All Forum Posts by: Abram T.

Hello BP Community,

I closed on a three family home in Garfield, NJ about four months ago and things have been going well so far. One of the units is now vacant and I started prepping the unit for renovations by stripping out the old carpets and moldings. The previous tenant told me that the corners and edges of the bedroom walls have been getting wet when there's heavy rain. I saw signs of wet corners and edges after pulling away the carpet and moldings. There was black mold too. I cleaned what I could with store-bought cleaners, but I want to make sure to prevent black mold and wet bedroom walls in the future. There also is signs of water leaking into my bedroom from the upstairs apartment bathroom. Would sealing the edges of the foundation (pics below) with drylok or some other sealant prevent the water from getting into my rooms in the future? That way I can just clean the black mold, dry it, then seal the foundation edges, then move on with renovating the bedrooms. Am i just better off calling a professional? Just thought I'd get your thoughts before I pick up the phone. I've attached pics for your reference. Thank you for your time.

@Eddie V. Thank you for your reply. You can find the listing for the property here:

http://www.realtor.com/realestateandhomes-detail/162-Glenwood-Ave_Bloomfield_NJ_07003_M69341-17827

@Edward A. that makes sense. Unfortunately, the CU does have greater sq footage, so I'll have to pass on the deal. The search continues! I wish the best in your investments as well. Thank you for your input!

@Edward A. Thank you for your reply. It looks like from the pictures that the commercial and residential units are attached. The CU is a two story unit with the first floor leased to a store, and the floor above it is vacant. I'm planning on visiting the property today to confirm. So I'm guessing the commercial unit's sq ft exceeds the residential units, but by living in the floor above the unit, I still qualify as owner-occupied.

Hey BP community,

I came across this interesting property that consists of a duplex plus a commercial unit that is leased to a variety store. I was told that if I occupied the commercial unit by living upstairs above the store, I would meet the 51% Owner occupied requirement. Would I be able to purchase this property with a residential FHA loan and proceed to house hack the property whilst living in the commercial unit? Or regardless, would this fall under commercial lending under Owner-occupied commercial mortgages? If by a miracle it qualifies under an FHA loan, would it be possible to move out of the commercial unit after occupying the property for one full year? Some info on the property:

Listing price: $274,900

Unit 1: 2BR 1.5BA $1,450/mo

Unit 2: 2BR 1BA $995/mo

Comm. Unit: $1175/mo

Thank you for taking the time to read this, and I would appreciate your thoughts. To me, it doesn't sound doable due to the commercial unit, but I am curious if any BP members have had the same experience.

Hello BP community members! My name is Abram and I'm originally from Alaska. I moved to NYC to be with my wife and to pursue a career in commercial lending. Once I graduated college in 2014, I found a job in NYC and I've been having a lot of fun! I began to read many articles in BP, and it has motivated me to start investing in real estate myself. I'm excited to say that I'm starting my first semester at NYU School of Professional Studies for a Graduate Certificate in Real Estate. My goal is to learn all I can from many of BP's members so that I'm well prepared for my first investment. I look forward to meeting you all!