All Forum Posts by: Leeor Shimron

I am looking to buy a single family house for a fix and flip in Bergen County, NJ. The seller told us there is a tenant who has illegally been living in his basement for the last 12 months. The property is not zoned as a two family. Legally, how can I evict him and how long should I expect that to take? This is the only issue that preventing me from closing on the project. Is this issue a deal breaker?

I am about to pick up a fix and flip property in Bergen County, New Jersey. I have a 10 day inspection period to perform due diligence and inspect the property. I will conduct the following inspections: oil tank contamination inspection and appraisal of property. What other inspections are needed that I am missing?

Thanks!

@Achi Adamit What other details would you need? Thanks.

@Dan Chandler Our current focus is residential properties in Bergen County. Hopefully we will expand to other areas soon! 

whoops, sorry meant that each apartment is 1300 sq ft :) 

Hi BP Community!

My name is Leeor and I recently joined the BP community. I grew up in Bergen County, NJ and I just moved back after spending a year working in Silicon Valley. My role was business development with a focus of selling data management software to the government which was a painfully slow process. After deciding I could no longer continue working for someone else, I moved back to New Jersey to build a real estate development and investment company with my father. My father has extensive experience rehabbing and developing new construction homes, completing over a dozen projects in the last decade. Our new venture is called the the Shimron Investment Group (SIG) and our focus is managing construction projects for single and multi-family homes in North Jersey. 

I look forward to interacting with all of you on the BP forum!

Leeor

Hi BP community! 

I have a valuation question that you can hopefully help me out with :) My partner and I currently own a building in Teaneck, NJ that includes a restaurant and two (3 bedroom) apartments. The restaurant is 2000 sq ft and each bedroom is 1300 sq ft., there is also a parking lot that can fit 10 cars. We have put extensive work into the building and it is in very good condition. We currently have a $200k mortgage on the property, and after paying the mortgage payment, insurance, and taxes our yearly net income is $40k. We are looking to sell the property to free up funds we can use on other projects. Based on this scenario, how much do you think the property is worth? We have received a couple offers, but I would like your objective opinion on what you think it is worth.

Thanks!