All Forum Posts by: Ryan Champin

@Umer M. Chaudhry I have and the rents are a bit all over the place. The rents I’m thinking about are in the general area are on the higher side. The property is 5-6 blocks from the train and has a bus stop on the block.

@Umer M. Chaudhry yes it’s a corner building with a 6 car lot. No laundry in unit. Yes dishwashers. Coin laundry in basement. All utilities will be paid by tenant except for water. I haven’t gotten the contractors in yet so I don’t know exactly what the 100k will go toward but my goal is to increase closet and bathroom space. And have brand new kitchen and bathroom and floors.

@Umer M. Chaudhry I have a 100k renovation budget so I’m hoping that’ll make it work. Any advice would be great!!

@Umer M. Chaudhry 560 paulison ave to be exact.

@Umer M. Chaudhry I will be renovating each unit and hopefully increasing the closer space but it’s on Paulison Avenue. As is, yes the rents are high but I’m hoping once I renovate, the rents will be acceptable.

@Daniel Green Since i've posted this, thats exactly what I did.  In Clifton, properties with 7 units and above are rent controlled, so i'm good in that aspect since mine is a 4 unit.  But im concerned about the rents I need to make the deal work.  The rents i listed above seem to be available but my bathrooms are small and the closet space is minimal.

I am about to close on my first property in Clifton NJ.  Due to my inexperience, I didnt think to check for any rent control laws in Clifton.  It turns out, Clifton is rent controlled.  Im trying to research as much as I can but the legal jargon is so confusing lol.  The current rents are way under market:

1BR:  $1050

2BR: $1000

2BR:  $1300

3BR: $1600

Im going to be doing a lot of reno once I get the property but now im concerned I cant raise the rents to my assumed rates of:

1BR: $1450

2BR: $1700

2BR: $1700

3BR: $2150

Additionally, ill only be getting the property with 2 of the 4 units vacant.  Any advice on getting rid of the other two (newly renewed) tenants so I can renovate their units as well and raise the rents?

Hey Everyone!

First timer seeking some advice/comments.  Im about to be in contract on a 4 fam property in Clifton NJ.  I negotiated them down to 585k.  I also have an extra 100k for renovations from a 203k loan.  The property itself is in decent shape, needs updating and some new tiling.  Bathrooms are a bit small.  its a 1bd/2bd/2bd/3bd.  Has parking lot.  

Does anyone in the northern NJ area have any comments on my purchase price, ability to value add enough to cash out refi? Or any other comments?  

Any help would be greatly appreciated

Hey Guys,

Im in need of some advice. Im a first time buyer in a hot, hot market. Upper NJ to be exact. I have recently put in a bid for a 4-plex(a 3 unit with a detached huge 4th unit). Each unit has a laundry room and extra small "day rooms". There is even two finished rooms in the attic that isnt a legal 5th unit, but still could be of value. This property is located in Kearny. Its not a booming town, but its inbetween some great areas. The asking price is 550k for this place which is higher than 95% of all the other properties in the area. I would be using an FHA loan on this so my level of equity in the property, if I got it, would be next to nothing. It cash flows very nicely though. I put in an offer at 515 in hopes that I could do a value add to increase my equity in case of a market turn. But my realtor is telling me that theres no way the seller will take less than asking in such a hot market. Is it safe to purchase a property with such low equity? I can definitely improve the value of the property be renovating kitchens etc. but not enough to cash out refi, which is obviously the goal.

My mind is racing on this, any help would be greatly appreciated!

Hey Guys!

So i'm loan shopping right now and I see that my pre-approval letter has a $1400.00 origination fee on a 500k loan.  Its a flat fee.  Is this standard?  There are no points on the loan.  Are there other things I should look out for?  Also, I have a credit score on creditkarma of 730 yet this guy is giving me a 5% interest rate.  He says one of my scores is like 680 for some reason. Not sure why credit karma hasnt picked that up lol