All Forum Posts by: Eric Burgh

how do the cities let this hold any ground with squatters rights. where is the line drawn ? what's to stop them if I'm at work or short vacation and someone breaks in and claims it as their home because " a PM rented them a furnished place ?" and what about tresspassing laws. if someone tresspasses on your property how can you not forcibly remove them due to tresspassing and also self defense? finally, is a way around this to have a vacant property under a short term lease in someone else's name this way there can't be another lease in the event the scammers "produce" a lease ?

I think your numbers are a bit off or you're looking in the wrong area. I can certainly find a 3-400k place and rent for over $2k monthly, but I still wouldn't go that route. are you looking in Parsippany area ?

I think this really depends on the inspector. if he checks it out and sees any sign if questionable work I'd start praying. Hopefully he's sympathetic towards your situation, but I'm also sure he's heard this excuse before. if this isn't hypothetical, 'd start hounding the GC and hope u have the permit pull clearly stated as his responsibility in the contract. is this a reputable GC ? we're you at the job site and didn't see any permits in the window ?

Hi All, I've been casually browsing this site for a few years and first time posting here.  I have some real estate experience but still a beginner as far as I'm concerned.  I'm also pretty handy but by no means a contractor, but still could do better work than some of the hacks out there.  I bought a fixer upper about 8 years ago and did all the work myself and learned a good deal along the way.  I still have that property and if all continues well, should be a nice return when I sell.

I'm looking to get some feedback regarding legality and the reality of this plan rather than the actual numbers.  I have a unique offer on the table to get involved with a friend/potential partner (who is a new real estate agent).  He knows a woman that is about to lose her house, possibly by the end of this month.  (Hasn't paid two years of taxes - which NEEDS to be paid this month, has a 80k home equity line out, IRS, and other bills.  Total outstanding debt is about $140k).  She is very interested in selling the house to us and trying to sell it for "cheap" if we let her live in it for a few more months - which I could be okay with if I start with the attic and basement renovation first.

I already saw the house, and realistically I think it's worth 150-160k for an investor, 190k for someone looking to live in it, and she wants $220k which is way too much if I want to fix and flip.

I don't think we can pull off, and we don't want to buy the place up front for $160k.  If we don't do anything, she's likely going to lose everything and have to file bankruptcy.   Can we make an offer in which we pay the property taxes and the home equity loan (about $100k or $110k including IRS), in exchange for the title to the house?  We would let her live in the place for a few months (amount tbd), and then have a back end deal or even in the contract that upon our sale of the house - when we sell next spring and for $250k or more, she will get the remaining $50k?  So essentially she gets $160k for the house after we sell, her debts are paid, she has a place to live a few months, and we didn't have to fork over all the money up front. 

Is this sort of deal even possible?  I also think the likelihood of her agreeing to these terms is slim.