All Forum Posts by: Debra Irvine

I'm going to look at some properties this weekend in Baltimore and one of the properties is in a R--8, so it look as if its a townhome so I would have to get permission from the council to convert to a 3 unit building? Is that a long process?

The property is located in Sewell NJ, Gloucester County. Someone stated it strange that the Health Department don't have a record of this home, I find it strange as well. The home was built in the 1800's.

I'm guessing the realtor called the city to find out and we all were under the impression it was public. So anyway the township called him and told him that there is no public sewage on the block. So it has to be one of the two  Cesspool or Septic. I will have a septic company go out there and verify what is there.

We purchase an investment property, we had our own inspector come out to the house prior to closing and the hard money company we used also had their inspector come out to the home. We just found out when we listed the home with a realtor, that the home has a cesspool! In New Jersey you can not sell a home with a cesspool, it must be upgraded to a septic system. We spoke with the health department and they have no record of what type of system the house may have. But I'm scratching my head, that I had two inspectors come out and no one ever brought up about the sewage system, and the fact on how the man we bought it from was able to sell this home to us, when in fact the New Jersey laws states a home can't be sold with a cesspool. Am I missing something?

Is there a rule of thumb when it comes to fix and flip on how much you should spend on rehab? I thinking about buying a property asking price is 59,900 (I'm going to get it lower) but it needs a lot of work, I'm thinking $60k or more.The are will be about 200k.

I'm getting ready to work with a realtor on her listing, she sent me over the purchase contract, the seller want a EMD to be submitted to the title company within 5 days of the signing of the contract. My question is what if I don't find a buyer within the 5 days and the EMD never get paid to the title company. What legal trouble can I be in?

So let me make sure I understand this. Me as an wholeseller can not get a home that is in pre-foreclosure under contract? But if its's within 30 days I can put it under contract? Is that correct.