All Forum Posts by: Brian Acosta

In Bergen County, NJ - Considering an offer on a vacant lot currently zoned for Single Family use but my intention would be a Top/Bottom duplex for my own occupancy. The lot is surrounded by other two family homes - but, they're all 40+ years old. 

Does anyone have a recommendation on an attorney or land use expert in the area?

Does anyone have any experience with successfully getting a use variance in NJ? What did it end up costing you?

Looking at how to improve my DTI for next purchase and noticed that the mortgage payment on my credit report includes full escrow (taxes/insurance) which is significant at $1,200. Since its on my credit report it will be used for DTI calculations.

If I manage to get my mortgage company to waive escrow, and the payment reported to credit bureau decreases, will other banks ask me to provide them proof of the tax/insurance payment amount when calculating DTI ratios?

I live in NYC and faced the same problems. A year of research lead me to Hackensack, NJ with a focus on areas near the train and bus stops. On the train, it's an hour commute to the financial district and ~45 to midtown.

The MLS has 2 families in need of repair in the 300k range. You can do better on off-market deals i'm sure.

I am closing on my first owner occupied duplex just now. Feel free to ping me if you want further details.

You should run fast and far.  $3k a month rent with $2k a month mortgage leaves 1k a month for taxes, management, insurance, vacancies, repairs, etc. Your chance of cash flowing is nil.

You are jumping the gun on planning your next purchase. First make sure the one you're working today will be profitable.

I'll be there.

-Brian