All Forum Posts by: Jefferson Gan

@Percy N. oops sorry my bad, i was thinking different numbers. I was talking about the hard money lender requirement that you have some skin in the game. Yes you correct 2% is average charge for transaction funding... 

 Then there is also @Duane Ortega  which has 1.75% charge for transactional funding if ever you need one.

You can just mention my name he knows me, we usually meet in Meetups.

@Felix L. @Crystal S.  You can try Christopher Goodson of goodsonlawoffices. They are based in Montclair. He is a investor friendly real estate lawyer and also an investor himself which does rehab. 

@Tom S. reminded of a very good point that might impact you selling the house. @Fred Romero-Camacho You can still do double closing with partial of your money by doing Transactional Funding. They will fund the payment from you to the seller then once you receive the payment from end buyer that will pay-off the transaction funder and you get the difference. Take note though sometimes they will require some 5 to 20% "transaction fee" depending on track record and relationship with them. And make sure also you have a good spread since you will now incur closing cost on your side when doing double closing. Unlike assignment of contract you can pass the closing cost to the end buyer.

Cheers

--Jeff

@Jon Collins Thanks for sharing your experience and Happy New Year.

@Jon Collins How did it go with the Gold Club? I just listened to one of his youtube videos mentioning the VA will do everything for you, send you leads and can even pre-Scan for prospects and even send to attorney for closing. And listening to it as if you don't need to do anything. Want to know fellow BPers experience on that program.

@Nick Brown Just be cautious in New Jersey, the standard Realtor form has the Not Assignable clause in it. But if you have your own contract, if there is nothing mentioned about assignment, then by default the contract is assignable. When putting an LLC in the contract, also better put a LLC that is about to be built instead of your main company's LLC so just in case you cannot assign, you can just sell the LLC as one exit strategy. You can check Christopher Goodson he is an investor friendly attorney that I have used. He is an investor as well so he knows a lot of stuff surrounding contracts.

Welcome @Joseph Cooney! I would suggest searching meetup.com for Meetup groups. There are a lot of investors, rehabbers, wholesalers, realtors in North New Jersey. You can start attending when you have time. You might meet someone that you can work with.

@Jerry W. Thank you for your response. It is a gas easement. In my undersanding it is where Gas company can do their routine maintenance of the gas pipelines. What would you suggest as first few steps that I need to do like go to Gas company and find more details about the Gas easement, then do a land survey? Not sure will it be the Gas company to provide the details how big the easement is and where the pipelines are located? Then regarding tax, will it still be responsibility of the owner of the land to pay for that portion of the easement even it is useless since you can't build a house on and near it?

Hi All,

    Based on your experience is having a gas easement on a land property worth pursuing to buy? My only concern is buyers or developers will not be willing to buy such property that has an existing gas easement since you still pay for that portion of land being occupied by gas easement and will be of no use to you. Then even if you are able to build a house, are home buyers willing to buy a house near a gas easement? If I will be asked, I will not buy a house near gas easement.

---    Jeff