Hello -I will be be closing on a 3 Fam property within 2 weeks in the Bloomfield, NJ area and am looking for recommendations for contractors that can help with an upgrade in one of the units.

@Jeremy Swanson I think you should definitely evaluate any potential upgrade to see how much you can raise rents and how long it would take to recoup your capital.

Unfortunately, these upgrades will require that the elevator be inaccessible for 6 weeks beginning XX/XX/XXXX.

Our current home would rent for 2k and our piti would be 1600ish.I know we may have to live here a year or so after the refi before we could turn it into a rental which is ok, we’re not in a rush.New home would be an upgrade likely in the 500k range with 100k down. 

He keeps his income stream without having to manage the property anymore, you get the property and can upgrade it.If you can successfully upgrade one unit and the exterior and show the increased rent follows, it might be easier to get an investor to help with the others.

Our family is growing and we're looking at upgrading to a larger home. 

My tenant asked to be let off of his lease 2 months early and I decided that I want to sell the property so I offered them the deal that if they paid 1 of those 2 months (~$1700) and allowed us to start making upgrades to the property, they could be let off of the lease early.

Where it can become really tricky is that I have heard of one instance where the delinquent owners didn't file the exemption then after the sale and 6 month period were able to claim some reason as to why they weren't able to file the exemption and were able to get their property back after improvements were made.The court does require that anyone redeeming a property pay 25% interest on the purchase price plus expenses to maintain and secure the property (not upgrades).

Combined, the offers were $316,500, bringing in $3,800 from the start which we are already upgrading to make that $4,300. 

Without having to spend a dime on any physical upgrades we will drastically turn the NOI around.