applicable. Is this cost negotiable at all or are we at the mercy of the bank? What if I work through a mortgage broker, does he/she have any control of the cost?

Thanks Steve Wilcox , spell check error, my question was for anyone currently operating in Lodi specifically on how they were seeing the demand for rentals.

Hello all, if all goes well I'll be a new landlord for the first time. Question ... Anybody landlord ing in Lodi, Nj who can comment on whether income greater than 3 times the rent is reasonable to request in the application? Also how are you finds mg demand and should I worry about trying to rent over the holiday period. Thanks in advance. Thanks in advance.

Could really use your help here.  So I checked with the Zoning department today whose response was that it is zoned as a 2-family, but in their records as a 3-family for "Tax Purposes because it has a third kitchen in the basement". 

My take on this is it is advertized and used as a 2-family, the town has likely not officially allowed it to be used as a 3-family, yet they are charging taxes as if it were a 3-family.  This seems wrong to me!!  Advice please, how do I address?

I would love to use this as a 3-family but don't want to run into issues - not sure how it would become an issue however given my inexperience with this matter. 

Hello all, I'm interested in a property that is advertised on the MLS as a 2-family in NJ. The basement is finished with a kitchen and separate entrance, which indicates to me a possible 3rd unit. I called the town who indicated property needed to be of a certain square footage and provide parking for 7 to be approved as a 3-family. I just got back my OPRA request where I requested the property tax record. On it is indicated a 3-family. Can anybody advise who I need to confirm this with? The property does not have parking for 7 cars, but I wonder if property can be grandfathered-in! Any advice on next steps appreciated.

Hello all, how do I confirm how many units are zoned for a particular property. I'm in NJ, property is advertised as a 2-family but has a completely finished basement with a separate entrance. I asked the town last week if I can use the basement as 3rd unit who indicated property needed to be a certain size and have off street parking for 7 cars. I just received back my OPRA request whereby I requested the Property Record Card. On it is indicated 3-Family. Any advice on how to proceed is much appreciated. Thanks in advance.

Thanks all for the helpful comments.

@Joan Dickie, sounds like you have gone through this before. I think I want to avoid the 203k if possible, so question is will the bank have an issue funding a conventional mortgage with me putting down 20% (therefore no mortgage insurance required), if the appraiser raises the aforementioned leak issue in the kitchen - I guess if the appraiser claims property is not livable?

@Wayne Brooks - The furnace is not functional.

@Michael Murray, the broker is claiming the banks won't underwrite loan with major issues evident to the property, not that mortgage insurance cannot be provided.

Btw I am expecting to pay PMI for a few months, then he is telling me I can refinance. Expectation is I will have property re-appraised after doing repairs, and value will have increased allowing me to refinance and eliminate the PMI, thoughts?