All Forum Posts by: Chris L.

Hi there,

I reside in NC but have my rental property in NJ. My rental property is held in a NJ LLC and I am the only member of the LLC. I will be selling the property and I was wondering if I will have pay a "bulk sales fee" or an "exit tax" on the sale. Which one would I have to pay? Any input would be greatly appreciated.

Just wondering what the breakdown of fees would be for the seller on a cash deal in NJ. Any input would be greatly appreciated. 

@Ben Wilkins, Im looking for more of a breakdown of the real estate closing fees the seller has to pay on a cash sale in NJ

What fees/closing costs does the seller have to pay on a cash sale in NJ?

@Roy N.  thank you for all your input!  You have been a tremendous help!

@Roy N., given all the tear downs and new construction, there are great differences in the prices. That said, I found four single family homes near my house that are on larger lots (6000-7000) that were sold this year and torn down. They run between $84-$104 per ft^2. The average price being $94.42 per ft^2. There are other homes but they aren't on as nice a block. My question is this, considering that with the restrictions my lot is more like a 6300 lot, would I then multiply the average price per ft^2 by 6300 or the 7000? The other lots sold were not on the corner with restrictions as mine is.  Thank you for all your input.

@Roy N. I found out that even though my lot is 70x100 that with restrictions they can only build a 65x40 or 2600sqft footprint/house-which would be the same size house that can be built on a 52.5x120 or 6300 sq ft lot. They would need a variance to be able to accomplish that and it's highly likely they would be able to get the variance. If I want to determine what I should be getting for the land would I look at the tax records for similar size/oversized lots that sold and see what the average price per sq/ft of land is then multiply that by 6300?

@Roy N., builder saying that because there is a school across the street he can't get variance he wants to build larger. No clue if that's true. 

When looking to purchase a residential and/or commercial investment property what type of yearly return on investment do you look for-after expenses? What do you look for , in general, when investing in a  residential and/or commercial investment property?  I have read about the 2% rule but I have not been able to find a property that even comes close to that. Any advice you can give this new investor would be greatly appreciated. 

@Brent Coombs, the problem is that the house I'm selling is not a 2 family so I can't take in a substantial amount of rent so the sale would allow me to buy a property in another state that would produce more ongoing income.