All Forum Posts by: Jessica Zolotorofe

Hi @Travis Hargreaves. Depends on your local zoning regulations, so I would hire a good zoning attorney in your county, but the biggest factors are setbacks and coverage, so if the town requires a certain setback from the sidelines of each property, it may not work if you don't get that many feet between the 2 houses. If they're not equidistant from the sides/road, could have more coverage on one lot and not as much on the other. Really depends on the configuration of the houses within the property. A lawyer who is familiar with zoning and planning (and doesn't hurt if they are a "friendly face" to the board) in your locality would be your best bet. Good luck!

That's a tough one. You probably have to go into neighboring towns that you can make an argument for being similar in demographic and proximity to transportation, or whatever makes your property unique to justify your price. Otherwise, you just have to extrapolate. See if you can find appraiser adjustment rates online. So, if you have a 4 bedroom and the last sale is a 5 bedroom, what do they typically take off per bedroom... If it's 30-40 years older, what does an appraiser take off for that category, etc. Some of it will just be throw a number at the wall and see if it sticks. Let the market dictate whether it's a fair price. The other option is get an appraisal and let the appraiser figure it out! 

While I agree with Chris as to the 2-3 months as a rule of thumb, if you can show where the funds flow from, i.e. one of the members of an entity made a loan to the entity per an operating agreement, or a sole member invested personal funds, or if you get a gift letter from a family member or friend, or you move money from another affiliated entity's account to a newly formed entity account, those things you can most likely get away with.

I agree for the most part with Jason, although I think Downtown still has some growth coming, so hanging on a little longer can't hurt. i don't think you'll lose value. The Heights is slowing down and is inundated with new builds, so I might consider selling. West Side and Bergen Lafayette still have a ways to go, but they are getting there, so I would hang tight if it's those neighborhoods. The market literally varies block by block, but generally, the neighborhood inventory and recent sales trends should give you a decent idea as to whether it's time. 

Depends what part pf JC...

There are a bunch online. If you don't want to pay for an attorney, I would read through your standard realtor's contract for your state and just make it into your own contract with very similar provisions.

Are you purchasing residential or commercial? 

Good morning! Yes, first confirm the zoning and make sure that it is properly zoned for residential. Then get an engineer or architect on board to sketch out the buildings based on density, setbacks, other municipal and county requirements, etc. Once you have a site plan, assuming you are zoned property and don't need variances or approvals (so you don't really need a zoning attorney), contact a few GCs and interview them to see which you mesh with. They will usually handle, or have experts they can refer that will handle the permits and approvals necessary for construction. That's the basic process!

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If its less than 4 units, it's not a big deal. If it's 4 or more, you have to deal with the DCA and a public offering statement and then it's a real pain and costly legal fees.