All Forum Posts by: Quashema Watkins

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Hi

I am looking to purchase a 3 or 4 family house in North Jersey preferably in Essex, Passaic, and Union counties.

Driveway is a must

Legally zoned

Hope to get some leads

Thanks

Hi Bigger Pockets Associates I am a first-time home buyer in search of a three-family home in Essex County New Jersey. This has been a very challenging Market. I started my search February 2018. I finally got a 3 family house under contract November 1st 2018. The property is sold as is and the asking price was $250,000. There was a bidding war. My offer and another offer was accepted at $250,000 with me being second in line as a backup if the first deal fell through which it did. I knew the property needed repairs and estimated approximately $65,000 which after inspection the repairs were about $85,000. The appraiser came out November 16th and the report was not available until December 4th. I found out the house in its current condition only appraised for $175,000. The seller was not willing to negotiate stating they have cash buyers who are willing to pay more and the deal fell through. I know I should not have offered the asking price which was my mistake. But in this competitive market how do you low bid offers? Only offer the max that you are willing to pay and risk being outbid by another buyer?

@Thien Luu - Thien I really appreciate you sharing your experience with me. After reading the others responses as well and doing some additional online search I figured it would be illegal even if I was the owner. I will continue to search for a 3 family home which is what I actually want.

@Andrew Boettcher Thanks Andrew

@Thomas S. Thanks for the insight!

Looking to purchase my first multi-family home. As a landlord can I legally live in a finished attic or basement and rent the 1st and 2nd floor of a 2 family house in NJ? If so, whenever the landlord has to use a physical address, how will the address be listed if tenant is on 1st floor and the basement isn't an apartment? How will the issue with not being able to have Wifi installed in the basement or attic separately because it's not an apartment be handled? In my search for a multi-family home I am seeing more landlords who actually live in a finished attic or finished basement. It is something I am contemplating because my search for a 3-4 Unit is long and tedious

Is legal for an landlord to live in a finished attic or basement and rent the 1st and 2nd floor of a 2 family house in NJ? If so, whenever the landlord has to use a physical address, how will the address be listed if tenant is on 1st floor and the basement isn't an apartment? How will the issue with not being able to have Wifi installed in the basement or attic separately because it's not an apartment be handled? In my search for a multi-family home I am seeing more landlords who actually live in a finished attic or finished basement. It is something I am contemplating because my search for a 3-4 Unit is long and tedious

Is legal for an landlord to live in a finished attic or basement and rent the 1st and 2nd floor of a 2 family house in NJ? If so, whenever the landlord has to use a physical address, how will the address be listed if tenant is on 1st floor and the basement isn't an apartment? How will the issue with not being able to have Wifi installed in the basement or attic separately because it's not an apartment be handled? In my search for a multi-family home I am seeing more landlords who actually live in a finished attic or finished basement. It is something I am contemplating because my search for a 3-4 Unit is long and tedious

@Joseph Bryant That's great. I have a question... How was it living in the basement? Is legal for an owner to live in the attic or basement? In my search for a multi-family home now I am seeing more landlords live in a finished attic or finished basement. It is something I am contemplating because my search for a 3-4 Unit is long and tedious