All Forum Posts by: Jairo Paredes

Hi all,

Miami, Florida. For now it is a vacation place where we spend a few months in the summer but will eventually it will be our primary home.

@Salah Siraj interesting thread. It’s been over 2 years since you posted this. What was the outcome with the eviction?

Investment Info:

Small multi-family (2-4 units) wholesale investment in North Bergen.

Purchase price: $280,000
Cash invested: $360,000

2 Family home acquired at the Sheriff Sale. Purchased at 280K and sold at 360K.

What made you interested in investing in this type of deal?

Made several offers during the short sale phase. Non of my offers were accepted.

How did you find this deal and how did you negotiate it?

My realtor found this deal. Offered more amount during the short sale phase. Purchased it for 20k cheaper at the auction.

How did you finance this deal?

Personal and leveraged equity from my portfolio.

How did you add value to the deal?

Cleaned up the house. Fresh paint. Cleaned up the backyard.

What was the outcome?

Sold a few months later.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

My real estate agent for this and most of my deals is Derek Gomez from ReMax Villa in North Bergen NJ. He is also on BP.

@Jessie Harder

Hi there, nice to meet you. Have a second showing on a REO SFH in Harrisburg. My brother is looking at it. Im from Jersey but have lots of family in Harrisburg.

Would be great to connect with investors from your area.

@Bishan Colon hi, I’m always interested in meeting more investors. Also out of Hudson County.

Christian - There is a redemption period that all default borrowers have after their property has been sold on auction. I believe it is 10 days. The owner has first dibs to buy back his/her property if they are able to pay the amount owed plus legal fees. After the redemption period is over, the winning bidder will have to pay the remaining balance for the property.