All Forum Posts by: Kunal Kapur

Hi - I'm prepping to look at a 31 unit building (mostly 1-beds with four 2-beds) and would love to hear any recommendations of questions I should be prepared to ask when doing (first time) site walk-through. Some items I'm considering:

- Boiler replacement date / age
- Utilities: paid by tenants?
- General costs of renovating/upgrading units at turnover - as part of value-add strategy
- general outdoor maintenance requirements
- odd city-specific laws/requirements which they need to adhere to? (rent stabilization, rent increases, etc)

These were some of the main items I thought through, but would love other perspectives on this.

@Justin McElroy did you get any further info about this topic? I'm currently looking at a small multi in the area which is has rents registered with the town and so I would love to know some options to bringing the rents to markets. The home is currently owned by an investor who is 1031'ing and they had the luck that one of their tenants moved out out, they were able to rehab the unit, and increase the rents. 

My understanding so far is that you can mark the rents to market if the tenant moves out ("willingly", of course). For month-to-month tenants, though, I'm not entirely sure what a non-occupying investor could do.

If you spoke with a local attorney, would you mind PM'ing me their info? Or happy for us to connect over a quick call / coffee as well. Thanks!

Welcome @Danilo A. I'm from Hoboken as well. Lots of work around here but so far, I can tell you to get ready to pull the trigger fast. The properties where "the numbers work" are sniffed and eaten quickly. Happy to connect - I'm working on syndicating multi-families in the area (Hoboken, JC, Union City, Weehawken, West New York, etc). Good luck!

Hi @Wayne Mack - this post was a bit old, but I'm curious to hear more about this.

Hi @Marc Roth , that's much appreciated and it would be great to connect. I'm actively making offers, but I've lost these bids. Thankfully, I have not overpaid for a property :) I am using the BP calculators to evaluate the deals financially.

I have financial backing and so I'm looking to partner-up with contractors and/or partners who have done big rehabs on small multifamily properties (2-5 units).

Hi @Lakhwinder SIngh, I'm interested in this and live nearby. Let's connect.

@Marc Roth thanks for the feedback. I'm definitely valuing quality and timelines as I'm looking at a couple large multi family rehabs. I'll give them a shout and sincerely appreciate your recommendation!

Hi All! I'm making my way into REI and so far, while the market is very competitive I'm my area (Hudson / Bergen counties in NJ), I'm finding properties which are worth, at minimum, analyzing well and making some offers. That said, I could really use some recommendations/referrals to general contractors and so I'm hoping the BP community could help! Does anyone have an experienced and trusted general contractor they could refer me to? I'd love to speak with them!

I'm considering the same thing. There's quite a few small multifamily buildings in the area (2-4 family buildings), which is more what I'm leaning towards. More units means more potential for cashflow...Just be careful on taxes - quite a few cities in Bergen and Hudson counties are reassessing taxes soon (generally this would mean they are raising taxes). 

Hi all! I'd like to make my first multi-fam purchase with $0 of my personal money (or very low $$'s, percentage-wise). I live in NJ, particularly in an area where multi families are expensive (2-3 unit "building", which is more like a house converted to multiple units, starting at $750k). Most of these are also run-down, so they need some TLC, which I have no experience with. That said, I think I can muster up investors to help close my first deal. Does anyone have tips on how best to structure, let's say, a $1mm multi fam property (assume 3-4 units) with multiple investors? The loan would likely be under mine and my wife's name, but I'm assuming the entire down payment will be from investors. summary of figures to work with: $1mm property $700-$825k mortgage under my name $125-$300k down payment by investors only 3-4 units netting 5-8% of cashflow some questions I have: 1. how do I legally structure this ownership/equity in the property? 2. is it reasonable for me to ask for a "fee" for structuring the deal and taking the loan under my name, personally? 3. how would you manage monthly cash flow to each investor? would i just split the rental income based on equity ownership (so if you have 30% equity, you'll get 30% of rent each month)? 4. I'm sure there's so much more to do this that I'm missing but hopefully this gets the conversation started for now. by the way, I'm very serious about making all of the above work and so if you're in the area and want to chat further, I'd love to.