All Forum Posts by: Vidyadhar R.

Dear members, I'm looking at a commercial property in central NJ which has been vacant for a while. The taxes are currently $10k/yr for 1500sft. The agent advised that I ask an attorney to file a request w/ town to waive off the taxes or reassess to reduce them because they're exorbitant. Is this possible? Does it actually work? Considering the property has been vacant for more than a year the advice makes sense but I'm not sure how practical it is to accomplish reducing taxes. If anyone has addressed such a situation, kindly advise so I can perform due diligence using right assumptions. TIA

Hi members, I'm trying to identify if there are any restrictions on creating ADUs in Single family home lots in Montgomery township, New Jersey. If anyone is aware, kindly share the rules. Thank you. 

Hi @Nathan M. thank so much for the feedback. Being a first purchase I wanted to find something that doesn't require as much rehab. The property is in excellent condition but current tenant is moving as lease is up. The CF has better potential but its based on what currently the rent is. CoC is based on listed price (LP). I'm targeting 15% CoC so plan to offer

Yes CF numbers are based on conventional loan. I was planning to buy & hold this for a while and buy a house for primary residence in a year from now after this rental. The lender from loan depot had mentioned that this rental purchase wouldn't affect my next primary residence purchase as I've no debt. Please advise if this thought process makes sense. TIA 

Hi members, I'm considering purchasing my first rental in ocean county, nj a SFR. The location is somewhat far from major cities like Philadelphia and New York. I'm curious to hear thoughts from members who already own rental properties in the area or anyone in general about investing in this area. The cash flow is around $200 and CoC is >10% w/ 30yr loan. This seems reasonable to me but kindly comment. Should I put 20% of my own money and do a conventional loan or are there other better ways of financing it? TIA

Also, I'm looking for recommendations for following

- lenders. currently I've approached loan depot but interested in speaking with other lenders as well

- home inspectors, property mgt in ocean county nj

@Joseph Guzzardi Jr thank you for the reply. Glad to connect with you! I'm looking for the right partners to build a portfolio and will definitely reach out to seek your thoughts. Regards. 

Hi members, I'm targeting central New Jersey area for buying and renting out rental properties. I'm just starting out and wanted to connect with anyone else who may have some thoughts and advice to share regarding this market. I'm happy to listen and devise a strategy and appreciate any feedback my way. TIA