All Forum Posts by: Brian Spatz

@Bernard PEARSON we can send you some recommendations, shoot me an email with the town

@Lodina Cokley when @Jay Hinrichs says unsophisticated don't read it as he's saying YOU are unsophicated. his point (and a good one) is that commercial properties are generally owned (or represented by) more knowledgable owner/investor/agents who will spot a wholesaler from a mile away. like both folks before me stated, they'll require a POF and scrutinize that even before reviewing a LOI. Unrepresented residential homeowners are generally more flexible with the terms because they don't understand the process or right questions to ask to check it's actually you making the purchase. Whatever you do (and I'm not implying you will) just don't fib, although I'm sure you'll be honorable with the process.

@Sabrina Tempesta While I haven't had a client use him yet, many agents in my office recommend Frank Uzzi Esq., based out of Montvale. I'm unaware if he covers potential zoning/variance issues, but being local could give him an edge in knowing the ins and outs of the town. Give him a ring, perhaps he'll be able to help.

Hopefully since the lot was already established it'll be an easy process. Best of luck!

https://goo.gl/maps/N6FXDB4tJ7G2

Hey @Cody Zucker, there are plenty of Bergen County agents on here that can help, it just depends on the type of investing you do. Buy and hold? SF? 2-4fam? ResCom? MU? Flips? If you don't want to get too specific on here, send me a message perhaps I can provide further info on the market up here.

You can drive the area surrounding said property and look for rehab projects that are in progress, or finished projects that are currently listed for sale. There's a near 100% chance that they're builders looking for their next project. If it's under construction and you see workers there, ask if the owner/contractor is on-site or get their contact info. If it's simply a contractor or sub working for an investor, they'll love the opportunity to connect you as it could lead to another project for them.

Also try networking at your local foreclosure auctions (assuming that your county hosts in-person ones.) See who is bidding on properties and connect with them. It may be especially good if they're making bids around the price point you're looking to sell, and didn't actually win anything that day because it means they have unused certified checks :)

You can also look at county records (mine can be done online, maybe yours also) and look for deeds on properties that are being sold over to an LLC. Theres a pretty good chance that the LLC listed is an investor, and you can pull information from that paperwork.

one way to set yourself up for a refi down the road is to start out with an FHA 203k loan, which is a rehab loan. Generally speaking if you can add a lot of value by fixing up a distressed property, you may be able to keep the loan-to-value ratio more in your favor. most lenders will want 75% LTV but some will do less.

As far as FHA limits I think you'll be okay at that level, I'm pretty sure they go much higher. If you need a good lender I can get you in touch with somebody for more info

I dont know the Motown area well enough to speak to your numbers, however one thing to keep in mind is that if "Live here for two years , refi then rent out" is an integral part to making the whole thing work long-term, you should be cautious.

Is the refi to get cash out? try for a better rate?

If you have 3.5% down, with very little money going towards principle the first two years, you most likely won't be able to refinance unless you greatly increase the value. Banks generally want much higher equity than ~5%.

On top of that, rates are trending upwards. If they're higher in 2 years you'll actually end up paying more for that money.

If you can get $xxxx for your unit in 2 years where your payment is ~$1500, will it be worth it for you even if you can't recapture the initial monies from the down payment and closing costs

Just some thoughts...

Hey Dwayne, your best bet would be to contact an attorney or title company directly. Your situation is not necessarily a standard one, so there is no true answer to your question.

Many attorneys now charge their fee simply to review and ensure you're protected in the contract, but utilize Title services to take care of the rest, who then charge you their own processing fee.

 Theoretically a title company should be able to help you close but I will always advise my clients to make sure they're protected legally as well. Title is a must, otherwise you really don't know if someone else out there has claim to the property as well...

Hope that's helpful, -Brian

Hey Ray, depending on where you want to take the class, my brokerage may have a discounted rate I can extend to you. Obviously they only partner with reputable course providers, and I don't think they partner with either company you mentioned (no judgement on their credibility, may just be outside the circle.) Reach out to me and I'd be happy to look into it for you. -Brian

Mary, keep in mind that if your target is likely a builder, they don't work on the same seasonal time frame the average home buyer is on. From the moment they aquire the property, it will take them anywhere from 4-8+ months to get the project turned around. From planning to architectural to zoning and permitting, etc, Now might be the best time for someone who wants to finish and either move in, or sell the property themselves next spring.

In most towns around here, it's still a sellers market. Id recommend you consider getting it listed while the odds are in your favor. Spring may generally be the best time, but remember nobody can forsee the future.

Or build a 2fam yourself and flip it to an owner-occupant come spring :)