All Forum Posts by: Christopher Lombardi

You should base your decision on your current return on equity and potential return on equity doing other deals.  If you are only getting 6% annual rate of return on that 60k and could be getting 12% on another deal, you should definitely sell and move your money to better performing properties. 

You should always contact the local zoning official to ask if it can still be used.  But, with that said, as long as it has not been used for commercial purposes yet or has stopped being used as a single family home, you should be allowed to continue the use as a single family home.  Say you decide you want to turn it into a real estate brokerage office and put a sign out front- well once you do that you will not be allowed to go back and turn it back into a house.  Just continue the use and you should be fine. 

@Sam Alomari evictions tKe 2 months - 3 max in NJ. Not terrible.

Scott, thanks for the advice.  I would definitely be doing them in Phases and also would have everything in writing.  Its good advice. 

@Scott Meyers. Thanks for the response. It’s land with approvals to build a very high end two story climate controlled facility. It would be three buildings with 30k sqft each. Just not used to doing this type of development. The engineer was estimating 900k per building but I wanted to double check the numbers for getting in. The seller is willing to sell to me for nothing with some share in the profit on the backend. I’m just trying to figure out what to expect.

I’m wondering if anyone has used any creative techniques with regards to buying a home worth less than the mortgage owed. The one in particular that I like is on its way to auction but I would love to try to work something out ahead of time. I know you can negotiate a short sale but has anyone ever been able to negotiate other creative terms with a bank?

@Katie Cava check out www.MyTrustedAgents.com

I would sell your NJ home.  I guarantee you will be able to find two houses in NC for the price of one in NJ.  

If you enjoy being handy, then you'll enjoy working on your own properties.  It can't be a bad thing.  Just be willing to give up some control as you grow.

I have the opportunity to but a self storage development site for next to nothing, but I know nothing about this type of business.   Anyone here built one before?  This one is climate controlled, 60k sqft with 500 units.   I'm thinking $75 /sqft including site work?   Its a very nice, higher end facility.   Let me know if I'm way off.  I appreciate any help.