All Forum Posts by: Lamont Chen

@Mike Martin

Solar panels do increase the value for the home (if you own them and not lease from a company) but the initial cost usually does not equal the value increase of the home. If you are living in the home and have solar, after a couple years you will hit the "break-even" point for your utility savings and from there selling with the panels sort of makes sense.

In the end its all a math problem but I would not add new panels to a home to flip/sell immediately.

@Youssra Dwedar

A couple years ago I use to work  in NYC commuting from the Hudson county NJ area and seldom got to the Manhattan office faster than my colleagues whom lived in neighboring boroughs. North NJ is competitive but cheaper than what you may find in some of the boroughs.

Feel free to DM me and I can share some insights for the area.

@Matt Oberski

Since more doors are under 1 roof you can make more money because of some shared capital expenditures. However, you should calculate your CoC return because the 4 family everyone is chasing gives you 5% CoC whereas the 3 family home down the street will give you 12% CoC return.

@Mark Ham

Yes once you get your real estate license as an agent you need to get sponsorship from a broker. This kind of adds a layer of protection for the general public since new agents may not know all the in's and out's for a real estate transaction so having a broker whom has dealt with many transactions are able to make sure all transactions are sound.

@Michael John

If you sold the home or 1031 you would lose the cashflow you have. Depending if your longer term is to own many properties with such low rates you can do a cash out refinance to purchase your primary residence. That way part of the reduced cashflow can pay your new mortgage too.

@Ayana Morali

Have you reached out to your HOA for your apartment to see if they can take a look? It seems like it could be another apartment which is impacting yours which can be a tricky scenario.

Feel free to DM me and I can see how I can help.

@Cameron Butler

I'm not sure what area you are in but that sounds like a good idea.

Also you probably need to notify the town so that if it does come time to sell or refinance they have you down as a 3 bed 2 full bath instead of a 1.5 bath.

@Justin Bryant

I'm working on a new construction duplex and I was able to get a construction loan. Perhaps you can ask a couple more banks in your area which advertise construction loans and you can see if they are offering for your area. Also if you are working with a realtor in your area who is familiar with new construction they may be able to help you negotiate with the builder.

Sometimes they say its 180k to build but if you look at the detailed specification sheet (types of materials which will be used in the home) you may wind up doing lots of upgrades to fit your needs/area.

Good luck!

@Shawn Mcenteer

Beautiful home congrats on the deal

@Olivia Evans 

Yep for sure I can give you my 2 cents for the area. I'll shoot you a DM.