All Forum Posts by: Jordan Gregg

@Vaughn Smith I grew up in Matawan NJ but I don't really have any knowledge from an investor perspective.  Taxes in Central NJ can also be pretty steep though.  As far as commuting, Iselin has the metropark which can get you to Penn Station in ~30 minutes.  Study the NJ Transit maps and you'll get an idea of which towns to target if that's your goal.

Thinking some more.. North Bergen also has more reasonable taxes (compared to union city, jc) and is a pretty short bus to Port Authority.  Still, I'd say bigger picture higher taxes can yield higher rents.. run the numbers and focus on the complete picture.  Regarding pre-approval, my Dad is a lender - I'd be happy to put you in touch if you need anything on that front.

Hope this helps

Hi @Vaughn Smith I think your budget will play into the picture here.  There is a big difference between Hoboken and Bloomfield for example.  Also, if you are primarily concerned with cash flow, I think you'll have a very tough time finding it in some of those markets - Hoboken, Weehawken, and nicer parts of JC have a lot of cash buyers looking for a place to park money as well as appreciation players.  Montclair and Rutherford you will face competition from owner occupants who are less interested in cash flow and more interested in simply offsetting expenses to live in one of those desirable towns, send kids to better schools, etc.

I agree with @Account Closed on the towns he listed based on your need to have an easy commute.  I also like Bloomfield personally.

Hi @Alina Trigub  I have not found anyone in the area yet.  I will keep an ear out and let you know if I do find someone.

Thanks @Darren Sager.  I'll head into the zoning office tomorrow, probably better than attempting get my specific questions answered over the phone.  The basement is 80% above grade (backs into a hill) with normal height/size windows and two full size doors that walk-out to the side driveway/front sidewalk.  Hopefully that would satisfy the requirements.

.... I also understand that any advice/opinion on this forum is for informational purposes only, each situation can be unique, etc etc.  I'm also checking with some contractors and attorneys in my network.  Just trying to get as many perspectives as possible.  Thanks again!

Thanks @Darren Sager.  I really appreciate you taking the time to give your advice.

If I wanted to add bedrooms, would this require a different type of permit or variance?  I think I'm slightly confused on what the difference is between a permit and a variance... I initially thought that variance was only to change from 2-->3 units for example.

Regarding finishing basements without bedrooms, in your experience is it just hoops that need to be jumped through/permits needed, or are there scenarios where you could be denied/not approved entirely?  This is my first purchase (don't want to do anything stupid) and the rents could swing 600/month depending on what I'm allowed to do in the basement - I'd be in the red from a cashflow perspective if I can't duplex them.

Am I rolling the dice here / do you not typically find out for sure until you close and begin renovations?  

Thanks again for your input!

Thanks @Darren Sager for the quick reply, maybe I miscommunicated to the rep at the zoning dept.  I am doing some additional homework and will post my findings.

Hello everyone, I have a similar question.  I am looking at a property that has a garden level/basement with ~7ft ceilings, normal height/size windows, and 2 separate ground level entrances/exits... it backs onto a hill and is roughly 80% above grade.  I would not rent out the space as a separate unit but I am trying to determine if I can legally duplex the first floor and garden level units to create more living space (there is already a stairwell that could be used).  I called the Jersey City zoning dept and they said the basement is currently not listed as legal and it would require a variance.  Does anyone have experience obtaining a variance for this type of usage?  @Darren Sager it sounds like you may have done this before?

Hi @Neil Patel I put in an offer on a 4plex (26 Ella St) but got beat out by a cash offer.  I've still been keeping my eyes out.  I like the area just northeast of the train, has a very neighborhood feel and most of the houses seem fairly well cared for.  While I was touring 26 Ella, I also ran into a guy in his mid-late 20s who bought a 3plex up the street.  He said he's very happy there (never felt unsafe) and has one friend who also bought a multi around the corner.  He has another friend who is also looking to house hack in the area.  All really good signs.  Good luck!

Hello BP community - I am getting ready to make an offer on a REO and will be going with FHA 203k financing. I have a couple inspector referrals from my agent but BP has been great for finding quality people in the business.

The property is in Bloomfield, NJ so anyone in Montclair, Newark, Orange, East Orange, Belleville, Glen Ridge, Nutley Clifton, Passaic, Lyndhurst would be great (sorry everyone for the keyword alert blast!).

I am also looking for a contractor. Thanks!