All Forum Posts by: Peter Fokas

Offer got accepted and now in the contract state. It was just disclosed that property has an underground storage tank. What would you do?

Was informed by mortgage broker that if put property under LLC name then cannot get a conventional residential mortgage. Only can get commercial mortgage.

So is there any way to make it worthwhile to setup solar on an investment property?

1. $1172 for family of 4
2. Amerihealth in NJ
3. 30 copay
4. No max out of pocket detail
This is a limited plan in that it provides no coverage for prescriptions. 90 day limit for inpatient hospital stay. no ambulance coverage. requires referral to see specialists and some other limitations.

If you want prescription coverage and unlimited inpatient hospital coverage premium become $1751.

Based on what I found in NJ if you want a complete plan with no referrals, etc then figure it will cost you around 2500+.

Looking to close on a 4plex in Northern NJ. What is the average cost of a lawyer for closing process?

I know we have lots of LLC questions in the forum but will ask the question again. Looking to buy a fourplex. Do I need an LLC at this point or if I have more properties? Does it matter if you form the LLC before or after the acquisition of first investment property?

Looked at a 4plex that records show was built in 1785. Went through house and condition seems decent. Its definitely an old house but does not seem that old. Perhaps more like 100 years old instead of 230 years! The numbers seem to make sense but concerned about the age of the house. Any suggestions to help mitigate risk.

Found 4plex that owner pays heat. Heat is two units using oil. So if using 50% rule how much more should you factor in the expenses to cover this additional cost? 60% Also if you want to convert this heating system to use nat gas and be four separate systems so tenants would pay this. What sort of guesstimate in cost? I am figuring probably aroudn 15k as a rough rough guesstimate? Would it make sense to get a contractor quote prior to making an offer and factoring that in the offer?

Trying to assess properties based on cash on cash return. Is there a rule of thumb to help quickly determine whether a property is worth analyzing further?2% good?

In Northern NJ the real estate taxes are quite high so was wondering if the 50% rule makes sense in this case or should we separate out the real estate taxes separately when doing analysis? For example saw a 3 family home with 14k in taxes. If one were to separate taxes out of the 50% what would be a good rule of them to use for expense percentage (not including taxes). 30%, 40%?