All Forum Posts by: Anthony Caiafa

My closing on a flip house is being delayed due to "corona virus". The buyer is telling me its been difficult working from home so its going to delay the closing on his side. This seems like a bit of a BS thing and MY attorney is also telling me that "sure its difficult to work from home so it is OK to delay". Here is my main issue with this - I have carry and holding costs - does it make sense that everyone else gets their full amount, attorney fees / realtor fees - but I have to take a larger loss because of corona? It seems very single sided. That's money tied up somewhere that could be used in something else. Thoughts?

@Avery Goodman My partnership has worked out really well. I own the LLC and he owns his GC company. I putup all of the money to fund the job and he is all sweat equity, carrying costs of his GC business, and materials here there that he pays for. I am hands on but for the most part he manages the entire job and process. In our situation splitting 50/50 is easy.

If I was in your situation I realistically wouldn't split it 50/50 with you. Doing the realtor legwork and some odds and ends, IMO, wouldn't justify an even split. He is taking on all of the risk and work. I would pay the same fee i'd pay to a realtor. That is just my opinion.

Yeah i tried. Wasn't super useful. 

Is it fair to have a 50/50 split though? If the money is just coming in as a passive investor and that is the extent do you split down the middle? 

I found a foreclosure listing that shows the attorney for the defendant. Can I contact the attorney before the house goes to sheriff sale?

@Mark McDonnell Bergen county. You have a bunch of towns that have a great commute into the city and are starter areas for new families. Maywood, Hackensack(it’s getting better focus on the side closest to Maywood), Lodi, saddlebrook, allendale, oradell, etc. the list goes on and on.

@Sean OToole absolutely will. I appreciate it.

@Sean OToole appreciate it. I have already been digging through the court cases since they are all public. One of the problems I keep running into is nobody knows the status not even the banks that issued the letter. Also in a bunch more cases the bank is just sitting on the house and not assigning it out to an agent or asset manager. Do you run across that?

thanks @Sean OToole i am in NJ Bergen County. 

Looking for the best sites to find inventory of foreclosures and pre-foreclosures. Or even a solid strategy on how to locate these properties via local towns or municipalities. Any information would be greatly appreciated.