All Forum Posts by: Brittany Edwards chu

Hello,

My duplex had some issues with termites before I assumed ownership. Now its time for me to decide to renew the yearly maintenance/prevention. My question is if I need to keep up with this? I have another exterminator who should be able to let me know if the termites are an issue again. Wondering how other handle, esp as this is an unexpected cash flow hit.

 Make sure you have good liability insurance! My insurance broker actually steered me away from allowing pets just because of the higher premiums. 

My question is so simple, yet not! How should I be looking at comps for ARV? Do I use the list price or the sold price? In my market (northern New Jersey) the competition and demand is so fierce that sold price will easily be 100k over list. My agent always uses sold price as the comp, but what is the true value? When there is such a discrepancy b/t the two, I need to make sure I target the correct one. Thanks In advance for any feedback!

@January Johnson very helpful and good to know, thank you!

@Caroline Gerardo Its chapter 13 so I see the house isn't in immediate jeopardy. Currently they have a heloc and also a reverse mortgage, but I need to meet with them to determine how much. Thanks for the guidance!

@Mohammed Rahman thank you for the advice! I'm going to re-establish that rapport (they sent me a new baby card) and see if we can figure out something that works for us both.

Hi! I'm a fairly new investor (about a year in) and have been looking for deals off the mls, as the competition is still fierce in my market. There is a house on my street with elderly owners that came up on my foreclosure list...they have back taxes/a tax lien due to owing appx 30k in taxes. I initially avoided investing in the tax lien because I've read it's for more advanced investors. This was last spring, and now I see they filed for bankruptcy in the fall. My wheels are turning to figure out how to make this a win-win for both parties. I could offer to pay off the tax lien and they pay me back? Or I offer to buy the home, as this is a high tax neighborhood and I am not sure if they have any income? I am interested how other investors would approach the situation. Is there another strategy I should employ?

@Scott E. thank you for your input! I will be sure to keep that in mind for future deals.

@Shiela R. where can you get these NOD lists? Always looking for creative ways to find more deals. Thx!

Hello! I came across an amazing REO I want to flip, in a highly desirable area in northern Jersey. Its mostly cosmetic updates, and some higher end finishes because of the pp. ARV currently is in the 1.3mil range. My question, is if rehab takes a year, which I am giving myself as a cushion, and we do enter a recession, how much should I safely assume home prices will depreciate by that time? At that price point will there even be a notable decline? According to my agent, home prices were somewhat shielded during the Great Recession due to the close proximity to the city and still strong demand. He said there was about a 15% market adjustment. I'm curious what others have heard and are planning for in their own business?