All Forum Posts by: Johnson Joseph

Great meeting everyone last night! Will this be a monthly meetup/happy hour? 

Hi Everyone, 

Looking forward to connecting with you, I'm interested in investing in the Cleveland Market. 

Amazing story thank you for sharing your experience! 

Hi @Brett Goldsmith

The current value of the home is between $150K-$175K. That's a good question which we would have to find out if adding an additional unit how much will it increase the property value. 

1. I figured that much the 1st lien will stay have to be paid off either way. 

Thank you for your feedback I will touch bases with them. 

@Kyle J.

Thank you for your insight definitely increasing the rent will help a lot and converting to a triplex can be a possible option as well.

@Bill Brandt

The family member owned the property for quite some time now 15+ years and refinanced a few times.

@John Teachout

The family member owned the property for quite some time now 15+ years refinanced a few times and when the real estate market took a hit so did the value of the property. No major repairs has be done to the property

I have a family member that is an owner-occupant of a duplex and has a mortgage that is underwater. They have one tenant, they are keeping up with the payments and would like to keep the property.

• - The property is located in Irvington, NJ
• - Duplex home and can potentially be converted to a triplex
• - The mortgage balance is $265K
• - Current Property value is $150K - $175K
• - Balance - $115K - $90K
• - Rent is below market rate

What are some creative ways to add value to the property to potentially increase equity? Would it make sense to make a large lump sum mortgage payment, complete some renovation work or thoughts about converting to triplex but that would increase the taxes on the property and maybe a process to get that done?

Any ideas or insights would be great or if anyone knows or been through a similar situation this would be very helpful!

Thank you

I have a family member that is an owner-occupant of a duplex and has a mortgage that is underwater. They have one tenant, they are keeping up with the payments and would like to keep the property.  

• - The property is located in Irvington, NJ 
• - Duplex home and can potentially be converted to a triplex  
• - The mortgage balance is $265K
• - Current Property value is $150K - $175K
• - Balance - $115K - $90K
• - Rent is below market rate

What are some creative ways to add value to the property to potentially increase equity? Would it make sense to make a large lump sum mortgage payment, complete some renovation work or thoughts about converting to triplex but that would increase the taxes on the property and maybe a process to get that done? 

Any ideas or insights would be great or if anyone knows or been through a similar situation this would be very helpful! 

Thank you 

Thank you @Joseph Firmin