All Forum Posts by: Carlos Albarracin

 Agreed with most of the comments here. I am located in North Jersey, I am seeing most of the properties (like 90%) going under contract with either Conventional Loan (20% Down) or Cash Purchase. 

Depending on your flexibility on purchase date, just keep looking and putting in those offers. 

Also, you could start looking into rehab loans, there are programs out there that help first time home buyers borrow for the purchase + rehab with a low down payment. 

 Correct! PSEG would be in charge of doing so. Right now the house is a single family. Zoning is approved for up to a 2 Family. 

What do inspectors look for (construction part) when turning a Single Family to 2 Family?

Have you gotten estimates on installing gas or eletctic meters before?

OK, called the City and they confirmed that the gas company would be responsible for installing the gas meter (my guess is same for the electric meter). Right now in this area, a duplex will go for $625 ARV and Single Family $800 ARV, both on the conservative side.

Full rehab would be about $100K-120K - and this does not include cost of the mortgage over the time of rehab (possible 1 year). 

We do not think the seller will take less than 475K on this deal. (Seller purchased in 2021 for about $450K). In this case, we are aiming for a two family (owner occupy in one unit and rent the other)

Hello all, we are currently looking at a property in NJ that will need full rehab work. Previous owner purchased property about 2 years ago, but could not finish the work and left everything as is. Now, zoning map approves lot for 2 legal two family. We noticed during the house showing that there was one one gas meter, and one furnace. Would anyone happen to know who would be responsible for adding the other gas meter? (City or Contractor). Also are there any other permits or fees that I should be aware of when doing this? I appreicate the help in advance

Congrats to you guys! Definitely much you can do with the 500K? Are you willing to invest conservatively or aggressive? 

You can start fix and flip or invest out of state for higher ROI, but keep in mind you will need a team- contractor, plumber, property manager, that can maintain the property going (cash flowing) even when you are not there.

We have dealt with many buyers coming into NJ from NY, and even the market now people want to be as close to the city as possible. Areas such as Newark, Elizabeth, Linden to name a few. It would great to consider close to state or in-state at least. 

Definitely keep us posted on your real estate journey!

Hey! Currently working on a duplex property in North Jersey and see that it currently does not have a driveway. However, the backyard from what we can see has space to do the paving/blacktop on it to fit 2-4 cars. Currently there is no fence to close off the backyard, just grass and seems like previous owner was parking cars on top. Does anyone know what permits or licenses are required for a project like this? Or any other advice regarding the process? Appreciate the help in advance

Hello!

Curious to know if anyone has had experience working with Real Estate Investment Groups. I currently hold a real estate license in NJ and have partnered up with an individual who has capital who wants to obtain investment properties. The idea is to find other individuals to work with who have the capital, purchase property, rehab and flip. We have a good network of contractors.  I will be going to talk to my accountant in the coming week and will also see if he can recommend a real estate lawyer in the area.

What would be your advice to starting out this venture?

What are some questions I should ask the accountant? Lawyer?

I appreciate the help in advance!

@Giovanni Casuccio Welcome to NJ!

Would you consider looking into other cities that are commuter friendly?

Such as Newark/Elizabeth that have train stations/bus stations.

@Sidney Garcia Hey you can try out city-data.com, it’s a website that gives data on crime rates, population growth, income etc. There’s many multi units available throughout NJ just have to do some research and run numbers to see what works best for you!

Niraj! Congrats! It seems that we share a similar plans in real estate! Awesome! Look forward to collaborating with you.