Friday was a big day for the Madison Duplex. We made it out of Attorney Review, and the buyers were able to conduct their inspection. They are preparing to renegotiate on purchase price. I'm still assuming the sale. Fingers crossed - we close by end of October.
The soil samples at the Elizabeth Triplex came back as "non-detect", which means there's no contamination. We should be pulling the tank by the end of October. We're scheduled to close on 12/15/21 so we still have plenty of time to get all of this squared away.
In a cascading series of events, we listed a 2-family property in Passaic and had ~10 showings this weekend. If we receive multiple offers, we will likely move into best and final later this week. This seller called us after receiving a direct mail piece from us a few months ago.
The appraisal finally came in for the 3-family home we're trying to refinance. They pegged it at $320K. We bought it this time last year for $215K. We haven't done any renovations here. Part of the increase in value is market-driven. However, the bulk of that value stems from buying the property at a steep discount. It pains me to say it, but we'll likely list this property for sale by the end of this week to see if we can achieve that $320K number.
Finally, we are under contract on another duplex in Westfield, NJ. We're doing a tank sweep and inspection on Tuesday 10/5/21. This is the same business plan as the Madison Duplex: take it down then put it right back up on the MLS. If you, or someone you know, are interested in house hacking in one of NJ's Top 5 Downtowns, please let me know.
Livin' La Vida Luna
🎵 Looney Doobey Do, where are you? We got some work to do now. 🎵
Is it just me or does this shirt remind you of Scooby-Doo?
Bidding on an Abandoned 18 Unit Apartment Building Riddled with Disinformation
^^ This is supposed to be a YouTube thumbnail of me in disbelief. How'd I do?
On Monday, 9/27, we toured a vacant 18 unit apartment building in Burlington County, NJ.
It's going up for auction tomorrow. I doubt we win, but all-in-all it was a fun exercise.
This week's video details the discrepancies between the property listing and reality as well as how I quickly came up with my MAO (Max Allowable Offer).
If you only have time to watch a portion of the video, please don't miss the Lie Detector Test segment. It starts at the 2:00 mark.
Here’s how I’m tracking against my YouTube goals:
✅ 8 / 100 videos published
✅ 49 / 1,000 subscribers
✅ 41 / 4,000 hours of watch-time
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You can click here if you prefer reading the script over watching the video.