Bad News First:
Our second buyer fell out of contract at the side-by-side Madison Duplex 😭. We reset the days on market and got a few more showings scheduled for this week. May have to transition the business plan from sell to hold. More to come.
The lender we've been courting to refinance our 4-unit mixed-use building put a ridiculously low Loan-To-Value limit on our loan proceeds. They refuse to lend us more than 50% of the property's value. After months of working with them, we had to cut the cord on that relationship.
The Good News:
We filed for permits to remove the oil tank at the Elizabeth Triplex. That should happen within the next few weeks. Might get cute and buy this property with a 1031 exchange to defer paying capital gains taxes on the sale of our other triplex in Delanco, NJ.
Getting closer to buying the up-down Duplex in Westfield. Have a few potential end-buyers lined up. Bonus: the top unit (3 bed / 2 ba) will be vacant upon delivery. The bottom unit (2 bed / 1 ba) will be vacant soon after. There's a $1.2M new construction home across the street from this property. Pretty good outlook for the neighborhood. If you know someone looking to househack (practically live for free) in one of NJ's top 5 downtowns, let me know.
Livin' La Vida Luna
Did you hear about the baby dinosaur wreaking havoc at parks across northeast NJ?
How Real Estate Investors Can Refinance Rental Property Held in an LLC
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