Possible First Deal

3 Replies

Hey BiggerPockets!

I obtained this lead from a mailing campaign I sent out a week ago, I dropped by the property today and while I was speaking with the seller it turns out that there are actually two properties on one lot. One was a single family home approx 700 sq ft and the other was a 2 family home, all sitting one one lot of 28532 sq ft. While I was searching for comparable properties for the SFR, I had no problem doing that. On the other hand, when I tried searching the 2 family home I found no property information at all for that. The owner did mention that this is one of the few multi-family properties in Wayne, NJ and that there isn't many more of them in that town. Both properties get filed as one tax, so my question was if I found the ARV of the SFR how do I get the ARV of the 2 family home on the same lot with no records available. Any help will be greatly appreciated!

Unless it has its own address, it's just an extra building on the property. I bet the original house, which is smaller, is the one on record. Depending on restrictions, not sure you can do anything now. You may have to pay some money to get it legit for the 2 family house (duplex?). Permits, zoning, lot allotment, etc are all things you are possibly facing in this deal.

@John Hamilton thanks for that info! I've been trying to do as much due diligence as possible, the two family home does have its own address but it is on the same lot as the SFR. I am not entirely sure on wether there are legal issues or not. The SFR would show up on public records with the lot being 28,532 sq ft. I had trouble doing my numbers, because I was unable to factor in the two family home.

I would check with your title company first.  See if they could help figure it out for you.  As long as they can transfer clear title, that's what is ultimately the goal and let them make that decision for you. 

JC

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