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All Forum Posts by: Jo Cole

Jo Cole has started 4 posts and replied 6 times.

Post: Heating System Replacement

Jo ColePosted
  • Investor
  • Bayonne, NJ
  • Posts 6
  • Votes 0

Hi,  I'm in the process of purchasing a 5 unit home which has 2 gas heating systems that are over 45 years old.  Here are my questions:

Can anyone refer me to a website or business that sells these heating systems.   

What brand / model should I be looking to purchase?  

They'll each need to heat approximately 2100 sf. so I need them to be capable and efficient.

Hi,

My 2 partners and I currently own a 5 unit building in Hudson County, NJ. I'm in the process of refinancing the property and I'm being told that now is the time to change the structure of the business from direct ownership to LLC for asset protection. I have experience with single member LLCs, however, I'm not sure where / how to begin creating the LLC for multiple members. I'm under the impression that the LLC is created and registered as an S corp or a C corp (I would choose S). I'm also under the impression that the operating agreement needs to cite specific clauses in order to be a proper LLC (to ensure personal asset protection still applies).

Is there anyone who can speak to this and perhaps share a sample of an operating agreement with me?  I'm doing my best to keep legal costs down, however, I do realize that it can sometimes be more expensive when you don't have a lawyer / accountant tending to these matters.  

Thanks!

Thanks Tim and Upen.   My main concern is owning a property in a district that can easily vote for rent control again.     My real rate of inflation on insurance, water, repairs (aging buldings) is closer to 8% yet my rent controlled building only allow for rent increases which are lower than 2% (and even 1%).  Interest rates are supposed to rise with inflation, and theoretically rents should go up with inflation.  However, the theory doesn't work for me considering my real rate of inflation for building expenses.   I'd hate to be stuck paying a floating rate of 10% in 7 years while my rental income stays virtually flat.

Did I mention that I'm risk averse?  haha

Tim,  The property is located in Bayonne.  If you know of any banks that specialize in these types of loans, let me know.  I contacted a few today which only offer floating rate loans.  

I currently hold two 20 year fixed rate notes on commercial property Upen.   The problem is that the bank I work with raised rates by over one point so I'm looking for competitors.  

Hi, I currently own a 6 unit building that has a mortgage of about $200K.  I believe the building is worth $800K so I'd like to refinance and cash out another $300K to fund another investment (approximately $500K mortgage to replace my existing $200K mortgage).  I'm looking for a 20 or 30 year fixed rate mortgage.  Can anyone recommend commercial banks in NJ that can offer rates?  I'm looking to do this asap.  

Post: Insurance for 3 6 family buildings

Jo ColePosted
  • Investor
  • Bayonne, NJ
  • Posts 6
  • Votes 0

Hi All, I currently have 3 6 unity properties in Hudson County, NJ, and I'm looking to insure the buildings. Anyone know of a good online service or a good broker that can bundle the properties and give me a great deal?