All Forum Posts by: Allen Walton

If you’re looking to buy low then jersey city is a better choice than edgewater.  Please feel free to PM me if you’d like more information.

Hi Yan,

Please message me so I can send you a recommended public adjuster.  Thanks!

Allen

Hey Chris,

you should file an OPRA request to determine what the previous registered rents were.  all 3 units will be subject to the ordinance, & If I’m not mistaken, the allowed annual increases would remain effective from the previous registered rents (unless the other two units were never registered somehow)


I would also say that that cash flow is disproportionate to the amount of money you’re paying for this property.  You’d be better suited with another deal that cash flows more.  Please feel free to message me for details and suggestions. 

I’ve worked with a couple clients who’ve added roofdecks to their properties in Jersey City specifically.  Feel free to reach out via DM.

as a neutral party weighing in, it appears that they would like to thoroughly inspect and want to protect their interests through the holidays In case of scheduling conflicts.

Negative Cash flowing? I can't imagine how poorly priced these deals must be... If you're not living in the property, you would have to put down ~25% or more which would mean you don't need to pay any PMI, & your mortgage **should** be covered, assuming you're getting market rents for your units, and the purchase price is reasonable with these rents in mind.

On the other hand, if you're living in one unit and looking to cover your mortgage and still cash flow, that would be significantly more difficult to pull off. Especially if you're putting down a lower down payment amount such as the 3.5% that FHA allows. Would you please clarify what exactly you're looking to do? Maybe I can help you out once I have a bit more info. Thanks,

Allen Walton

1) The green card isn't necessary to transact, but its purpose to assure you that your property is up to code...  I'd suggest having some money left in escrow until the green card is obtained.  Make sure the amount is enough to cover any necessary repairs as suggested by the state inspector.

2) This is interesting, I can't advise you here if you intend to keep the tenants.  If there's an option to have the property delivered vacant, I would explore that.  You'd be starting fresh with your own hand-chosen applicants as tenants.  Being that this is your first accepted offer, you could maybe use this an an exercise to get familiar with tenant screening as well.

3) If you're not under contract yet, you typically don't begin to schedule inspection... The contract hasn't been finalized yet, meaning yourself & the seller are not fully on the same page.  But once you do go UCON, (assuming you have a standard 14 day inspection clause in the contract), you can keep extend the inspection period to account for any time that they caused in the delay.  Just instruct your attorney to make it explicitly clear in the contract that you demand a thorough inspection to your own sole discretion, and will not proceed to close until the quality of the inspection and results of the inspection meet your satisfaction.  

Allen

I have a couple very good and reputable inspectors' contact information if you're interested.  Please feel free to message me for a list.

Allen

Hi sandy,

Your realtor is one of many agents in his/her office who works under the license of their office’s Broker.  By not signing the form, you don’t allow any of the agents in that office to also potentially bring a buyer.  There is a chance that your agent can bring the buyer on his/her own, but this is not likely to affect your interests much if not at all.  No excess information can legally or ethically be shared by the listing agent to a buyer even if he represents that buyer.  A better way to see the situation is that he would be “neutral” in that case, and then on your side it another agent comes into the picture.  

In essence, it is not a big deal, there is no way you could “lose” if you sign the form, but if you fail to sign it, & a coworker from that agent’s office had a perfectly situated buyer, THEN you will lose.

Please feel free to message me for clarification on any point.  Thank you!

Allen

Hey Sandy,

Of course you can.  This will be your property until closing and if these are truly your only problems, you should fly by inspection.  On the other hand, you have the option to not do anything and let their inspector identify the problems and THEN decide whether or not to address the issues, depending on the other terms of the offer, price, etc.

It’s a matter of preference.  Do you want the property to be immaculate?  Go ahead and fix those things.  Should you necessarily fix them?  It’s not absolutely necessary.

Besides, you dictate when the property can be viewed anyway, so it’s really up to you whether you want to take the time to address these minuscule details or not.