But we'll leave that for another conversation haha. 

Hi,

I am looking at a deal in Union City, New Jersey. This property is currently a two family, and is in pretty good condition. The first floor and basement are currently being rented out as one unit, and the second ...

Purchase price: $455,000 Cash invested: $7,000 House Hacking Owner Occupied * In- Progress *Asking Price: 459,999 Rehab: $5000VA Loan 0% Dow* SELLER PAID CLOSING COSTS AND $15K IN REPAIRS, NO MONEY DWNRENT BY THE ROOM STRATEGYPITI: $3060Rent: $3500 ($875 per room, utilities, Wi-Fi, and Security System)* Current Project: 300 SQFT ADU *ADU Rent Estimate: $1800 (Includes Utilities, Wi-Fi, Security System, and private entrance, yard, and parking)Construction Budget: $20k Structure is already existing, more of a conversion What made you interested in investing in this type of deal?

I plan on having a frank conversation with them about it but want to fully understand the tax implications beforehand.

If it looks like the contractor did a nice job on the remodel, I'll go onto the city website and dig up the name of the contractor (which you can find on the permit).Once you have the contractors name, just google it, find their phone number, and have a conversation.

Using that formula, they should be willing to pay $1.5M ($150k x 10) or less for the all the land.If the answer is, it depends, then I'll just have to get deeper into some conversations to see what the offers may come in.   

They ended up dropping me becasue they claimed it was non owner occupied based off a conversation i had with insurance adjuster. mixed up my words , claimed the ysent notice out of decesion.

I think this is another reason it is better to get referrals from other investors that have worked with a contractor.I remember overhearing a conversation at a UPS store.

Since that conversation the few times we used her she has never submitted another invoice.

It really just took my time and a simple conversation with the tenants.