All Forum Posts by: Erik Pedersen

@Maurice D. thats exactly what they want to happen and i could easily see it happening to someone and be completely ruined!  Thanks all for your replies, it seems like if i knock on doors i might get lucky.  

@Christopher Phillips yeah thats where they are.  Right in between the process.  Thanks for the insight!

Hey Everybody,

There are multiple foreclosures listed on Auction.com in my area (hudson county, nj) that i am very interested in getting into.  However, they say because there are tenants/occupants there no one can view it.

What kind of craziness is that?  If people cannot get in the risk of buying goes up exponentially.  Does anyone have experience with getting in to these types of props?

Thanks all!

Hi @Marianne Wentzel -- the book i was referring to was basically a workbook specifically for wholesaling I got from my richdad course.  Give amazon a try and look for the books with good reviews, they usually dont steer you wrong.  Unless.... you want to drive to Bayonne and I will give you my book if you want lol.  

http://www.amazon.com/s/ref=nb_sb_noss_2?url=search-alias%3Daps&field-keywords=wholesaling+real+estate

For future endeavors, bring your contractor in before you buy the house.  That way you can run your numbers and make a better offer.  I dont think it will kill you this time, but be aware thats the most important due dilligence you can do.

I wouldnt do laminate floors, do hardwood.

How many reputable contractors came?  They all said 70k?  It is probably going to be more.  The better stuff you put in the higher price youll get.

What town is this in?  If you can sell for 220k that would be a good flip, so using higher end materials and making it nice might pay off.

Also, dont really understand your question.  You have the house, what else do you need to do?  Fix it up and sell it!  How would we know what else needs to be done as far as fix up we dont see it or know what it looks like or anything.  

Good luck my friend.

If its listed in the county records as a two family house, you would need to get a variance with the city and make it into a 3 family house.  Typically youll need a lawyer to file the right docs, it will go in front of the zoning board, and they will have to make a decision.  

From what I know (speaking about my town of Bayonne) it is not the easiest of processes and if your town has a parking problem and there is no off street parking, they find grounds to reject it because of that (Bayonne is a bit of a nightmare street parking situation...)

However, if you find a lawyer that has done it before and knows the process, maybe they can push it through, its a matter of gettting good counsel as far as i can tell.  And the payoff would be really nice getting that extra income as a third apartment.

Good luck!

@Greg N. Well I had bought 'advanced training' classes from Rich Dad poor dad that I did 3 years ago which included course on wholesaling.  It was very very expensive and I dont think you need those classes to do it.  Message me I may have some ideas, I have a few wholesaling books from the course maybe we could connect and I can let you borrow them.  We are fairly close to eachother.

Nice to hear you have been out and looked at houses @Greg N.

Key is, as you probably already know but ill say again, getting motivated sellers.  People that cannot use a realtor to sell their home or they have issues preventing them from selling it conventionally.  And that is your greatest asset in helping those motivated sellers.

I think you know the rest, get ARV and find the right offer price, do all your due dilligence for your buyer... After you do one you'll know the game and do it again. I dropped off wholesaling because of the nonstop work it takes. Moved to buying and holding multis as my alternative. Although I did do one wholesale in Newark lol.

Good job keep hustling.

You have mortgage financing lined up for it?  

Are you getting a conventional mortgage?  Sounds like your buying a total rehab if the mortgage is 400 and taxes are 10k.  A regular mortgage company wont give you a mortgage without certificate of occupancy...

Tab, First what you need to do before anything is get out there and LOOK AT HOUSES. The variables are infinite.. Get a realtor, look, find a house that needs fix up, figure out ARV and how much it will cost to fix up. See what the seller is looking to get for it.

Also get your financing in order first so youre ready when you find a deal.  Come back with focused questions and we will help you.