All Forum Posts by: Hui Song

They back out from our offer again event it is in attorney review. 

@Ibrahim Hughes

The seller does not have insurance for oil tank. Right now, the seller back out from the offer. It’s was listed as $483K in 2019. on and back to market a few times with different realtors. It has unpaid balance $430K to bank. The seller is 85 years / 75 years old couple. They refused our $430K offer before.  The most recent listing price is $600K. Their res get our offer two days ago  in attorney review.

Oil tank in old house is common here in New Jersey. I tried to avoid buy a house with oil tank before. Right now, a old house with working underground oil tank accept my lowball offer. I am debating with myself about this deal. I have 3 days attorney review time to make final decision. The house is for sale “as is”. But my offer dies has inspection contingency. I should able to pull out of the deal if I find oil tank leak. 

Does anyone in BP have experience of dealing with working oil tank? Which oil tank leaking testing company do you recommend? Is that test reliable? If I purchase this house, should I keep using the oil heating system? If I convert it to gas, should I keep the tank underground or take it out? Any suggestions will be greatly appreciate. 

@Luis Savery
Craiglist. Usually they already team up.  You sign one lease with all of them. It is not a rooming house. You can not install key locks on bedroom doors.

In Jersey Heights, the rent of old building  is around $1600/month for a 2 bedroom apartment, around $1800 for 3 bedroom 1 bathroom apartment. The students normally pay around $700/room depending on the room size. It does not make send to rent the 2 bedroom apartment to student. But for 3 bedroom apartment, you try to add one small Half bathroom and cut out the living room, you can get $2500+ by renting to student. 

My contractor is building a 11 one bedroom apartments building on 424 W Side Ave. That building target student from NJCU who need more privacy.

Many students from Stevens stay in Jersey Heights, Jersey City.

 When Jersey City legalized Airbnb in 2016, we turned 2 duplexes from student housing to Airbnb short term rental. Right now, Jersey City has new ordinance to ban Airbnb, we want to turn the properties back to students housing. But no student come now due to virus pandemic. Hopefully, they will come after summer.

For students housing, normally, big apartment with more bedrooms is more profitable. Even the living room can be cut out to make a bedroom. But you have to handle turnover every summer.

I am in north New Jersey and just start thinking about investing in Philadelphia too. There is a zoom meetup today focus on investing in Philly. You maybe interested in attending it.  https://www.biggerpockets.com/...

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $580,000
Cash invested: $160,000

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $580,000
Cash invested: $160,000

2nd BrrrrnB in Jersey City

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $580,000
Cash invested: $160,000

@David Haynes
This is Hui Song from north NJ.  I would love to connect with you regarding rental property in Philadelphia area. Brrr or ready to rent.