All Forum Posts by: Dan Romero

Hello BP,

What exactly is a letter of authorization? I believe is used to give you access to have a title search done on a property but I'm not sure. Can someone clear this up for me.

Hi Niki,

I was searching through the wholesaling forum and I saw your thread on yellow letters so had to respond. At this time I'm in the process of sending out yellow letters to a few expires listings (approx. 150) that I was able to get from a real estate agent. I was also planning to buy a list of absentee and inherited, from two different list companies online. Although I haven't bought these list yet, I do know that there are ways to specify exactly what kind of list you want. I was told is best to make sure you speak to someone before purchasing any list but I'm sure you already know that now. I apologize for what happened to you and I will take heed when I order mine. If you have any tips on ordering or if you would like the companies I'm going to use just let me know.

Stay focused.

Hi BP,

I'm looking for a title company that can do double escrows, assignments and wrap deals in the Camden County area. Also one that has a servicing company that can take care of the mortgage payments for the wrap deal. I would gladly appreciate any information on this topic.

Hello BP,

Does anyone know of a good title company in South jersey? specifically one in the Camden County area that can do assignments, double escrows (simultaneous closing) and wrap deals.

Hello Andrew,

My name Dan Romero and I'm also starting a wholesaling business in the south jersey area not to far from you. The best advise I can give you is to talk to a lawyer that is very familiar with the real estate laws in your state. I know laws vary from state to state so I don't want to give you any false information. I have spoken to a real estate lawyer in NJ about the laws in wholesaling and after a lengthy conservation on trying to explain what exactly I'm trying to do he affirmed that it is legal to get a contract from a seller as long as you disclose exactly what you're trying to do. Now that doesn't mean that you have to disclose how much money you're getting from the deal. Technically you DO NOT need a real estate licence to do wholesaling but make sure to check your state laws with a lawyer. With that said I would recommend for you to get your license since it can help you get expired listings from the MLS which only a license Realtor can do. As for LLC you'll will need to get one eventually for tax purposes but for your first couple of deals you get you can get away by just using your name. I hope this information helped, if you need some more information on wholesaling just let me know and we exchange emails.

Stay focused.

My name is Dan, I live in the southern part of New Jersey. I currently own a town house that I've been paying mortgage on since 2005. The town house has 2/bedr, 1-1/2 baths and its in the middle of five other town homes. The town house was rehabbed but not very well done. There're some issues that I need to address before I sell or rent this place out. When I first bought this place I was living with my girlfriend, fast forward almost eight years later, we are now married with two young children. We out grew this place very fast to say the least. I would like to either sell and buy a bigger home or my favorite choice is renting it out. My mortgage payment is only $800, other town homes around here are renting for 1000 to 1200 a month. I figured that if i'm able to fix some of the minor issues in the house, that i can easily rent it out for 1200 a month. Now the biggest problem i have is finding another place to live. The reason why I say that is because I'm the only one that works out of my wife and I. She's currently going back to school to finish her degree. My plan would be buying another home with no down payment using my VA loan, something that is bigger than what we are currently living in. Obviously our ultimate goal would be to buy a large single family home in a nice neighborhood with 4-5 bedr,2 car garage, etc., but we cannot do that right now.The bottom line is that we're busting at the seams and we need a bigger place with a mortgage of 1200 the most. Should I keep my town home and rent it out for 1000-1200 a month or sell it? If anyone has any insight on this I would appreciated.