All Forum Posts by: Hozona B.

I am a new investor wanted to invested in Phillipsburg,NJ because i live close by for over 17 years. The multi-dwellings seems cheaper now than 2014. Why are the homes values off So.Main St. always depressed for years?

I am glad i talked away from a bank own 1900 sq ft duplex back in 2014. The bank was asking $41,000 i came in at $30,000. The bank didn't want to say they own it yet because of liability with city i guess who knows. My attorney told me its still in the owners name for now.  My attorney was trying to call someone in the bank to find out who was going to take possession.  I got disgusted & walk away. I checked recently somebody bought it for $25000 had to put in at lease $20000 now the house is assessed for $38,400. Thank god i walked.

   I  read about all the negative high foreclosure rate, hard to find quality tenants & inspections & code requirements strict. Maybe i am to naive some real estate agents told me to stay clear. However, I ask them "do you have any investments properties they say no". I would appreciate any investors honest opinion? Thanks,Hondo     

ok the family wants the appraisal report first before we listed it. We would buy the house but, to much family drama & headaches.

I am new to biggerpockets this is my second post. The information I have received so far is priceless. Thank you all for taking the time to answer my post.

Hello Biggerpocketers,

Hello everybody my wife & sister inherited a house that needs a lot of work. We want to sell it fast and will list it maybe in May or June. What would be the cheapest way to get on the MLS? I seen somebody mention buyself.com They are the highest rated flat fee MLS. How can one evaluate these flat fee MLS? Has anyone use any flat fee services? I spoke them on the phone. The gentleman assured me that they do the same profession service as a full service agent. You can call them anytime with questions. It sounds to me like a no brainer. why paid between 3%- 6% if you can get 3%.

Hello everybody,

I would like to thank you all for your honest professional opinion. Yes the house is zone for single family only.  We offered the house to the heirs for $125,000. However, they wanted an profession appraiser. This should done soon. The Apriaser hinted less than $125,000 So far no offers. After reading your suggestions. We decided that maybe partnership/landlord not a wise financial decision for some family members with bad credit & no money. We will list the house. Thanks, Hozona

What our wife's family did, was give the tenant the checking account #. Every month like clock work he deposits the cash into the checking account using Pnc deposit slips. I am not so sure, if this was a wise solution. However, i check on the web it seems a lot of folks use this arrangement. I think the  online sites like Cozy is definitely the way to go.   

My wife & her sister were willed a home 50 & 50 in Statesville,NC. We live in NJ.

The home is big 6 bdrms 2.5 bh ranch on double lot, mother & daughter 2100 sqft. The good thing is, we have a great tenant who is not interested to purchase home and pays the mortgage & operation cost which we about break even. This tenant rents only the main house. The other side 1 BD & 1 full bath is vacant. The house only as one electrical service panel & gas. So everything is on one bill.

My first thought was wow great opportunity to purchase this house for rent income.However, the house needs some TLC at least 30 k to 40 k in renovations but, liveable. Zillow estimated comps that sold in the area for about $130 - $140 mint condition.

What do you think about, if I offer the siblings $30000 or less cash we assume the existing mortgage balance at $67000 at 4%? I believe the 1â rule works here, if i rent that vacant apartment. The problem is its a low income area with 16 felonys within a 1 mile radus ? Your professional advice is greatly appreciated. Thanks, Hozona