All Forum Posts by: Toan Hoang

@Nathan Hui

After you have read all these comments there is no clear answer. It all depends on so many factors. In my opinion its good to have a good mix. Some properties might be cash cows in areas with low appreciation while others might be break even in high growth areas. For me personally i think its good to have both.

For example i made a concious decision to purchase a 3 unit that yeilds $1000 a month after debt tax, ins in order to help pay some of my daughters college. If i didnt need that monthly cash than maybe i would have settled for less cash per door and more long term equity.

@James Galla. Great idea

I am not a super novice investory but I am far from super experienced either as the below post will indicate.  So far the deals I have done have been relaively smooth wiht some minor hiccups. However most recently I put an offer in on a property and signed an AOS with settlment approaching.  The Agreement of Sale represents that the property is a Multi Family Residential.  However I find out when I try to get insurance that it is Commercial Mixed Use that requires it to be an owner occupant on one floor with the rest of the building commercial.  ANS the insurance on such property is more expensive.  Shame on me for not knowing this in advance since the property was being rented and used as a multi family when I saw it.

Secondly I come to fine that the property is ALSO in a Historical Overlay which requires me to go through extra hoops if I want to do ANY renovations.  With all this being said do I have a right to get my earnest deposit back?  if I take that the seller mispresnted the zoning and use?  Property is in New Jersey.

@Brad Basal

Just curious how did you make out. I have seen the town homes listed KWGC and always wondered if the math works when adding in HOAs. Also rental restrictions seem to limit options. But that is me looking from afar. How has your experience been?

@Brad Swaney

$800? If they can afford it and can prove it I wouldnt care if it was a Alligator. An extra $10k a year would more than likely more than offset any damage. You can install all new hardwood flooring for that extra $$$. Assuming they are legit the reward out weighs the risk

Do i need or is it suggested to use a lawyer in order to change zoning? More specifically snyone have any success or failure converting an existing 2 family muli unit to 3 family. Or maybe 3 family to 4 unit?

@Steve DellaPelle

Weed is legal pretty much everywhere. Kind of like jay walking or littering. But to your point i need to button up my lease to see what language covers disruptions to otber tenants and point to that as recourse. Thanks

New tenants are annoying the existing tenants cause it smells like weed. Its a class B building in a nice area. Never had this complaint before. Hate to piss off good existing tenants. New tenants are professional 20 somethings and i cant see evicting them over smoking weed.

Should i just buy them a $30 exhaust fan or tell them to stop smoking and give them a hard time?