All Forum Posts by: Chris Daliani

Hello BP,

I know of a property that is in pre foreclosure. I went to the local city hall of the town in New Jersey to inquire about the property. They advised that the owner was in pre foreclosure. My question is....how do you go about trying to purchase a pre foreclosure in the first place?

Do you contact the attorney for the bank first to find out what is owed? Or contact the current owner and make them a deal? Once contact is made can you buy directly from the owner or everything has to be done through the bank?

Thanks!

@Jaago Viitkin Here is a plumber I know of.

RJ Gracia

732-277-6561

[email protected]

Hello,

I am looking to purchase a 3 family with 2 partners that we would be financing. This would be our first property together. My question is what are the pros/cons of buying it through an LLC right away...or buying it under our names at first and then switching to an LLC?

Thanks!

I may have the opportunity to purchase a 3 family in Guttenberg. They are all 2 bedroom 1 bath and renovated nice. I personally know the seller. For those in this area what do you think comfortable rents would be for each unit? $1,400?

@Ani Sanyal I feel the Bergen/Lafayette section directly outside of Liberty State Park is going to BOOM over the next 5 years. There is a redevelopment plan for this area and investors are waiting to build there. I am very picky about this area still.

I am waiting to buy my first investment property in Hudson County that I wish to owner occupy. Still hunting...

When I go to analyze this rental property that I will be owner occupying do I enter my units potential rental income or I leave it at $0?

@Shawn Connors Hey Shawn, I just read this post. It sounds like you sent mailers to people with distressed homes and owners that do not live near. Can you share how you found these homes? I want to also find owners of homes that have been owned for at least 7 years and also homes in which the owner lives out of state. Not to sure how to go about that. Thanks!

@Sunny Suh Hey Sunny, I just read this whole post. A lot of good stuff! Just wondering if you had an update on how things are going. I also have to deal with an oil tank issue but this seems like I will be doing a private sale. 

Also, if you could share who you used for a lender and the details of that (amount down, rate etc...) If you wish to privately email me that would be fine. I am starting to get some numbers myself.

@Shawn Mcenteer What my lender was saying was the with 10% down the PMI goes away after 11 years...I am assuming that is when the 78% equity will be reached. I think this is what you mean. I get a little confused about the difference between conventional/non conventional and conforming/non-conforming.