All Forum Posts by: Tahra Wright

@Babak Moini not at all where I live. Depending on the town in NJ our garages aren’t even attached  to the home.  As long as there is a driveway one car garage and off street parking should be fine, but def depends on your area.  We don’t discount here for one car garages, but no garage can be a dealbreaker.

@Jami Krietzman the best way is through the MLS of course. The other way is to search tax records if your state,county has it online. those usually go back at least 5 years. You may be able to search at your county clerk's office, because any change in ownership and mortgage recordings would be on file there. hope that helps!

@Timothy Crawford You mean you would close off the separate entrance to the bathroom.  Then you'd open an entry way from the closet into the bathroom.  So you are not reducing the size of the closet, it's just that there will be less room for storage because a door is in the way? How does that get your more bathroom size?  I'm not seeing it.  if all you can fit is a single vanity if you make the bathroom bigger, I don't see how that is a benefit.

@Victor S. lol! have a great one!

@Victor S. Depends upon the bathroom layout.  Is it a tub or just shower stall.  Where is the toilet in reference to the shower. Many ppl are happy to even have a master bath at all.  Depending on the bedroom size an armoire could crowd the whole space, plus a dresser.

@timothycrawford 

I actually think a bigger closet.  The bathroom is going to be beautiful if it's renovated and will be a wow factor. Keep the colors light and bright and glass enclosures and it will appear bigger.  Not having enough closet space for two people to use, is a major inconvenience and a deal breaker for more people than the size of the bathroom as long as its updated.  Everyone is always talking about how two people can fit in the bathroom, but if it is a one vanity bathroom anyway, the answer is they'll never be in the space together.  Storage is critical and I would hate to have to walk into another room to get my clothes.

@Antonio Keyes Hi Antonio! You would not need to set up a separate LLC, but you might need to register the LLC to do business in PA while your headquartered located there. That requires a filing with the state and a fee, but it doesn't require a new LLC.

@Marcus Arceneaux yes, you just can't buy more than one as a "primary" residence. Many new investors look to purchase a multi-fam to live in first and can benefit from FHA or other programs as first time homebuyers to purchase as a primary home. But when you want to buy another, it's hard to convince a lender that you are buying another fourplex as a primary residence. You are likely going to have to purchase it as an investment property and that will have a higher interest rate and greater downpayment. Best to start talking to some local banks about the products they offer and rates, so you have all of the information before you begin to search. Good Luck!

@Steve C. Hi Steve! Make sure in your contract that one of the deliverables during your due diligence and inspection period is a copy of the water, electric, gas, sewer, garbage, etc.bills for the last 3 to six months. You still have an "out" if the DD is not acceptable to you, but make sure that is built into your contract. That's the best way to get accurate information if you see the actual bills. The mortgage payments will be best determined by talking to lenders to determine what the rates will be and loan products (i.e., fixed conventional loan, or 10 year ARM with adjustment, etc.). They can help you factor in principal and interest, taxes. Talk to an insurance agent to determine what insurance costs will be based upon the type of property.

@Michael Raposo HI Michael!  As in everything...it depends!  I prefer to have more doors under one roof than spread out over many (esp if you are self managing), but once you hit 5+ units its considered commercial and requires a commercial mortgage, which is more expensive, requires a greater downpayment and depending upon the location certain cities may have other requirements for 5+ units that you don't have for commercial.  In NJ 3 or more units requires state registration with the Department of Community Affairs, which requires inspections from the state and other fees payable.