All Forum Posts by: Paul Ashworth

Personally I do it all the time. Making an offer through the REO agent gives them a larger commission and since many of the commissions are such a low dollar value it gives them more incentive to work with you and to provide more information. The problem I have is when making multiple offers is keeping each of the REO agents linked in my contact to the offer / address.

Hello @Gabriel Santos-Colon and welcome to BiggerPockets!

BP is the ultimate real estate investing site around. For starters, you have the free informative forums to read and learn about real estate. Second, you can network with any real estate investor - both new and experienced. Third, you can learn how to get deals done the right way with the free podcasts, courses, and more! You really have come to the right place and welcome to the BiggerPockets community! Make sure to find your local REI meet-ups and attend as they are invaluable to establishing your local RE base.

Good luck and contact me if there is anything I can do to help as an investor or architect!

Paul

Afternoon Michael,

I'd recommend any town and location that is very near a NJ Transit rail line. This greatly increases the catchment area for families and renters alike as it allows the typical father figure to commute into Newark or NYC via rail. But I thin you are correct in your statement that there are deals in every town, you just need to find them.

Good luck,

Paul

Just remember that the variance to go from a duplex to a triplex is not guaranteed. When going for a variance you are in essence asking for permission to break the law. I've done many of these types of variances in the past and the question always comes up "so why should I allow you exception to our Township laws? Make sure you have a good answer because money, time or that's how it already is is never the right answer.

I wouldn't put any price to it without understanding the underlying condition as to why the porch / steps  has failed. Since you specifically mention that this property would be a buy and hold, I would make sure the structure of the steps is solid. Having a tenant sue you because they twisted their ankle on a porch with a failed repair is not something I would want. Understand that many times porches are filled with the last remnants of construction debris and are poorly constructed from the start.

Again, I recommend getting a professional on-site to help you gain understanding of what made the concrete steps fail before putting a price to it. 2$ a sq. ft. to parge coat is a minimal cost / $1500 to demo and rebuild is another story.

Hey @Ryan Cheung

One thing to consider? Does this 4 plex already have a full fire suppression (sprinkler) and interconnected fire alarm systems? If not you will need to install one when adding the 5th unit. In NJ NFPA 13R will apply for all multi family housing units that are 3 and above. Since your unit is already a 4 flex - and if it doesn't have a fire suppression (sprinkler), you are not required to. Im assuming this is a typical wood framed structure.

I just designed one for a property in the middle of Newton NJ and am currently debating on purchasing a commercial space which will require a full FP system if I turn it into residential rentals

As for general pricing assumptions; $20,000 to $25,000 for the incoming secondary fire service (can't use the domestic - must be separate feed line), back flow preventer, wet tap, pavement and back fill, FP riser, alarms, ect. Include an additional $4 to $10 a square foot for distribution lines and heads.

The DOH (NJ Department of Housing) will verify all of this before issuing you a 'green card' to be able receive your Certificate of Occupancy (CoO) to rent the spaces when your construction is complete. They work hand in hand in most cases.

I would speak to the town zoning / planning and construction code officials to ensure you are not going to be required to upgrade or install any new system. Typically at this stage the construction official / AHJ (Authority having Jurisdiction) will review your plans to make sure you fare in compliance with the State of NJ building renovation code called the UCC (Uniform Construction Code). Common upgrades are additional exit lights and signs, second egress from all floors above the 2nd floor, path of travel to exits, ect. All RE investors should do this before purchasing a multi family unit.

Good luck and let us know how it goes / when you pull the trigger.

Paul