All Forum Posts by: Claudia Fernandez

Company confirmed oil tank was removed. Any suggestions on what to do next??

We are in the process of buying an REO in NJ. Inspector said the front yard had signs of an oil tank, to get a sweep done. Called the town and the town said they have a permit for an oil tank removed. Did a sweep anyway to make sure and shows possible oil tank but it could be anything under there. Contacted NJdep and they have no record of anything on the property. Reached out to the property that did the removal but still waiting to hear back. Any suggestions on what to do next??

Any recommendations for a mortgage lender that can help me get a good rate in NJ.

@Jake Thomas Hard money wouldn't work, we want to hold on to the property. Bank is asking for cash buyer.

Can an investor get a rehab loan on a multifamily or are these loans only offered for owner occupants single family homes?

I have two, two family homes. 3 bedrooms rent for about 1300. 

How about Elizabeth, NJ? I have two multi family there and both have good profits. 

Why not fix it up, lower it 5k and do an open house as soon as you lower it. We sold our flip during our first open house. Just make sure you fix everything you need to fix. I noticed details are very important. 

I think a major problem you have is NO curb appeal. Add a nice railing to the front of the house. Add bushes around the front. Lay new sod down. Knock down that fence. Maybe put a new door w color or paint the existing one red. Is the roof in good condition? Doesn't look good in the pics. I would've knocked down the wall in between the kitchen and maybe dining room, try to open up the space as much as you can there, that wall makes everything feel choppy as well as the foyer wall? Open concept is what sells easier nowadays. I would add some nice hardware to the cabinets. After you do all that have an open house. Good luck!

@Ivan Correa Hi Ivan! I am also an investor in those areas. I just did a flip and am in the process of selling it now. I also own a couple of 2 families in Elizabeth. Feel free to reach out if you need any advice or suggestions. My husband is a realtor so that helps us a lot. We are still new at this but this is a great website to learn!