1st home buyer need guidance. UNION CITY, NJ.

Asked by Cibe, Union City, NJ Tue Apr 7, 2009

I'm looking to buy a three family house in Union City, NJ with the potential to be a four family house. The only way I can fully cover the mortgage with the rent income is having a fourth unit, but I don't know what's the procedure to apply for the extra unit and the cost. This information is vital for me to make a decision. Where can I find out this information?

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Corey Grushin, Agent, East Brunswick, NJ
Thu Jun 25, 2009
Cibe you are looking to obtain a "Varience" which what is needed to change the number of units a house is determined to legally have by the municipality and state. Take into account these factors as well regarding your decision to buy. 1. your request does not have to be granted after you have obtained the property.. If the request is granted your taxes would probably increase. 3. Variences are seldom granted for an individual (builders yes, another unit can be another burden on the school system) 4. Rarely does the rental income totally cover the full mortgage payment if it's your primary residence but it should supplement it handsomely. Another factor to base your decision on the purchase should be, "can you make the full mortgage payment on your own in case you didn't have any tenants at all"

good luck
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Walter Burns, Agent, Hoboken, NJ
Thu Jun 25, 2009


It sounds like you are looking for a legal 3 family with a "bonus" unit. That is NOT a legal 4 family and the mortgage company is going to have issue with counting the income from the "bonus" unit since it is not a legal apartment.

You may want to just look at legal 4 family units where all of the rental income can be used by your mortgage company.

Please let me know if you have any additional questions. I'll be happy to assist.


Walter J. Burns
Weichert Realtors
1 Newark St.
Hoboken, NJ 07030
201-653-8488 Ext: 230
201-694-8946 Mobile
201-653-4154 Fax
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