All Forum Posts by: Corey Kenney

@Steve Morris

There is no property disclosures required in NJ. As far as I know just a common law that protects a buyer from hidden materials facts.

@Theresa Harris

Thanks Theresa for the input. I am the realtor in this transaction and I have sent the listing over to my attorney but I was curious as to the thoughts of others in this scenario while I’m waiting for him to get back to me . I have a potential 75k profit so I would be silly to walk away for even a 15K hit from that, it’s still a great deal.

In my scenario the property was being marketed as having “Central Air” cooling and it actually spells It out on the listing twice so I didn’t question it and after seeing so many properties that day i assumed everything was good to go. What are my options? I know that sometimes a condenser gets stolen from the the outside but this has no AC at all and will now need the duct work as well as the AC system which could cost me 10-15K. That’s a big mistake in my opinion. Thanks

I’m sure I could use this error to back out of the deal but I’ve already invested time and money into this deal and I am currently in the process of applying for a land use variance(Rezoned).

Should the seller have to pay for the entire thing if they provided false information to the listing agent?

I have a property under contract that I am penciling out my thoughts for the SOW before I bring over contractors and I originally thought I would have to remove it and install a new ac/furnace but my interior designer mentioned that some people like them if done with decorative covers but I just didn’t see that matching my original plan/style even though I was going for a traditional meets modern look thats very clean,lots of whites(Not Sterile) with warm fixtures and hardware.. I just was wondering what others may be doing in their area. As always thanks in advance!

I have a house under contract that is currently zoned commercial and the purchase and sale are contingent upon the property being rezoned a.k.a. (land use variance)residential. Normally it is the owner of the property that needs to make a case to the board but it does specify that it may be someone else with interest in the property with the owners consent. My question is If I pay to have a lawyer work with me and pay the engineer/ architect to draw the plans needed couldn't the seller turn around and list the property once they memorialize that new approved use. Yes I have a contract and yes I should get my EMD back but what is preventing them from selling it now that the value has increased dramatically. I assume I could file suit and hope to get a judgement bit that's more of my time spent with no return or do I not have a leg to stand on. Do I need to have an addendum that specifies the seller can't screw me or is it implied?

Can anyone please share their experience with having a property rezoned and how long it took to have the blueprints completed and at what cost? Thanks

@Justin Shepherd

In my case there is a difference between a distribution and a loan. I have no problem borrowing from myself and paying back myself if that’s what it takes. If you take a distribution you pay tax and potentially a penalty..(Cares Act aside) if you take a loan out,you pay interest. There’s no penalty with the loan and as long as you make your payments as agreed, you put the money back either way in a worse case scenario. If I successfully execute a RE transaction I should be able to pay off what I borrow anyway but that’s just a bonus. I had to make a decision about what mattered most to me. If you have dedicated your life to getting educated about real estate like I have then you should see how your money sitting in a 401 is an easy opportunity to get started. I want a better life now for my family, not a more secure life for myself in my golden years. I want to build generational wealth and develop knowledge that I can pass on and then I will know that my addiction to RealEstate was part of a bigger purpose..

I will know why podcasts have completely replaced music in my life..

Just my opinion

Good morning BP family,

Today or tomorrow I should have a signed contract on a commercial property that I need to rezone to Residential. The listing agent seems to think that it’s no big deal, they just press a button and change it once you ask but I know after my phone calls to the zoning board that I need to hire a lawyer and an engineer hopefully not an architect as well to prepare the plans/ blueprints and anything else they require. I had to selected a closing date 45 days from now with hopes that I get everything ready to go by next month, given the fact that I made the sale contingent upon the property being approved to become residential After browsing some things I read on the forums it looks like I may be off on my timeline here by a couple months. Is there something else that will need to be done besides the blueprints and why does it take 3 months to do? Obviously they may be busy like many others or maybe not and there could be a possibility of having it done sooner. Just looking for any experience in executing this type transaction. Thanks to all in advance.

Also, can you provide an estimate range on getting this done for 1700sqft building/home. Is it $5,000 or $25,000?

Have a great day!

@Alison Niko

I know it’s probably not what your referring to when you say NJ shore but you may not be limited to house hacking if you looked into a less competitive market..Or it could make it that much more profitable if you could take advantage of lower prices in the path of progress at Atlantic City right off the beach. I read an article just the other week on that area and have been doing some research also virtually walking the streets and I was surprised how it’s starting to look. Investors have been buying up multiple lots and building new or doing full renovations on the old properties. It’s probably the only ”NJ Beach”place you’ll be able to compete with a low barrier to entry. I personally would love to be apart of just cleaning up the area. This is just my personal opinion and observation. If I had additional money that I could invest for more of a long term appreciation game that’s where it would go. Some may disagree but I still see potential there. I don’t want to speak on what cash flow numbers would look like in that area because I’m not investing there but I would assume you could make it work. I’m curious to know others thoughts are on that area?

@Irfan Raza

Is that a standard industry timeline to have blueprints done? I need to have blueprints done on a property that I hope to rezone from Commercial to Residential. I see your in Philadelphia. Can you or anyone else recommend someone to me in our area that can help me out with this.