All Forum Posts by: Chris Wosnitzer

You can look at what they call a mini-split. I think Samsung or LG has a line of them that my HVAC guy recommends. No ductwork needed hangs on the wall and some can be disguised as wall art (they have a picture frame might be pricey for a rental though).

If your in monmouth or ocean county NJ you can call Itak Heating and cooling for more info.

@ Joseph Delisi

Welcome to BP congrats on your new Point Pleasant flip. Hopefully you did not get a flooded sandy house. The elevation requirements can reek havoc on a flip, unless it's a teardown and rebuild. I'm local and would love to connect with you. I have a flip in Neptune city closing next week.

Congrats again!

Not sure of central jersey but in monmouth county freehold cartage is $500 for a 20 yrd. I would check on a bigger dumpster it might be cheaper I think for a 10 or 15 it's about $400

As long as the trustee is selling it you'll be fine. Unfortunately even if your offer is higher the trustee may opt for the CASH buyer. My first deal in NJ was a SFR BK trustee sale there were multiple offers above ask all with financing contingencies. I offered $5k under ask and won the bid since I could close with cash the quickest. All the trustee wanted to do was to be done dealing with the property.

If you haven't already make sure your financing is in place approval letters, etc. Financing approvals are taking 60- 90 days!!!

Eric-

1. What' the property worth?
2. Will the sale price satisfy the lien holders?
3. Are you doing a short sale on the property?
4. Are you wholesaling this or buying it for yourself?
5. Buy and hold or fix and flip?

The capital gains on the resale, the property transfer tax and title insurance are all issues that would be of concern to us in this deal.

Mark

Welcome to BP! I am glad to see someone else that thinks Monmouth/Ocean Counties are actually in Central NJ... most Newjersians think Middlesex county in central and we are South Jersey. We can be in NYC, Philly or Atlantic city in 1.25 hours, so we are centrally located...i am in Howell by the way.

let's meet up some time!

Anyone know of a good real estate attorney in NJ that understands a land trust and self Directed IRA investing???

I have spoken to the NJ Real Estate Commision directly about property management and the law is: if the PM is collecting rents they need to be a licensed agent/broker. If they are not collecting rents then they can be a PM up to 8 residential units, and do not actually have to be a licensed property manager. After 8 properties they need to be licensed, regardless if they are collecting rents or not.

Hope this helps

@Jacob A.

Hows the Budget any overruns or still on track???

1. Seller Financing

2. Lease Purchase option (rent to own)- $5k down add money to your rent payment towards down payment secure in todays low real estate prices.

3. Family Member Financing preferably in a self Directed IRA owning the note.

Make sure that you have a legal document stating the terms and conditions, an amortization schedule any balloon payments etc. This way the IRA gets income for as long as you are paying and over 30 yrs it would triple their investment.