All Forum Posts by: Ivan Shao

Hello, BP community!! 

Recently,  I acquired a 2 families property ( with finished basement) ;  I would like to convert it to legal 3 families property.    Any BP members can give us advice and share experience in conversion.   What procedure would be required by the town? 

Thank you!!

Hello @Mike Nelson!!  It is a 2 families house with 500 gallon tank. 

Hello, BP community!!  I am about to close a property; however, my attorney found there is a oil tank under the property, which had been filled sand back to 2006.   My attorney suggest us to demand seller to complete oil tank removal prior closing the property to protect us from potential big ticket repair cost if the soil contaminate or someday the town mandatory request all property remove oil tank.     Seller is still struggling whether they will commit removing the oil tank prior closing.  

I would like to get some advice from BP whether or not we shall proceed the deal if seller refuse remove the oil tank.

Thank you in advance for all your input!!

Thanks @Robert Young

@Robert Young Hello, does Rafael work with you before ? he willing to take job from NJ?

Thank you!!

@Jay Lu i am in process working with architect to get a drawing so i can send the drawing out for bid.  are you GC from brooklyn?

@Russell Brazil i will move to other property as primary residence. so this condo will be refi as investment property.  I just got back from lender that we locked in for 4.5% (even sweeter rate i guess :) ) for this condo.  It is great for me .

Hello @Jessica Zolotorofe in Weehawken

Hello @Russell Brazil !! Glad to see your reply this post ; )

So 4.625% is fair or even good rate for now. Since I am going to house hack a 2 families house, leave my current condo as investment property. However, condo can't produce good cash flow in NJ ( thanks for the appreciation, it increase my equity and possible leave me about $200 / mo cash flow for this 370k condo), I am looking for sell the condo and find another investment property after i settle down at the new home. My mortgage officer suggest me to use ARM ( Adjustable Rate Mortgage) for condo refi as we expect to sell it in near future. May i seek your advice and opinion on my situation : )