All Forum Posts by: Philip Tretola

Hello - I am wondering if anyone has any ways to find recent sales for residential commericial property? I am looking for at a deal in Newark and want to confirm where things trade with what I think the right prices (and brokers caps).

Any help is appreciated!

@Mel C. Hey Mel _ I am an investor in Essex County NJ where the housing stock tends to be a bit on the older side meaning there are still a fair amount of underground tanks.  I am not sure what the date is where they stopped putting tanks in the ground but I have looked at several houses where there were tanks in the basement though there was a decommissioned tank underground outdoors.  We never a buy a house w/out doing a tank sweep because  the risk/reward is so offsides.  It costs 250/usd for us to do a tank sweep while if we end up with an underground tank w/ seepage the costs can be silly expensive.  Hope this helps and good luck, Phil

@Rolanda Eldridge Thanks so much...I have been buying 2-4 unit residential and thinking of upscaling...thanks and good luck!

Myself and my partner have bought several multi-unit homes (2-4 units) recently and have contemplated buying a larger commercial property.  I was wondering if anyone has strong feelings/views on buying several multi-unit versus buying one larger residential unit?  When I think about my several houses together I look at them in aggregate as if it were an apartment and am getting the same ballpark for cash/expenses/unit cost etc so I'm not sure if I should try for commercial residential? 

Any views/thoughts/opinions would be greatly appreciated as i think through this question!

thanks, 

Phil 

Good morning - I am relatively new real estate investor who has purchased two multi-family (2/units each) properties in the past several months.  I am looking to increase the number of units per structure and therefore am looking for commercial real estate (targeting small apartment buildings w/ 5 - 10/units).  However, finding these types of listings/offerings/deals is more elusive than typical residential real estate.  

I was wondering if anyone has guidance and/or advice please on how they got started and any other wisdom?

Thanks in advance for your valuable time!

Hello -- I have found that the listed deals in my county are either very mediocre and if they are decent there is so much interest that the price rises making the deal...mediocre once again.  Does anyone have success in approaching owners of multi-family homes to sell?  How have you gone about that approach?

thanks, 

Phil 

@Chris Simmons This is very helpful...thankfully I'm in not looking in a vacation area!  

@Lisa Kohl thank you very much, I found that information on another county form! 

Hello BP community, I am moving much closer to purchasing my first deal.  Well, actually doing much more targeted research now as opposed to only education.  In any case, my question is, how do I determine if a home is being used as a rental property?

I have looked through my country tax assor to see which homes are being taxed as multi-family (whiche means they must adhere to code in my town, ie kitchen in each unit, bathroom etc).  However, I have not been able to confirm if these homes are in fact being used as rentals.  Any advice would be very helpful please?