All Forum Posts by: David Thomas

Assuming you filed online? If so you can login and submit additional documents/info under your docket # on the portal at njcourts.gov.

@Mark Alston what type of property are you looking for?

Awesome- best of luck! Let us know how things go for you along the way.

@Joshua Bailey

Have you seen the actual leases in place, verified water/sewer bills? Taxes? Monthly utilities? Verified rents are on time with copies of cleared payments, etc? Variances or easements? Liens or judgements? There is a ton of due diligence remaining aside from a quick cursory cash on cash review.

Don't forget cash on cash can look great if you're not including your first year mortgage payment.  Be sure to look at cash flow year 2 and beyond for a real picture of what you are getting into, otherwise CoC may be irrelevant and meaningless.

@Sidney Garcia This question comes up so frequently in the the forums that I typically don’t respond (many good answers already exist). But once you mentioned you are 17, I was very excited to say BRAVO to You!! So exciting to see that you are interested in investing at a young age and planning to shape a successful future for yourself.

Getting started at any early age can put you leaps and bounds ahead of so many people (not that you are competing) but it’s one of the common things people say is “I wish I started earlier in my investing”.

You came to the right place! BP has many tools and resources to help you educate yourself on finding good deals. To get started find where you would want to live-visiting or asking people you know can help. I am a fan of commuter towns/cities within a 45 minute train ride to NYC.

Also you can search Niche.com “Best Places” such as top schools or towns (some will too expensive for a first investment IMO) as well as check out the Fed Gov data on employment and population trends for NJ at https://www.bls.gov/regions/new-york-new-jersey/new_jersey.htm#eag

I’m always happy to discuss more local resources for you. Reach out anytime. Best of luck! You’re going to do well I’m sure.

@Daniel Sabato it certainly depends on the seller- I have had clients win bids in this market by having the best terms, not highest price, and down payment is a key factor.  Regarding down payment - keep in mind your offer of X% down is in the contract presented and accepted by the Seller and their Attorney; And the attorneys will expect to see that 20% check shortly after Attorney Review period.   Changing that could in fact risk losing the deal but you should discuss with your attorney and agent on how you plan to explain it and still keep the seller confident in your ability to close.  For me as an agent it would send a message that your financial strength as a buyer may not be as good as indicated per the offer and raise a red flag.

Have you looked at HUD homes? You can find good deals that typically give owner occupants first bid.

@Nadia Hale I’m no doctor but never heard of hair loss due to hard water. I have a hunch your new tenant is just beginning their journey of demands and requests as a tenant. Learn to say no confidently as a LL but also offer alternatives.

With that said, one option that I have personally used here in NJ that surprisingly has worked is a product called Scale Blaster. You can find it at Home Depot. It is an electronic water conditioner that requires no plumbing work - it wraps coils around the main water line supply in the house and breaks up the minerals so they don’t stick and build up. I installed one a few years ago expecting it would be an “ as seen on TV” infomercial and honestly expected to do nothing. But surprisingly it has reduced mineral buildup/stains on my faucets and showerheads about 90-95%. 

You should test the hardness first to determine if the water truly is “hard” and worth addressing.



@Rahul Pat yes if you can find a reputable wholesaler and the numbers make sense.  

The market is super competitive for buyers all across NJ.  Best bet is have patience, work with a strong buyers agent that will help you craft great offers in regards to both price and terms.  Offering the best terms isn’t always about waiving the inspection, but just one of many angles to take.

Another thing that I haven’t seen mentioned here. Back in 2004-2006 lenders were practically throwing money at anyone who wanted it. I can’t tell you how many advertisements I saw daily - many 1/2 or full pages ads in local papers - touting 100% and up to 110% loans with no doc/no income verification. Practically Anyone could buy a home then. When you can’t afford it because you weren’t qualified, it comes back to bite you. This among other factors lead to speculation and over purchasing, hence the bust.

We are not seeing that today.