All Forum Posts by: Steve Miklashevskiy

@Natalie Schanne great feedback regarding the credit, thank you. Is it possible for the current owner to end the lease and have the panels remove before the sale? Have you ever dealt with something like this?

@Natalie Schanne thanks for your response. The clients are looking to buy and stay for at least 10-15 years so they know they will have to replace the roof at some point. The additional cost of removing the panels and placing them back on the roof (when the roof needs to be replaced) is what causes their concern

@Bill Brandt I spoke to the roofer and the inspector. The roofer said the roof has another 3-5 years to go. The inspector said he cannot really inspect the roof because the panels attached to the roof and it’s virtually impossible to do any type of inspection.

The clients are extremely reluctant to buy given the portentously cost of roof replacement.

Any idea how much it can cost to remove the solar panels and then put them back?

Working with a buyer (I’m in New Jersey, cover most of Bergen and Hudson County) and we found a great house in Lodi 5BR 2.5BA - all boxes check out for my clients, except for the solar panels. They aren’t too crazy about solar panels, plus the roof is AT LEAST 15 years old (the seller’s husband passed away and she doesn’t know when the roof was replaced). My buyers know they will need to replace the roof at some point and they don’t want to take on the additional cost of removing the panels and placing them back after the roof has been replaced. The seller refuses to remove the solar panels (5 years left on the lease).

Has anyone dealt with a similar situation and if so, how did you handle it?

@Shawn Mcenteer thanks. The bank / the listing agent image playing tough - the agent called me at 12pm (less than 24 hrs after accepting our offer) asking if my client has submitted deposit yet. ??? We haven’t even started the attorney review. Crazy.

Another question - can we switch from 203k to FHA while we are under contract? Spoke to my lender and he says we will explore both options and decide before the appraisal. and like you said - whichever loan gets us to the closing table…. Will be an interesting deal 😀

This question is for the investors and the real estate agents. I work as a real estate agent in New Jersey, covering Bergen and Hudson County. I have a client who has been a special Ed teacher in Little Ferry for the past 23 years, she is looking only in Little Ferry and wants to be within a walking distance from the school. We found a perfect house for her, two blocks away from school. It's bank owned. My client cannot approved for a conventional loans (high debt-to-income ratio), so I submitted our offer with an FHA loan. The bank rejected it as they don't want to deal with FHA loans. The bank will only accept cash offers or 203K construction loans. We re-submitted our offer with a 203K loan. 203k has a significantly higher interest rate (3.8%) than an FHA loan (3.1%), which puts my client beyond her monthly payment comfort level. There is really nothing to remodel, so we are only applying with a 203k to win the bid. The lender is suggesting to switch back to FHA loan once the offer gets accepted to assure the lower. Are there any other options we can explore? If anyone has dealt with similar situations, I would really love to hear from you

@Yang Zhuang Vergen Lafayette is an up and coming neighborhood, will be much further developed over the next 5-10 years. A 4-family will probably cost you between 1.2-1.5 Mill.

The Beacon is a huge apartment complex (used to be a hospital beck in 1970s), there is always vacancy there, up to 15% depending on the year and season. The rental market in Jersey City is absolutely on fire even now in November. Parking is a huge deal so if you have a rental with a parking spot, it will be a big difference-maker

@Anders R. Aga Sydor from my team specializes in rentals in Jersey City and surrounding towns, please reach out to her at +1 (646) 633-5176

@Alexis A Peinado I get it. Since you’re planning to do a rehab, at this point you just need the appraisal value that allows you to move forward with the deal. The appraised value after the repairs will be totally different and the current appraisal will be absolutely irrelevant at that point

@Bruce Woodruff as the first time home buyer, I rather her go conservative than hopeful, these are costly repairs