All Forum Posts by: John Gray

What internal rate of return should and cash on cash return should a beginner investor expect to see.

or is there a better metric to look at for investing in rental properties.

what do you guys generally see in your deals?

i am trying to come up with a game plan for passive cash flow.

thanks everyone.

Steve Kontos I'd love to learn more about investing in less expensive out of state property.

Brian McFarland if your looking in northern New Jersey I might suggest house hacking in hackettstown. It's less expensive but still a good area. Its the end of the Morris essex train so it's still commutable. You can find a 2 family in your price point. Once your east of there it gets very expensive or not the best areas. But it depends on your preferences.

My wife found an interesting house at an estate sale and spoke with the listing agent, they listed it to sell quick at 399k ( the neighbors house which is the same exact house which was just renovated is pending sale @ 589,900)

the  property went up for sale and then the listing was removed due to issues with the trust.

my question is how do i find and contact the trust directly to make a cash offer? if possible.

we are planning on using hard money, seasoning the title and refinancing, does this sound like a feasible logical approach?

if this property hits the market again it will get bid up close to market value.

thanks for the responses @Kim Knox

As it turns out the auction was adjourned till sept. I went yesterday just in case. 

There are a few offers on the table so we are making our offer today. Thank you for the tip of using the selling agent, we will see how it goes  

@Kim Knox

The market value is $300,000 - $320,000 in its current never updated state. ( updated $375k - $430k )

The seller only owes $80,000. 

I was very skeptical of this as well and it turns out the owner moved out and is now in a nursing home and forgot to pay her mortgage, hence the foreclosure. She has been made aware of the foreclosure ( not by me ) and a relative has taken over selling the house. But I'm not sure if they have time to stop the auction. 

@Kim Knox it is not a short sale,

the price per the sheriffs sale website is 80k, its listed for $350,000.00

it is a judicial foreclosure

thank you for the reply @Jacob Pischer

The house is listed with weichert, we looked at it yesterday but it's scheduled for foreclosure auction this week. 

please help, i'm not sure how to go about this

1. what is the best tactic in acquiring a property that is for sale but is going to a foreclosure auction?

2. if there is an accepted offer will the auction be postponed?

3. would it be better to make my offer and also go to the auction?

thank you for any insight

I would have to agree, not worth it. I like Robert kiysaki's books but I'm not buying the training. It's all motivational talk sprinkled with basic knowledge you could learn on BP. Then they try to sell you more and more