All Forum Posts by: James Lim

I'm looking for off market properties around Stirling (about 15 minutes or so). I have a partner looking to move there and possibly start investing. Looking for an opportunity to flip and sell to them to establish a footprint in the area. I am looking to meet some investors, lenders and contractors in the area to build my network. I'm hoping to head there in March and maybe attend a REIA to meet some people

I'm actuality looking for a place in North jersey, Morris County specifically. Anyone know any wholesalers or other investors in the area?

Are there any meetups for real estate investors in North jersey coming up in March? Having a hard time finding one in that month on events. Looking particularly in Morris County or to touch base with investors in that area

@John Warren Are rates typically similar between the two if you were to compare leaving 20% equity in the home?  Are there any other situations where you feel the conventional financing would have been beneficial?  Outside of suspect underwriting which I feel can be true of any situation?

I was hoping someone could discuss the pros/cons of obtaining conventional financing for residential properties (SFR/duplexes) with 20% down, vs. if able, closing with 100% cash, then pulling out equity via a loan or HELOC.

I've done a lot of reading and research on the matter, however, I feel I'm missing out the part that only true experience can teach.  I've only ever used conventional financing, and this latest closing has been absolutely miserable with underwriters that are seeming to try every way under the sun to not have me hand them a big bag of money.  I was wondering if I should have just bought the house cash.  I'm trying to leverage as much as possible so as to establish cashflow with rentals.

Thank you!

With the tax certificate auction season open in Palm Beach County, was wondering if there was anyone with some experience in it that has some time that would let me pick their brain and/or give any advice.  First time I would be investing in tax certificates, and only have a grasp on them from extended reading and would like to talk to someone with real world experience before investing.

Thanks!

@Wayne Brooks Thanks for the input.  I apologize for my ignorance on the matter as it would be the first time I've tried to form a deal on my own between me and a buyer.  Seeing as it's a vacant lot, do I still need to go through a title company, with title insurance/etc.?  If I perform my own title search is it just a matter of having them agreeing on the sale, signing the quit-claim deed and then filing with county?  Or is there more to it than that?  

Thanks again

I am trying to acquire a vacant lot here in Florida that has fallen back in taxes, it seems that the owners have not paid taxes in 3-4 years, and this year a larger penalty was assessed for letting the lot go overgrown.  The tax certificate for the first 3-4 years has been purchased by an investor, and after talking to the county it seems like this year it will likely be possessed and put to auction.

I've managed to reach the owner through snail mail, who is an elderly couple who called me back and left a VM basically sounding like they don't want anything to do with the lot.  However, I missed that initial call and since then have not been able to reach them again.  So they live quite bit of distance from me, so if I was to show up in person to meet with them and see if I could have them transfer ownership of the lot to me, how would I need to do this?

Do I need a lawyer or notary, or is there any specific documentation I would need them to sign?  (They no longer live in the county that the lot is in).  The lot is in Florida and I just want to get all my ducks in a row so I can get all this done in one trip if possible.  

Also as a side question... is it possible to have a local lawyer have them sign paperwork and have it assigned to me?  A nominal amount of money might change hands to the current owners of the lot, but there might not be any either as their VM sounded like they just wanted to get rid of it.

Thanks for everyone's input!

@Kristin Kiddy Thanks for your perspective, definitely going to keep that stuff in mind and I'll touch base more once I establish a better sense for starting and maintaining one.

That being said, still looking for someone that might have some experience or guidance in the field.  Anyone know anyone with experience with ALFs in Florida?