All Forum Posts by: Etan Ofrane

I had posted this a few months back, but I just listed a nice cash flowing 3 family property in East Orange at 29 Linden Ave.  

https://www.realtor.com/realestateandhomes-detail/29-Linden-Ave_East-Orange_NJ_07018_M95349-52287

Having an open house today from 12:00-2:00 if anyone is interested in stopping by.  I'm happy to chat and answer any questions.  There's not a lot of these 3 families on the market and it's in a great location.

I'm working with someone that is selling a great 3 family home in East Orange in a great location.  Really good cash flow with $4125 in rent.  It's occupied and tenants are month to month and rents could definitely be raised right away.  Priced to sell at 324,900.  It's not listed yet.  Message me if you're interested, happy to chat and answer questions.

Thanks for the input so far. Just to explain the situation and numbers further, one bank appraised it for 825, but I'm a realtor and if I flipped it tomorrow with 0 work I could get 900 for it. Single family homes are a hot commodity in Jersey City and because they are not really building more are appreciating very quickly. ARV would be about 1.2M, so not as good as 1.25M, but one of the reasons I bought is because it's right next door to me and connects to my home and I have some longer term plans for the properties (e.g. building up). Hope that provides a little more context.

Hi all.  I live in Jersey City, NJ and I recently bought a single family home right next to the one I live in for $750K.  I paid cash with money from a 1031 exchange as well as a home equity line of credit from my primary residence.  The place needs about $150-200k of work.  The problem is I am having trouble getting the equity out of the property to use for renovation.  It seems crazy that a bank wouldn't give me some kind of equity line of credit since the property just appraised for $825k but I haven't had any luck with the few banks that I've tried (TD bank and some local banks).  The issues are: 

1.) some banks have said it's not habitable (not all), 

2.) It's obviously not yet producing income since it needs work

3.) A lot of banks won't do HELOC's on investment properties

I could easily get a hard money loan, but am not really interested in paying those interest rates (14%!!!).  I'm surprised that this is so difficult as I'm sitting on a completely owned asset worth 800k.  Are there any products/banks I should be exploring?  Any advice would be much appreciated.  Also, I know that these numbers seem absurdly high to people outside the NY metro area.  That's because they are absurdly high and this area is ridiculous.