An Opportunity to open a new location and expand your existing business, etc! Open and Operational!

This auto repair business has a stellar reputation for providing professional quality vehicle and light truck services to retail and commercial clients in a very nice Bergen County neighborhood. The modern shop is turn key and comes fully equipped with 3 lifts, work benches with computer screens, owner's toolboxes and tools, tire machine, a/c machines, diagnostic equipment, oil storage, clean tank, secure inventory space, and more. The manager's back office is fully equipped & secure, and there is a front counter with pos and customer waiting area. The shop is well managed by the owner and has a great location on a highly traveled route. They offer services for domestic and foreign vehicles from a routine oil change, tires and brakes to an engine or transmission repair or replacement. The business has strong client communications to help drive repeat business and add value to services they provide. The shop has solid sales and plenty of room to grow. Excellent opportunity for an owner/mechanic to take over this desirable location or for an existing repair business to expand.

Emanuele Intorrella (Manny)
REALTOR, Salesperson
Kinnelon Regional Sales Office
Realty Executives Exceptional, Realtors®
1167 Rt 23 South, Suite 4 Kinnelon, NJ 07405
Cell 973.220.5801 (best)
NorthNJHomes.com
office 201.891.8085 x1656
Call me any time! | 973-220-5801
Its my honor to help you buy or sell a house or commercial property in North NJ

#autorepairshopforsalenj

Planning to buy a home in Sussex County NJ? Don’t let your Debt-to-Income (DTI) ratio stand in the way of your dream! ????

Your DTI ratio—how much of your monthly income goes toward debts—is one of the biggest factors lenders consider when approving a mortgage. A healthy DTI shows you can handle the financial responsibility of homeownership.

Here’s how to keep your DTI in great shape:

Avoid taking on new debt: Thinking about financing a car or a big-ticket item? Hold off until after you’ve closed on your home. New debt can increase your DTI and impact your loan approval.
Pay down existing debts: Lowering your credit card balances or paying off smaller loans can significantly improve your ratio.
Stick to a budget: Keep your spending in check, especially in the months leading up to applying for a mortgage. Avoid unnecessary purchases and focus on saving.
Don’t close old accounts: While it’s good to pay off debts, keeping older accounts open can help maintain a strong credit score, which lenders also evaluate.
Stay consistent with income: Any job changes or fluctuations in income can affect your eligibility, so keep things stable if possible.

Managing your DTI isn’t just about numbers—it’s about positioning yourself to make the best financial decisions for your future.

?? Need more advice on how to prepare for buying a home? I’m here to help! Send me a message, and let’s get you on the path to homeownership.

If you haven't heard, you now need less money to buy a 2 to 4 unit house if you obtain a conventional loan with Fannie Mae. The LTV ratio is now permitting you to put a 5% down payment on OWNER OCCUPIED 2 to 4 unit purchases. Makes sense to me, since you have the income from the other units!

Living in a multi family house can put you in a better financial position as you can take that rental income and use it to help pay your mortgage, taxes, and insurance.  

 Be sure to contact your mortgage person for all the details.  If you need a mortage contact, here is one that provided me this information:

 BIG NEWS!

 Effective on Nov 18^th, 2023 –

Fannie Mae will now be allowing 2-4 unit owner occupied homes to put as little as 5% down payment for conforming Fannie Mae Conventional products, including the First Time Homebuyer products like Home Ready;  and including Renovation loans like HomeStyle Renovation, subject to qualification.  (High Balance loan amount not included)

 This is amazing news; where FHA was primarily dominating the lower down payment arena for multi family homes, they now have competition which is always great for buyers!

 Have a great day and please reach out to Bill or I if you have any questions on these products;   Bill (201) 707-0735 or Me at (201) 280-0633

Melissa DeBenedetto NMLS# 110448 VP of Mortgage Lending

Bill Grath - Partner/VP of Mortgage Lending Cell: (201) 707-0735 billandmelissa@rate.com

 So it's time to move out and you need to figure out how much rent you can afford to rent an apartment.  

The best answer for this question is as little as possible.  Why?  Well, if you are renting, the money you spend on rent is basically gone! Poof!  But renting has its advantages as well.  For example, if you are not sure how long you will be living in a certain area, renting gives you flexibility to move easier, as long as you don't have too long of a lease.  Also, if you rent, you don't have to worry about expensive home repairs, taxes, etc. 

When deciding how much you can afford for rent, there is quick calculation you can use called the 30% rule.  

 The 30% rule is a commonly recommended guideline for determining how much of your income you should allocate towards housing expenses, specifically rent. According to this rule, your monthly rent payment should not exceed 30% of your gross monthly income.

The 30% rule is based on the idea that allocating a reasonable portion of your income towards housing allows you to have enough funds for other essential expenses, savings, and discretionary spending. By adhering to this guideline, you aim to maintain a balanced budget and prevent housing costs from overwhelming your overall financial situation.

