All Forum Posts by: Steve Saussier

Thanks Jason.

I personally don't want to have any liability on my primary residence (Apart from Property tax of-course).

That's the reason I am looking to do this is to ensure that if I am secure.

Hi,

I had a quick question about my residential property. It has recently been paid off. 

What should be my next steps:

Should I move it to my name or put it under a holding company / Trust or have it under an LLC? I want to secure it from any probable liability claim or anyone suing me. Any advice in this regard would be appreciated.

Thanks.

Hi,

For those who buy/sell commercial real estate, I had a quick question. How do you work on the terms with your preferred realtor? Assuming you have a one year contract with your realtor:

Apart from the usual buyer representation commission, do you have any exclusive clause with your realtor? For example incase iIf you identify an asset in the market that already has a realtor representation on both the buyer and seller side, do you reserve the right to proceed with the deal independently, or do you have to bring in your realtor? 

Understood. Another question. Am I obligated to show about the previous mold situation to the new buyer later down the line? As in obligated by NJ?

Thanks Dante, All the water pipes will be checked for any leakage and faulty ones will be changed. What I was thinking that whether having a certificate would help in clearing the new buyer that he is in no danger whatsoever? I don't have a certificate. Do I need that?

Hi all, There was this house that was left empty for couple of years. Some water leakage happened and black mold appeared. It was on some walls and whole ground floor. Some buyer bought it off the auction but couldn't then come up with remaining cash and had to forgo. Another one came with same story. Bank had some problems with selling the house for one year so bank took matters in its own hands and gutted all the floor and the walls and basically everything where the mold appeared. (Spent around 30k in doing that) Then house came into market again for even lesser price. Thats where I saw the house. Knowing it had black mold before I asked a mold remediation company to come and see and they confirmed there is no mold here anymore and they could spray it with funny stuff to keep mold at bay in future. Now the house is at amazing location and is in 3 acres and is built on 4000 sq. Feet. I got it at an amazing price and immediately gutted it up till its skeleton. The front is also removed and new stucco is being placed. The house is completely mold free now as most of it is being built as new. But how do I make sure that it stays away? Also I need to disclose it in future to a new buyer, if I plan on selling the house. What precautionary measures should I take now to ensure that people are not freaked out later ? Thanks a lot and apologies for the boring story.

Thanks a lot. REOs, what I found out, have been properties that couldn't be sold through sheriffs auction. How do I find which properties have Notice of Default though.

Hi,

With your infinite wisdom, are you guys aware of any way commercial properties can be procured directly from lenders?

What I am hoping that if owners are defaulting on their mortgages, one could contact them and ask for the buy out?

Is it even possible?

Thank you for posting this question. I also have a cash property (rented) that I'm considering to refinance. It's in NJ though. It's under an LLC. Although I didn't approach the bank yet you're saying that bank doesn't refinance an LLC property? Can't we become guarantor on the mortgage while it's still given to LLC? Just reiterating it to understand it further

Hi guys,

Thanks a lot for sharing amazing information on this site. I couldn't have asked for a better mentor than you guys.

I have been thinking of buying my first rental property. I have been based in NJ, hence investing in NJ has been my natural preference. I have following things in my mind when analysing the property:-

• Area in North Jersey. What I have concluded that areas/cities within North Jersey have natural tendency of having more rentals as they are in close proximity with NY
• Three family house.
• Price within 500,000. Having it within or under half million would ensure that I have a relatively better property. 
• Financing with 40% down, and paying off the property in 2-3 years.

Now my question is do you think North Jersey is a better investment option. I am hoping to have at least over 5K from rent.

Is there any other thing I should be thinking off? Am I being too optimistic?

Any pointer would be hugely valuable.

Thanks.