Hmm, a fmv of $115k and an asking price of 135k. What will the expenses be on the triplex? does the landlord pay for heat and other utilities. What type of routine maintence has to be done (ie: lawn cutting and snow removal?).
Will this place cash flow after all expenses? After you calculate your NOI will you have enough left for debt service?
Joe, once you own the property you could sub off the land (check with the township zoning first before you purchase to see what type of variance is needed and what it will cost you)
Post more detailed numbers. and good luck
BTW, I am in south jersey as well. I invest in southern ocean county.
I know this deal can be done…Help!!! - Posted by Joe bradley
Posted by Joe bradley on June 03, 2000 at 24:47:40:
Hi Y’all,
I looked at a property in South Jersey today.
Motivated Seller…Lives 2 hours away…Property’s vacant
Triplex 3(1BR)
Plus Lot ( Can be buildable with Variance)
Price 135,000
FM Rent @600 per unit
Pretty decent shape
Owned Free and Clear
Willing to hold second
FMV 115,000
Pretty hot market
My question is …Is there a way to arrange this so that the
lot will be able to be developed or sold without selling the triplex?
I know somebody has a great idea for this one!
I think I can make a deal for 100,000
