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A property needs a short sale when it is worth less then what is owed on the property. Simply said, if a property is worth 200k but the mortgage on it is 400k there are only 2 ways for the homeowner to sell their house.
The first way is for the homeowner to bring 200k to the table to sell the house for 200k, so that way they cover the difference in what is owed to the bank. This is usually very unlikely because homeowners don’t have that kind of money to lose. This being so the second way is
Whenever I put a house under contract to buy I always use the standard Realtor sales contract. If you ever read the contract you will see that it states you can not assign this contract. This being so, if you cross it out and put your initials on it and get the seller to do the same then the contract will now become assignable.
Along with the above, when putting properties under contract to assign I typically put “123 street name llc” as the buyer along with the words “and or assign.” Doing so w
How long would it take you to save 100, 200, 300k? Exactly… A pretty long time. Being so, to me knowing how to raise money is like having the ability to time travel. This being said, what does it take to raise?
First of all, raising is very easy. When you go to a real estate networking event typically half of the room is full of money. Its just, no one is going around asking you to take their money. Instead, what they are there looking for deals they can buy for themselves. This being said, how
There are 3 type of rehabs that exist. If you can simply identify what type of rehab a property needs and its sqft you can figure out the cost. These numbers are relevant for medium income communities where the houses are selling for 200k to 400k.
Light rehabs cost $10 to $15 a sqft. and it will cover the cost to paint the property, replace the flooring with new carpet, tile and clean out of the kitchen and bathroom.
Medium rehabs cost 30 to $35 a sqft. will covers all of the above plus the cost h
The mls stands for multi listing service. It is a system that sales agents use to post up properties and sell through other agents that have access to the system. This system is very valuable to investors as it is a great place for inventory as Realtors run into a lot of opportunities and post them on there.
It is said that there is no good deals on the MLS. This is 100% incorrect. What is true is that there are good deals on the mls, its just they move so quick by the time you see it, it is alre
Say you met a homeowner who is selling their house. Typically when you go under contract with the homeowner, they understand that a sale price must be agreed upon and a down payment amount will be brought to the table to close. As a rule, you never ever give down payment money to the seller. If you do, you will most likely lose it. This being so we always give down payment money to our attorney or title company handling the sale.
On the day the contract is being drafted up, at the homeowners hou
Investors in tax sale certificates have been increasingly using a legal provision that permits them to move quickly and obtain title/ rehab properties in NJ that are deemed “abandoned”. This allows stale, non-performing properties to be returned to community quickly – which is a much needed service in many urban areas of our State.
We all know that tax sale certificates are integral for the efficient operation of NJ municipalities. Delinquent property owners place cash-strapped municipalities in
Furniture designs enhance the beauty of your house. The correct selection gives an elegant, trendy and classic look to your place. Five exclusive reasons are mentioned here why bespoke furniture is the right choice for you. These reasons include surety of high-quality material, versatile design, multiple usages, multifunctional room settings and provision of customization of furniture.
1.) High-Quality Furniture:
Bespoke ensures the high-quality manufacturing of furniture. The poor quality furnitu
In New Jersey, tax sale certificates are required to be sold by municipalities if a property owner fails to pay his/ her property taxes. The municipal tax collector holds a public sale (after advertisement/ posting) and then sells the Tax Sale Certificate (TSC) to the highest bidder at a public tax sale. Bidding actually goes “down” and not “up”, meaning that bidders compete against one another based upon the interest rate they are willing to accept – starting at 18% and then going down. If some
Plunge In
If your closet is completely messed up and guests are coming to see you, then it’s time to reorganize your linen closet. It seems very dirty if you have not organized everything in your closet. The first thing you should do is to separate all worn out and mismatched linens that have filled all the shelves in towering heaps. All these are so jammed up altogether that when you pull one towel from the closet or try to reach for that light purple twin sheet, everything just comes out
Maintaining a bathroom is something really challenging. You can’t afford to be lazy in this mean because your minor negligence can make you ashamed in front of your guests. So, you have to take keen interest to keep your bathroom a well-organized place of your home. Below in this article, I am going to discuss 6 Things You Need to Update Regularly in Your Bathroom.
Towels
Towels are always the matter concern for the guests while using your bathroom. You have to make sure that the towels in
As winter coaxes us by and by, the time has come to begin arranging approaches to keep oneself warm without antagonistically squeezing your wallet. The following are a couple of economical ways that will go far in keeping you warm this winter.