 However, in some situations, such as in areas with high housing costs or if you have other financial considerations, you may need to adjust the percentage. In such cases, the 40% rule is sometimes used as an alternative guideline. Under the 40% rule, your monthly rent payment would not exceed 40% of your gross monthly income.

 Here is a spreadsheet demonstrating what you might be able to afford based on rent of $1625 per month using both the 30% rule, and I added a so called 40% rule for people who want nicer living space and less money to live!

 It's important to note that these rules are not absolute, and individual circumstances and financial goals should be taken into account. Some factors to consider when deciding on your rent affordability include:

1. Other Financial Obligations: If you have significant debt payments, such as student loans or credit card debt, or if you have high monthly expenses in other areas, you may need to allocate a smaller portion of your income to rent.
2. Savings and Financial Goals: If you have specific savings goals, such as building an emergency fund, saving for a down payment on a home, or investing for the future, you may want to allocate more of your income towards savings and reduce your rent percentage accordingly.
3. Consider your spending habits and lifestyle choices. If you have higher discretionary expenses or prefer to spend more on experiences and leisure activities, you might need to adjust your rent percentage to accommodate those preferences.
4. Lifestyle and Discretionary Spending: Consider your spending habits and lifestyle choices. If you have higher discretionary expenses or prefer to spend more on experiences and leisure activities, you might need to adjust your rent percentage to accommodate those preferences.

Remember, these guidelines are intended to provide a starting point for assessing rent affordability, but individual circumstances vary. It's crucial to evaluate your unique financial situation, consider your short-term and long-term goals, and ensure that you can comfortably cover all your expenses while maintaining financial stability.

 So, you own some land in a residential zone and not sure what to do with it? 

 Well, if you have the money, build a house on it!  If you don't want to build, then you might want to consider hiring me, Emanuele B Intorrella, with Realty Executives to sell it for you.  Lets discuss a few things you would want to consider before listing your land for sale.

 Zoning

 Is your land zoned for residential or commericial or other uses?  Be sure you understand what the use permissions are for the land.  Granted, the buyer should do their own due diligence, but it can help if you already have answers on zoning!  BUT, always put the due diligence on the buyer's responsibility list and put that in writing when you accept an offer.  Zoning can change, or more commmonly be misinterpreted and the last thing you want is to misrepresent the status of the land.

 Do you have any approvals for the land? 

 Now if you have land with ZERO approvals from the town to build, its much harder to sell than land with some or all the approvals, planning/zoning and variance approvals as well as a site plan approval.  The more approvals you have, the more the land is worth!

 Utility Access

 There are many factors to consider when building on land such as utilities for example.  Does the land have access to sewer lines or do you need a septic. 

 Do you have access to water and gas lines or do you need to dig a well and get an oil or propane tank.  If you do have access to gas and water lines, where are they?  Are they in the middle of a main county or state road that will be very difficult to get to, costs thousands in road blocks and dot permits?  Or are the gas and water lines on your property and easy and simply to access...

 Connection fees

 Does you town and/or county and/or water authority charge you connection fees for new water and sewer lines?  They can be quite hefty, so be sure to research that as well.  

 Building Plans

 Now, you don't have to necessarily have building plans drawn up, but if you do, that's an extra bonus.  The buyer may like the plan, but it not, they will have to do it all over again anyway. 

 These are some of the things a smart buyer will ask and research before making an offer on a piece of land.  

 So if you have the funds and you are able to get most of the approvals and planning completed, the land will be not only be worth more money, but it will be much easier for the buyer to purchase the building with less time researching.

 So, you decided you want to list with me?

 Here is a brief summary of how I can help you sell your land:

• I will create a compelling listing with high-quality photographs and detailed descriptions highlighting the land's features, such as its location, size, natural surroundings, accessibility, and proximity to amenities.  I will highlight the local schools, parks, recreation facilities, shopping and restaurant areas to help entice the buyer to imagine living in this town
• If you have a site plan, survey, utility, and drainage plans, this will also be included in marketing as it's a major stepping stone for the buyer.  We will highlight the advantages of having a ready-to-go plan that will save the buyer time and money!
• Have building plans even better, lets show them off too in my advertising
• I will also focus on calling local builders that may have clients looking to build in the area or that may want to build and flip a home on your land!
• I will list your land on the two major mls exchanges in this area:  GSMLS.com and NJMLS.com.  This way all the other realtors in the area will know about your land listing.  I'm not greedy, I am more than happy to share a commission with another broker who has a buyer. The faster I can sell your property, the happier you will be, so that's my goal.
• I will also do extra marketing online on various social media sites, to gain exposure above and beyond what my marketing team will provide you.  (I can't go into details as I don't like to give up my internet marketing secrets)  But as you know, the majority of buyers find land for sale online.

 Remember, selling raw land requires patience and effective marketing strategies. By highlighting the advantages of the existing site plan and reaching out to the right target audience, you can increase your chances of successfully selling the land.

 So, what are you waiting for?  Call my cell today and let's list your land!  I can help you sell land in Bergen, Passaic, Sussex, and Morris Counties!  New Jersey that is!