All Forum Posts by: Mala S.

Many landlords in my area charge a small initial application fee ($25-$35), but personally I think this is unethical. I never charge any fees for an initial application. I do my initial screening and narrow it down to 2-3 applicants. I then ask just those people to pay for background check to make my final selection. Regarding the deposit, there will be local laws about this for your area.

Yes, I worked throughout college. The experience I gained was invaluable. One job I had was to measure houses to produce as-builds for renovation projects. It felt super tedious at the time to measure every nook and cranny of a huge house for days, and then do it all over again for the next one. But after I had measured several dozen of these houses I could see the patterns of construction and had a better understanding of how things were built. I still think back to the lessons I learned measuring those houses in my work now. ( maybe even more than my architecture classes in college)

Thanks Chris Mason . Let me clarify a bit, because I do want all the rental income to be calculated in the appraisal... This is a 3 family property. 1st unit is a 1 bedroom apt - rented with typical lease to a couple 2nd unit is a 3 bedroom - my family (me, husband and daughter) live in this unit. My daughter will provide the massive mess of toys to prove it ;) 3rd unit is a 3 bedroom - I want to have 3 separate lease agreements with three roommates. I want the income to count towards the appraisal on a heloc or refi. Will the fact that they are on 3 different leases be an issue?

I am considering renting a 3 br apartment by the room. This is in a 3 unit house where I will be living in one of the units and the 3rd unit is rented with a typical lease. Renting by the room makes sense for the location since if I listed the whole apartment I would likely get 3 friends wanting a roommate situation anyways. I would prefer to have an individual lease with each tenant in these cases. So my question is: I plan on doing a refi or getting a HELOC within the next year. Will the above affect the appraisal of the property? Do lenders frown upon this arrangement? Could this cause any issues with a refi or heloc application? Thanks in advance for taking the time to respond!

I get 3-4 of these offers every month. My guess is that they are trying to entice people to put lots of debt on the cards and then not be able to pay it back so they can make some money. If you are one of those “pay it off in full every month” people, they are going to keep trying to find ways to get you!!

I Airbnb’d my studio apartment for a while and found that it was a lot of work and expense for not enough return and the studio is a 15 min bus ride to Times Square (so it was always fully booked). You should also evaluate this scenario with the potential income you could get if it was a long term rental (which will be lower than Airbnb). Don’t forget to include permits / alterations req for making the apartment legal. If it still makes sense to you, you should do it!

When will you have New Jersey forms available?

Thanks @John Mocker.

I have been having issues due to proximity to coast, even though this property is elevated very high above the water table and nowhere near the flood elevation. I had 1 insurer who wouldn't insure due to proximity to coast, another that doesn't do 3 family. 

I have 2 quotes so far, one for $3600 and one for $5700 - both much higher than I expected. I have a two family just a few blocks away that is insured for under 1k.

I was hoping to get some recommendations for companies that specialize in commercial properties.I will be living in one of the units but Ive been told it still needs to be insured like its commercial. I've already tried State Farm, Farmers, Allstate & Liberty....

You should have an architect in your area take a look at the property and confirm what is possible. An architect will check zoning constraints, identify potential issues and tell you how many units/bedrooms are possible. That way you can have a better idea of cost prohibitive obstacles,cost of construction and future income possibilities. Architects are often hired to do this preliminary work prior to the property being purchased. 

Good luck! I love a good conversion :)

Hi Vincent, 

Don't be afraid of the multifamily! Housing hacking can be a powerful tool to help build equity, reduce your monthly expenses and allow you to save more to invest more. 

If you still feel like a multifamily is more than you can handle, consider getting a 2 or 3 br condo and renting out the other bedrooms to roommates to cover your mortgage.

You should look into Union City, NJ. There are many multifamily properties with parking in the area. Union City offers easy access to Manhattan, Hoboken & Jersey City.  And since it isn't as hyped up as other cities in Hudson County, prices are still relatively affordable.