Increment Humidity
Leave a bowl brimming with water in your room overnight. That would expand the mugginess in the room, and moistness (water) conducts warm far from the body ~25 times speedier than dry air. Moreover, this would keep your skin from ge
Finishing a relationship is no simpler with age and experience, yet at times we turn out to be so gotten in examples and calendars, the agreeable sections of our lives, something as problematic and jostling as completion a relationship can appear to be excessively exertion and whine, notwithstanding when we're not under any condition upbeat. In case you're feeling as though you're stuck in this place, hunting down signs concerning regardless of whether to separate, look at the rundown of go-to s
A recent decision has been issued by the NJ Superior Court where a sale of a distressed property was stripped from the buyer and given back to a former owner. It is under appeal, but it spells TROUBLE for distressed property buyers if it is allowed to stand.
In the strange case, a tax lien investor completed a tax foreclosure and then received Final Judgment in March, 2015. Tax foreclosures differ from mortgage foreclosures in NJ; absent federal liens they generally do not go to Sheriff Sale an
It is easy to believe that purchasing a new home is cheaper than remodeling your current home, but before you start hunting for a new home, make sure that is really the most affordable and money saving option for you. The truth is remodeling does not have to be as expensive as or more so than buying a new home. There are plenty of ways to successfully remodel your home without cleaning out your savings account. Here are a few reasons why you should choose to remodel and how you can save money
Investing in apartments is not only about analysis and numbers. It is primarily a relationship business. Building a strong team can truly make the difference between from a stalled to a spectacular apartment investing career.
You maybe able to get muscle one deal through on your own, but to build an apartment investing business, even part-time, you will need to build a team. By having a strong team behind you, you won’t need to be your own lawyer, accountant and property manager. In fact I STRONG
As primary “A” type multifamily markets tighten, there are more and more prospective tenants pushing into the secondary and tertiary markets, creating huge opportunity. However, there are fundamentals that can make or break your investment strategy; properly preparing can make the difference. If you drill down and really master the sub-market research, you will find off-market opportunities!
A quick tip on Broker Relationships - In smaller markets, there are often a handful of brokers that have
Halloween is just around the corner!
I recently read a figure that was beyond scary – it was downright frightening. According to a survey done by the Federal Reserve in August 2014, only ¼ of Americans feel financially prepared for retirement.
The recent volatility in the market makes me feel stronger than ever that there must be diversity in every portfolio. The beauty of investing in apartments is that you have a measure of control of your financial destiny.
The beauty of apartments:
- You can inves
Purchasers at New Jersey Sheriff Sales Must Beware of Pending Tax Appeals
By Anthony L. Velasquez, Esq.
On September 8, 2014, the NJ Appellate Court issued a published decision in Princeton South Investors v. First American Title Insurance (A-850-12) upholding the denial of a title insurance claim that was brought by the buyer of a property at a Sheriff Sale. The buyer had claimed that at the time of the Sheriff Sale there was a tax appeal pending regarding the property, and this tax appeal -- a
Wholesale
Fix and Flip
Municipal Tax Liens Afforded Protection By Court - June 25, 2014
Earlier this week, on June 25, 2014, a decision from the NJ Supreme Court has bolstered the position of tax sale certificate holders throughout New Jersey -- particularly those seeking to enforce their rights and foreclose upon a property where the property owner has sought bankruptcy protection. It is a landmark decision and it helps to solidify and…
It’s finally spring (A snowstorm here or there notwithstanding) and its time to shake off the slow pace of winter and get active. Watching things come alive and grow got me thinking about gardens…planting seeds…cultivation.
You might be thinking, “What does this have to do with real estate?” Stay with me here, there are a few parallels.
SPREAD THE SEED
This is a relationship business. Don’t underestimate the importance of creating a strong…
With the economy still on shaky ground and lenders requiring that your deal fit neatly into their guideline box, the ability to raise private money has never been more important. You frequently hear people discussing this topic but you might be wondering – where do I begin?
Having raised roughly 10 million dollars over the last 5 years I’ve gotten very familiar with the process but I am by no means an attorney. When raising private money please be sure to seek out a qualified real…
Urban landlord investing combines elements of crime, drugs, boarded up assets, and low income tenants. Within all this uncertainty comes a unique risk adjusted opportunity. This post is going to look at one major tenant type that you will come across: The Section 8 Tenant.
Section 8 ?
Section 8 is a Government housing voucher program that is managed by the Department of…
