Recent comments in /f/jerseycity

STMIHA t1_jaci2z9 wrote

Reply to comment by ebastoria in Oharas Downtown by [deleted]

Yeah not totally ruling out an issue with food but I got rocked late last week with what ended up being the virus. Only now starting to feel back to myself.

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micmaher99 t1_jacgviq wrote

>OP is in residential real estate, not commercial real estate

OP has owned "rentals for decades.". Based on that, plus the fact JC is asking OP for property financials, I'm assuming OP doesn't just own a random condo or two.

4 unit multifamily is really where banks and the industry make the switch in talking about "residential" vs "commercial", but with multi-million dollar companies buying up single family homes to rent them out, that line has gotten blurry. It's really a difference without a distinction for OP.

The city wants accounting info to sharpen their income approach value to ensure the property tax assessment is correct. Yes, real estate that is rented for income pays property taxes, even though the landlord gets taxed on that income.

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ebastoria t1_jacg1u4 wrote

Norovirus is spreading in NYC right now - I wouldn’t be so sure it was from a specific restaurant.

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bodhipooh t1_jaccva9 wrote

>Cash flow is the main determination of market value for most commercial real estate

OP is in residential real estate, not commercial real estate. Though, your 4-unit example is obviously very much on point and something I had not considered. Those types of properties are obviously meant as rental businesses, but they are still considered residential real estate, no? Ultimately, the landlord is getting taxed on rental business income, so I am still not understanding why the city needs all that accounting information.

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