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All Forum Posts by: Yaro L.

Yaro L. has started 6 posts and replied 20 times.

Post: Are you investing in self storage?

Yaro L.Posted
  • Flipper
  • Brooklyn, NY
  • Posts 23
  • Votes 4

@Nathan Gesner Appreciate your input, I've looked and analyzed a deal recently for a very small facility (70 units) about 9k sq ft of space in New Jersey with cap of 10% (but thats before the tax reset and needed capex). Space is currently "97 % occupied" but I am skeptical of the numbers and also there are two bigger storage players in the area which I am concerned about. Given the unfavorable analysis of population within 3 / 5mile radius, the numbers were too appealing.

Lastly, the current owner is valuating the asset on pro-forma basis and I know for a fact with needed capex and upgrades, I will be overpaying.  

This would be my first storage facility, currently own several SFHs and Commercial office spaces. 


Post: Poconos Hideout (Waybe County) Contractors ?

Yaro L.Posted
  • Flipper
  • Brooklyn, NY
  • Posts 23
  • Votes 4

HI Everyone, 

I am in the process of purchasing my first vacation home / rental in the Poconos, PA. Home is in the Hideout community, near Lake Ariel and Wallenpaupack. (Wayne County)

I will be in need of a reliable contractor to do some minor work (paint, flooring, etc)  Can anyone recommend a contractor I can call? Preferably someone who's worked in the community in the past and knows all the required permits the community requires etc. 

Also if anyone knows of a reliable cleaning crew / person in that community, that'd be greatly appreciated. 

Thx in advance. 

Post: Renovating apartments - is it worth it?

Yaro L.Posted
  • Flipper
  • Brooklyn, NY
  • Posts 23
  • Votes 4

@June Veenstra Hey June,  I am in contract to buy a 4-unit building in Union City, just working with the city to resolve some outstanding violations, etc. Given you have extensive knowledge in UC, how much can I raise the rent of a single apartment after doing any renovations / capital improvements to the property?  Building consists of two 3bd apartments, one 4bd and one 1bd. Building is currently occupied, but rent is all way below market value.  

Also, any chance I can PM for your contractor information ? 

@Brandon Arce Hey Brandon, the 4 bedroom in the building I am buying is currently rented for $1210/month (they do pay all of their utilities), but clearly looking at your rent roll, my eyes start to water.  As I understand, you /your family lived in the building which made it possible to raise rent of other units. Given I am not planning to live there, I think i'll be stuck for now. 

Post: Investing in Multifamily in Union City NJ

Yaro L.Posted
  • Flipper
  • Brooklyn, NY
  • Posts 23
  • Votes 4

@Nate S. @John Errico Hi Guys, sorry to bring up an older thread but I need some help if at all possible. 

I am buying a multi-family unit (3family) in Union City  near 39th and Bergerline Ave. Property being sold as is and I am responsible for obtaining the CO. 

Hope my fellow BP'ers can help, as I am having some issues.

1) given the property being sold as-is and after pulling OPRA report from the city it seems the property has several opened violations/penalties

2) I tried speak to the city building department about how I can resolve these violation: " illegal basement apartment" and "no permits for additional unit built in the back of the house" - fines are in hundreds of thousands and have been outstanding for couple of years

Can you please advise if anyone know anyone who can assist with getting these questions resolved ? 

Appreciate any feedback I can get. 

-Yaro

Post: Union City NJ Multifamily outstanding violations

Yaro L.Posted
  • Flipper
  • Brooklyn, NY
  • Posts 23
  • Votes 4

@Brandon Arce appreciate your input. 

Given I am new to Union City and purchasing the building AS-IS + the burden of obtaining the CO is freaking me out. My biggest concern is not knowing what other "problems" the city can impose on to me.  I have an offer pending w/ the realtor, but clearly my calculation is incomplete until I have an idea how lenient the city will be with dismissing / resolving the violations / penalties. 

