All Forum Posts by: Sooyeon Kim

Omg! Then how do they calculate the legal rent when there is no reported rent in the past? And are we supposed to submit the rent rate to the city every year?

I know one but never started my project. he has very high success rate. 

@Michael McInerney hi Mike, thanks for your advice. it is my friend's situation and he is in big trouble currently. I think i can happen to anyone but as you said, it is hard to pinpoint who will be liable for this. 

I have few properties in UC as well. have you been ever succesful getting the building description from the building department? I've tried OPRA, phone call, personal visits, but they always say to get a rebuild letter and wouldn't disclose their record. Yet, you can only get the rebuild letter if there is no open permit or violation. It is kind of huge problem investing in UC as most of the houses have open permits/violations and most of the deals are as-is

Hi bp experts,

My friend recently purchased a two family house in the union city, nj. When he applied for permit to separate electric panel, the city said it is a single family and gave him violation for the non-conforming unit.

The tax record shows that it is a 2 family and previous owner paid tax as a 2 family for the past 28years.

But the city would not grant it.

If it is the case, whose responsibility is it? The buyer’s attorney? Title company? Buyer’s or seller’s broker? The city?

Thank you in advance for your valuable advices.

Soo

I would be more concerned about the cause of mold given that it was newly renovated. you never know what's behind the drywall. basement moisture/leakage issue can cost a lot to fix especially it has been already finished. Also make sure that there was a permit pulled to finish the basement.

@Sheila Reyes hi Sheila, I invest in the same area. I believe that JSQ and UC both have huge potential given proximity to the city. The price has gone up significantly for the past 1.5 years, almost doubled, but in the long run, I believe it is still under-appreciated.

In terms of house hacking, UC can be a little tricky as the city itself is insanely dysfunctional, but very doable. my recommendation for UC is that don't try to go by the book and use local people who knows how to deal with the city. If you purchase anything in UC, make sure you get the rebuild letter prior to closing. it is the only legal document that says how many units are legal in UC. Tax record doesn't mean anything in UC.  there is no Certificate of occupancy either. it is relatively safe area with good tenants, based on my limited experience.

If you are looking at JSQ, walkable distance to the path station, it will be hard to find anything that give you positive cash flow. it should be looked at as a long term investment. 

Otherwise, you will find positive cash flow properties in North Bergen, on the west side, but appreciation point of view, it has less potential than the east side IMO. 

I got a lot of help from BP when I first started 2 years ago. I'm not an expert by any means, but I'd like to pay it forward.  Let me know if you need any help. 

@John Errico Hi John, thanks for all you advice. I'm wondering if you were able to finish the project? My current 3 family house has a huge basement and trying to find a way to utilize it...

Soo

@Nathan Gesner thank you so much for your valuable advices!!!

Hi all, 

I recently purchased a 3 family house in union city and closing another 2 family with 1 store front in 2 weeks. Given that it is becoming 8 doors total with my other 2 small condo apartments, I think it is time to look for help to manage those properties. 

Do you have any recommendation for good property manager/management groups in Union city? 

Thank you in advance. 

Soo

@Jason Bott hi jason, thank you for your advice! Will do.