All Forum Posts by: Peter Fokas

I already have some MFH there so I am familiar with long term rentals but trying to assess the feasibility of short term rentals and if there is demand for that in the area.

Anyone doing short term rentals in Newark NJ? If so could you share your experience. Is it a successful venture vs long term rentals in this market?

Anyone have experience with short term vacation rentals in Sunny Isles in Florida?  What are current laws there, are there condos that are flexible and open to this, is it only worthwhile if you get a condo on the beach or is something farther off feasible?

Which solo 401k provider offers the lowest fees for a solo 401k with the purpose of doing a 401k loan on it.  

I would say for 3,800 the cost is worth it based on the rate of return of the property. That being said a remediation cost of 10k or greater is not worth it financially.

Quote for removal is 3,800.  If contamination is found that additional cost.  My realtor told me average cost for contamination remediation is aroun 10,000.00

Looking to purchase a building and during due diligence it was discovered a UST exists. Seller had UST "abandoned" back in 2007 and they provided document showing this.  I asked seller that I still wanted UST to be removed. They refused. I offered to reimburse them for the cost of removal (not including contamination clean up if any) and they still refused. What should I do?

Follow up: Reply from seller's agent:

Seller has no environmental reports and makes no representations, buyer may do this due diligence after the contract is final. 

Also they have no rental rate for the dry cleaners. I guess they do not charge themselves rent for that business. How do you go about determining what is a fair rental rate to use in doing all the analysis.

Thanks for input. And to be clear - buying the building includes buying the dry cleaning business too.

I am looking at mixed use building for sale that has a drycleaners which is included with the acquisition of the building. What sort of analysis and due diligence is required here? How do you assess the business. I would say this applies to any commercial property where a buyer is also acquiring an existing business.