Does anyone know if I have a CO for this cottage in the back of the house, but there are no records of "permits being pulled to build it", does it still qualify as "illegal" ? 

Thx everyone in advance. 

Post: Union City NJ Multifamily outstanding violations

Yaro L.Posted
  • Flipper
  • Brooklyn, NY
  • Posts 23
  • Votes 4

Can anyone else please chime in here.  

So the multifamily in Union City NJ has 6 open violations dating back to early 2016 and penalties add up to $500k.  

Few questions: 
-One of the violations if for a basement apartment, which there was none there when I did a talk through. 

-Another violation was for an illegal build out of a cottage behind the main house, (But there is a Certificate of Occupancy issued for that build out) 

All these unknowns are keeping me in a limbo about my offer which I've submitted and I've never worked / dealt with Union City. What am I to expect, would I be liable to pay all the penalties ? or does the city have a reduced settlement? 

Thx

Post: Union City NJ Multifamily outstanding violations

Yaro L.Posted
  • Flipper
  • Brooklyn, NY
  • Posts 23
  • Votes 4

@Jessica Zolotorofe Appreciate the suggestion. I actually did call them just now and was able to get some helpful feedback on the house. 

Now, I need to call back and speak to a building inspector who can give me clarity on the house and if its a legal 3 unit or a 4 unit building (being advertised as 4 unit). 

Some of the pulled violations have fine upward of $145,000 and there are several violations. Does anyone know if these penalty amounts are negotiable ? 

Post: Union City NJ Multifamily outstanding violations

Yaro L.Posted
  • Flipper
  • Brooklyn, NY
  • Posts 23
  • Votes 4

Deal fellow BP'ers, 

I am working on a "as-is" multifamily deal in Union City NJ. "Buyer is responsible for obtaining CO & Smoke detector certs" is the language in the contract.   I've never deal with Union City NJ building department / housing authority and find it very confusing. Hope someone can help me out. 

Steps I've taken so far: 

1) Requested a report of any Violations / Pulled Permits / Tax Liens from the city. 

2) The files I've received capture the entire history of the building, with various Violations dating back to 2007.  (no idea how to tell which violations are still "opened")

3) Some amounts on the "Notice and Order of Penalty" forms are quite high. But I am not sure if they are "opened or closed" violations.   

There doesn't seem to be any tax liens on the property and no recent pulled permits. 

I'd appreciate any advice from anyone who's encountered / dealt with Union City Building department in the past. I want to be 100% comfortable with moving forward on this deal and not get smacked in the face with $100k in penalties after I close on the property. 

Appreciate your help in advance. 

Yaro

Post: Cant make a decision, need HELP BROOKLYN BRRRR Potential

Yaro L.Posted
  • Flipper
  • Brooklyn, NY
  • Posts 23
  • Votes 4

@Shawn Ackerman  Monthly Cash Flow of $1,050 would be during the first phase of BRRRR, so after the initial purchase + remodel. However at that point I am in the project for $280k out of pocket. (only 4.5% COC)   

Once I refi my mortgage payment will go up, but monthly rent-roll will remain the same, reducing my monthly cashflow to $500/month. 

I am also very skeptical about becoming a landlord in NYC given the favoritism tenants have and the cost associated with kicking out bad tenants can crush an investor. 

Thx for your time. 

Post: Cant make a decision, need HELP BROOKLYN BRRRR Potential

Yaro L.Posted
  • Flipper
  • Brooklyn, NY
  • Posts 23
  • Votes 4

@Shawn Ackerman Hey, thx for reading / commenting. 

COCR after refi will only be 9.5% which is $500/month (given the mortgage amount will go higher). Can you elaborate a bit more on what do you mean by "debt service"?  

As for comps, I've did my due-diligence and seeing how the similar homes have sold within the neighborhood, a nicely remodeled home should fetch $850k. 

Biggest issue is my concern about the $100k reno budget, which I think it too low. I recently finished work on a SFR in the same neighborhood and reno ran nearly $190k (complete gut w/ high end finishes).