All Forum Posts by: Peter Fokas

I purchased a 3 family originally under my name and then put it under LLC. I originally requested an "ok" from the lender during the closing process which they gave to me BUT they sold the mortgage to another lender afterwards. So I called the new lender and customer rep told me it would be ok. You should contact the lender.

Anyone put early termination clause in their leases? If so how much?

Is there any legal restrictions in putting an early termination fee in a lease for the state of NJ?  I guess the correct question is will a early termination fee hold up in NJ court?

you will probably have to wait a few months more. The green card people told my agent that they are under no obligation to keeping deadlines based on buying and selling of property. You being under contract is not on their radar and will not make them move faster.

I have come across a unique property - 1890 colonial farmhouse that has a separate carriage house that has a 1 bedroom apt that is rentable. The house has been nicely kept but it needs new floors and definitely  paint jobs. Would it be worthwhile to apply to get on the historic registry to take advantage of the tax credits?  My goal is to buy and hold and live in the house while rent the 1 bedroom apt. Was thinking perhaps the tax credits would make it feasible to buy an old house. 

I think 3 units properties do not require green cards. Only 4 units and higher require green cards (I think).

I know my lender for the 6 unit required the green card to close. Since they did not get it in time they required 5k in escrow until the green card appeared.

They take forever...We closed with the seller leaving a 5k deposit since they did not have the green card on hand. We closed in April 2014 and they got the green card at the end of Oct 2014.  

Thanks for the replies but none of you fit the profile I was seeking answers from. I was looking for an answer from someone who has already been doing part time and been succeeding at it. Anybody actually know anyone who has successfully done this? 

Thanks for reply. I am curious to know the experiences of people who only have done it part time and stayed part time. 

Anyone here a part time real estate agent meaning maintaining a full time job (outside of real estate) and also being an agent as a side business. How has your experience been? Has it been a successful venture?