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All Forum Posts by: Christie Duffy

Christie Duffy has started 12 posts and replied 72 times.

Post: Montclair Multifamily's

Christie DuffyPosted
  • Real Estate Agent
  • North Jersey
  • Posts 76
  • Votes 29

Hi @Tim Pagano -- depending on how many new buildings go up - I think it'll be a rising tide lifts all ships scenario, driving up rents all around.  

I think a lot of Montclair's multi-family rental prices are seriously undervalued. Probably because the house itself is in bad shape and it sits just north of Bloomfield Avenue (which used to be a less desirable area, and still is on some blocks).

Currently, Montclair's brand new apartments may be able to get higher rent than old multis. But they don't come with a private backyard, a driveway, a basement, etc. I also think that there are a lot of tenants who seek out Montclair homes specifically for their history and character. Of course, renters will look at the new buildings vs. old multis and think - but I want a new kitchen and bath? So to stay competitive - I think updates will be necessary (thereby driving up rents all around). 

I know here in Hoboken, the brownstones and the smaller buildings with only 1 or 2 units are often preferred and more expensive, versus the brand new buildings with 20 units, an elevator and a gym. (Those new buildings with all the amenities also come with big HOAs btw.) In Hoboken, we fetch just as high, if not higher rent for units in a small/old buildings (with updates inside) - because you're paying for privacy. 

In Montclair, the new apartment buildings may win over some renters - but there will always be tenants coming into town who are hunting for charm.

Post: Montclair Multifamily's

Christie DuffyPosted
  • Real Estate Agent
  • North Jersey
  • Posts 76
  • Votes 29

While I wouldn't be jumping up and down to live on mission/new street - it's certainly not 'dangerous'. Crime is low in Montclair. Those blocks are just low income and in rough shape. In terms of investing, my concern would be finding renters at a higher price point and resale value - because tenants/buyers see the rundown property across the street or hear about south of bloomfield's bad rep. But the truth is, anything south of upper montclair used to be less desirable - and now that line has extended to Bloomfield Ave and even further south of Bloomfield Ave on specific blocks. I'm really optimistic about Montclair, I think all the 'rougher' neighborhoods are going to be the I-wish-I-had-bought-back-then properties of the future (barring a cataclysmic event). 3 train stations, multiple bus stops and tons of restaurants and parks, historical homes, culture, and good schools - what's not to like? Montclair is the most popular place to rent in north jersey after Jersey City/Hoboken among young professionals, students and young families, I would argue. 

Post: Total Knockdown!

Christie DuffyPosted
  • Real Estate Agent
  • North Jersey
  • Posts 76
  • Votes 29

Thanks @JD Martin and @Jim Adrian- I will talk to the town building dept!  

And I appreciate the price ranges! And yes - @Joe Cantanzriti this property is out further in the suburbs. These ballpark ranges provide me with a good jumping off point. Next I plan to try to find a contractor to walk the property with me in an effort to narrow it down!

Post: Total Knockdown!

Christie DuffyPosted
  • Real Estate Agent
  • North Jersey
  • Posts 76
  • Votes 29

Yes the entire block is zoned for two-family properties. The house is currently a single family. 

Thanks for the price range! Do you have any recommendations or referrals for a contractor and engineer/architect?

Post: Total Knockdown!

Christie DuffyPosted
  • Real Estate Agent
  • North Jersey
  • Posts 76
  • Votes 29

Good morning,

I have an opportunity to buy a home in a fantastic area in northern New Jersey! The house is a total knockdown. Perhaps it can be taken down to the studs and reconfigured at best. I'd like to build a very small two-family in the house's original footprint - 2,000 sq. ft. 4BD 2BA, plus an unfinished basement.

Anyone out there have experience doing something exactly like this? Trying to get a ballpark on construction costs. I realize this may differ from region to region - but perhaps there are some New Yorkers/New Jerseyans out there who can answer this. This is in a suburb of NYC.

Thank you!

Post: Total Knockdown!

Christie DuffyPosted
  • Real Estate Agent
  • North Jersey
  • Posts 76
  • Votes 29

Good morning,

I have an opportunity to buy a home in a fantastic area in northern New Jersey! The house is a total knockdown. Perhaps it can be taken down to the studs and reconfigured at best. I'd like to build a very small two-family in the house's original footprint - 2,000 sq. ft. 4BD 2BA, plus an unfinished basement.

Anyone out there have experience doing something exactly like this? Trying to get a ballpark on construction costs.

Thanks!

Post: Trying to make a seller-financed deal, but she has $60k loan?

Christie DuffyPosted
  • Real Estate Agent
  • North Jersey
  • Posts 76
  • Votes 29

Hey all -

I am trying to make my first seller-financed deal for an off-market two-family home in Rutherford, NJ. The seller has no mortgage, but I just found out she has a $65k home equity loan and she is behind on making payments.

How would you handle this? I'm looking for creative ways to wrap it into the deal and/or to take over her loan. I'm firm on the down payment I've offered her, so I'm not interested in using that to account for the loan issue. I'm especially interested to hear from anyone with experience in New Jersey, in case any state-specific rules apply. Thank you!! 

Post: Help analyzing a deal

Christie DuffyPosted
  • Real Estate Agent
  • North Jersey
  • Posts 76
  • Votes 29

Thanks for the insight @Ryan Goldfarb - you guessed right. It was Montclair. And what a hot market -- just found out that another two-family I was interested in about a month ago went for $100k over list price. 

Post: Help analyzing a deal

Christie DuffyPosted
  • Real Estate Agent
  • North Jersey
  • Posts 76
  • Votes 29

Thanks so much for your input @Ryan Goldfarb -- I offered asking price but unfortunately didn't get the house. It got 14 bids! 

I used the BP rental property calculator and came up with the $100k reno estimate by listing every item that needed to be fixed as we walked through the house. It was a long list! Using info on BP and research elsewhere I was able to price out each item and went with prices on the high end to be safe. 

We currently own in Hoboken but looking to move into/purchase a multi and hang onto the condo here to try and grow equity. Since I see your from the area -- any multifamily markets you recommend? We've been shopping montclair. Also rutherford. Considered looking red bank or Morristown but both are far from NYC.

Post: Help analyzing a deal

Christie DuffyPosted
  • Real Estate Agent
  • North Jersey
  • Posts 76
  • Votes 29

Hi @Gerald Demers -- thanks for having a look at this.

No to the separate tax ID. Looking to do a 203k loan. First time buyer so 5% down and would like $100k for rehab from bank. I'm pre-approved.

Rental vacancy rate this town is very low (3.1%). I'm budgeting $120/mo for that. Because of all the rehab upfront I'm budgeting $273/mo for capex (7%) and roughly $200/mo maintenance.