All Forum Posts by: Richard Phillip Lewis

I’m located at the Jersey Shore. I got my RE License in 2018 to help friends and family, but to primarily do my own RE deals. 

I would like to find a brokerage that is built on a community of RE Investors both agents and clients. 

I’m at a traditional RE Brokerage now and feel like the odd man out since I mostly want to work with investors, however the notable brand has helped my business. 

Thoughts? 

I'm shopping for a HELOC now for a project.
Did you have to be military for the HELOC?

What was the turn around time from applying to funding? 

Hi Brooke, I am in the middle of buying a duplex here in central / Jersey shore. I have a real estate license and would be happy to help. I have already done a number of steps you need or will need to do and have knowledge to happily share. 

Please message me if you would like to work together 😎

Thank you Lawrence for your reply!  Both houses are in good habitable condition and are currently rented.

The houses could be easily subdivided. The space between the houses is about 3-5ft. 

The only construction I would do would be to add a master suite for about 300-400 sqft to one of the houses. 

I guess the basis of my question is that I understand how a town could tell you to make a non conforming duplex that is one structure into a single family home, but what can a town make you do if the “multi family” is two SEPARATE structures? 

Worst I could see is to ask you to tear a house down or not give you a CO?

Even on the CO part I’ve seen people turn a basement of a single family into a rental unit so the town wouldn’t have standing. 

I don’t think they could make you tear a house down because that might be considered an “un due burden” or hardship the property owner would have to bear. 

Hey guys,

I just looked at a property that has two separate single family houses on one plot. Both were about 800 sqft. Our plan was to live in one and rent the other. 

When we were looking at the property the seller let us in even though the agent was present. 

The seller asks what our plans were for the property. We say we want to add on to one of the houses to get more space.

He says “It’s not gonna happen. It’s a non conforming lot”

I say “I know on a duplex or a triplex the town can make these non conforming multi families conform and become one unit structures, but I doubt they can make me demo one of the houses.”  The seller disagreed.

 
So what’s the truth here. If there are two separate houses on one lot and the property is considered a non conforming multi family Can a township make you demo a house to make you make it conform? What else would the township say? Would they just not give you a CO for the other house even though both houses have rental history?

Hey Guys, I’m looking to get some feedback from people that have experience with buying duplex, triplex or quadplex and having to get tenants out. 
All the deals I’m looking at all need work and the sellers won’t get the tenants out. 
I’m in NJ. 

 Very Good Idea @Robert Krieger! Thank you.

It seems most of the multi family properties I’m looking at have tenants that are month to month, so they are ready to give notice to if necessary. 

It does make sense on an owner occupied duplex to close in 60 days and give notice too both tenants 30 days notice for owner occupied unit and 60 days for non owner occupied unit and if all goes well they would be out at closing. Maybe even give one to two months rent to help them motivate and pay for moving truck if necessary? 

 Very Good Idea @Robert Krieger! Thank you.

It seems most of the multi family properties I’m looking at have tenants that are month to month, so they are ready to give notice to if necessary. 

It does make sense on an owner occupied duplex to close in 60 days and give notice too both tenants 30 days notice for owner occupied unit and 60 days for non owner occupied unit and if all goes well they would be out at closing. Maybe even give one to two months rent to help them motivate and pay for moving truck if necessary? 

Hi @Nathan Gesner I appreciate your feedback!! I find the idea very risky to take on a property that has below market rents and to get the tenants out, but if that’s how it’s done I will find a way. 

I’ve been in the market to buy Multifamily property to house hack for the past few months. I keep finding properties I like but the sellers refuse to get the tenants out before closing. 

I spoke with an attorney in NJ and he said the law is that you have to give 30 full calendar days notice if the unit is going to be owner occupied and 60 full calendar days notice if it’s not. After this time expires THEN you can file with the court for eviction and it’s up to the judge. To me there is some risk there if I close WITH THE TENANTS because the judge could say they have 6 months to get out and then the tenant could go back and ask for another extension. So I’m stuck paying a mortgage while I can’t rent the unit. 

HOWEVER, I spoke with an investor and he said it would be short sighted to let a property go because the seller won’t get tenants out before closing. He said he buys property all the time with tenants. He gives them his new contract with a price increase and they usually just pack up and leave if they can’t pay the higher price.

Is this the common experience for other multifamily investors out there?