All Forum Posts by: Allan Szlafrok

@Jessica Zolotorofe correct me if I’m wrong but non owner occupied 2 families are as well. Am i correct?

@Patrick Ma I don’t because I manage in house these days

@Patrick Ma expect to pay 6-10% depending on the services required and how well you can negotiate.

@Ashley Davis So I’ve bought sight unseen before and the interior was a nightmare as was evicting the tenants. We had to get the city to rush an eviction because the place was basically ready to catch fire at any time. That being said I wound up turning around the property aroind and making a nice profit. As long as your renovation budget accounts for the worst case scenarios you could do very well on this deal. But it’s definitely not for the faint of heart and it’s not something I really do anymore. Bit congrats to you and good luck with the deal.

Hi Bigger pockets! I just got an email regarding someone wanting to rent one of my units in Jersey City, NJ. He’s from out of state and claims to be relocating for work. He wants to sign the lease through an LLC that he owns and he wants me to allow him to sub lease the apartment when he’s not living in it. A big red flag is that he mentioned he would furnish the apartment. Duh! Of course you are furnishing it it’s unfurnished to begin with as per the listing. My fear is that he plans on leading my apartment and will use it as an Airbnb the whole time and rarely, if ever, occupy he apartment. So my question is this. Is signing leases and then trying to make a profit through Airbnb a thing? Is this guy just trying to flip my apartment for a few bucks a month and I’m not going to have any idea who’s living in my unit? Anybody deal with something like this before. P.s- This is so sketchy that I’m almost certainly not going to allow this guy to rent the apartment. I just want to know if this is something that I as a landlord need to watch out for. Thanks!

Newark really isn't the type of town where you can rely on zip codes for guidance. Even within some of the "better" zip codes (07104, 07107, 07105 07102) are blocks that are really tough to deal with. You really need to consult with someone who knows the area really well before you buy. That being said there are still some really good deals to be had in Newark and you can do very well there. Best of luck!

@Bola Fdipe Fund out if the shirt sale is approved at that price. If it is the bank likely won’t take less without a lengthy process, although closing a short ale often takes a ton of time in any case. Long story short be prepared for this deal to take a long time to close. I feel like for the amount of money you are approved for you could find a conventional deal and save yourself a headache but if you really like the house go for it.

@Monica Chan I don’t think coin operated is the way to go on 2 unit building. I would just buy a regular set and offer it to the tenants as an amenity. If it helps you get rented faster or for your asking price you’ll recoup your investment a lot faster than by trying to do so one quarter at a time.

@Mengli Wang hey I would recommend going to some of the local meet ups. There tend to be a lot of wholesalers at them.

@Efrat Amira hi efi I’m a local investor in Essex county. Welcome to the community!