All Forum Posts by: Chris Wosnitzer

I am interested in a Monmouth County Group as well.  Let me know about the Red Bank Group also @Mark Flores.

Also there is no way if dealing with the bank directly on buying property before the sale. That would be when the property is offered for sale usually on the MLS as a short sale. We gone away from short sales, banks take to long or over value the property. They have no incentive to sell the property at a loss, most cases the bad debt was from another bank that went under and is insured to the full loan amount.

Sanjeev luckily NJ only has a 10 day redemption period!  Most of the properties at auction have been in foreclosure 2 yrs or more.  I have yet to see one be redeemed after the sherif auction.  Properties will be free and clear title seconds will be wiped off unless the property sells for more than the 1st lein.  The only lens that stay on the property may be IRS related stuff.  If you interested in Monmouth or Ocean counties let me know we are there regularly.

Chris 

Installing a traditional a/c would either be an air handler or a furnace with the ac coil on top and an outside condenser both options would need duct work.  And unless your gutting every wall and or ceiling it will be costly.  It's not the parts it's the labor to install it and getting the right amount of airflow to heat and cool properly.   That alone may cost 5-10k per unit and then you need to buy the furnace/ac.

Mitsubishi hyper heat is the way to go, you can put in multiple heads in seperate rooms if needed  as well with no fact work!

Do yourself a favor look at the Mitsubishi hyper heat option. One of the best on the market and good to down to 0 degrees.  Very efficient and cost effective option, with very high 20-30 seer ratings kinda of like mpg on a car.  Will provide both heat and ac should cheaper than natural gas!  Quietest operating unit on the market as well!

Some things like Federal and IRS liens do not show up on line...i suggest getting title done just to be sure.

Bob

You can call the sheriff dept directly or search online. 

1. Ocean County NJ Sherrif

Consult An Attorney 

As far as i know the executrix/estate should be paying the mortgages out of any cash in the estate in order to keep current and avoid the foreclosure issues while the will is being probated.  That way the son inheritor should be current when the property is deeded over to him to do what he wants.  However the mortgages are in the deceased name therefore those probably have to be paid off in order to convey clean and clear title,  Perhaps this is why the executrix is looking for $160k sales price from inheritor.???

good luck

In my experiences most of the banks use the actual purchase price and discount the appraised value.  I have 3 all cash properties that I bought all at a discount, the local banks insist on the appraisal and the loan amount never exceeds the purchase price if I had them for less than 1 year.

If you can send me the bank info love to refi based on actual appraised value.

@ Joseph Delisi did this close?

So rehab is $65k plus the $50k for kitchens and baths? Sounds like a pretty heavy rehab what's the purchase price and expected ARV? I grew up in the Boro I am assuming this is in the boro at 3 miles away from beach. You can get a GC or just flip the house to someone a little more experienced (I know someone looking for a projects in PP now). Or you can be the GC and hire each person for the job takes more time/ work on your part but should be cheaper if you get the right guys. Also sometimes you can make. Deal and pay for supplies and pay labor after closing for a little extra or offer a profit participation to the GC.

I have done a few in Monmouth and Ocean counties and even one in the Poconos. I have a rental owned by my IRA in Manchester right now that is appreciating and netting about 12% net return annually all tax deferred in my IRA.

Working on my Neptune city one currently total gut job to studs!

Feel free to call me love to see the project!