All Forum Posts by: Damian LoBasso

Happy to help if you have any questions!

Hi BP Community!

Can anyone recommend a contractor in the Northern New Jersey (Bergen County) area that they trust, and would be willing to walk through a property with my partners and I to provide a realistic rehab budget?

Thank you!

@Angelo Mart That is actually really interesting you would say that because I've been finding that area more and more attractive in terms of buying rental properties for students given its close proximity to the law school / medical school / NJIT.  

Can I ask why you feel that way?  Thanks.

Hi @Matthew Weber, we tend to buy single family homes in the range of $200-$300k and typically spend between $50-$80k on our rehabs.  Our model has been single family homes and we're still working in the "if it ain't broke, don't try to fix it" mentality, so we will probably want to stay within those parameters.  Obviously $200k buys you a different house in the good vs bad neighborhoods but we can't increase our price point if the opportunities are right.

Thank you!

Hi Everyone!

Does anyone invest in the Newark, New Jersey market, and if so which areas do you recommend to look at.  My partners and I are interested in expanding our reach to Newark but are first doing our diligence on which particular section to focus on.  We buy and flip at the moment but will be creating a new entity in about a year to begin purchasing rental properties as well.  

Please let me know if you currently invest in the area of have in the past......thank you!

@Bill Hinshaw I think that is completely fair.  It's hard for the situation to not get complicated when the numbers my model spits out are obviously lower than her perceived value of the house.  The reason for the post was primarily because I didn't want to add undo stress to her, but I also wanted to make sure I was getting a fair shake.  I appreciate your input.

Thank you @Holly Baum that makes sense.  I figured I was just being skiddish but I might just move forward with a separate agent at this point to place an official offer regardless.  

Hello All,

My partners and I went to see a listing this past weekend that is part of an estate sale in which the Listing Agent also happens to be the Executor of the estate (the house belonged to her mother).  After reviewing the property we agreed to make an offer and to engage the Listing Agent to be our agent as well, with the hopes that not losing half the commission will give us some priority should there be multiple offers.  The house was originally listed on 12/15/16 for $380,000, then dropped to $355,000 three weeks later.  This is a single family home in a B+ neighborhood which needs a complete remodel.  With comps in the mid to high 400s for renovated homes, we agreed our starting point would be $259,999.  

I sent her an email on her work email address indicating that my partners and I were interested in engaging her to represent us and that we wanted to place a formal offer of $259,999 on the property.  About an hour later she sends me an email from her personal email address that she is confident she can get in the 300's and that our offer is too low and she completely disregarded my request to move forward with a formal offer.

My question is, does she have an obligation as Executor of the estate to present all offers?  Is she breaking any real estate rules by essentially refusing to formally place my offer?  My initial thought was that there is a reserve in the deceased's will that might prompt a sale at a certain price and she doesn't want to present my offer because she thinks she can get more, especially since she most likely is entitled to either a percentage or the entirety of the sale since it was her mother's house.  I'm thinking of just engaging a separate Buyer's Agent to just place a formal offer this weekend so she would have to record it.

Any and all guidance would be appreciated as always!!! Thank you!

Hello All,

As I continue my research on financing options for a flip I am interested in performing, I seem to be receiving conflicting information as to the timing restrictions should I take out an FHA Loan to finance the property. Are there any requirements per FHA that I occupy the house for a minimum amount of time before reselling (some sources are saying I need to occupy the home for 6 months otherwise I am in breach of the contract)? Any additional guidance relating to flipping with an FHA mortgage would be a tremendous help!

Note: This does not relate to the 90-day hold that is required for an FHA-eligible buyer to receive financing.

Thank you as always for your help!