All Forum Posts by: Jefferson Gan

@Mary Smith @Account Closed As Kinyat mentioned, wholesaler needs to be good at marketing. You just need to find the right wholesaler. There are good wholesalers that sends thousands of direct mail monthly but I don't think all Realtor, Real Estate Agent, or Buy and hold investor do. That's the benefit wholesaler bring to the table. But as I said not all wholesalers does this since some are also doing driving for dollar and other ways to find motivated sellers. MLS is not the only source of property. It is a marketing game that you need to be able to reach a lot of people and funnel it out which are motivated into which are good deal. I hope that gives some light what wholesalers "ideally" do and benefits of having them in your team.

Instead of rehabbers worrying about finding deals especially the new ones they can depend on wholesalers to do the marketing for them. I know rehabbers also try to network themselves with Real Estate Agent to give them deals, but those off MLS will not be coming from Real Estate Agents/Realtor.

If it is in MLS, it is a matter now of who reaches out first to the seller and able to discuss a good deal that benefits everyone in the transaction (seller, agent, etc..)

Thanks for giving a heads up. That's not a professional treatment. You can probably voice it out to auction.com that their third party lawyer is not doing their job.

House is not bad, it will be drywall repairs wall + ceiling but no taking down of wall involved. So we can have a temporary CO and discuss it with the Borough with a promise of fixing all the items mentioned in the list of repairs to be done. 

@Ceril S. Thanks for bringing up Temp CO will try that and call their office to check their process and as you said knowing more now will be easier in the future.

Yeah that's what I am also thinking what will be the assurance that they will continue to close and the money I have vested into it will not go to waste. I guess there should be something in the contract to safeguard it.

@Dylan Tettemer Seller financing I think it will all depend on the seller. Since the seller will now be the bank so not sure if there are any regulations in place on how much loan is minimum down payment. I guess if you can negotiate with seller that they will be getting good returns for their money instead of just having a lump sum purchase of their property maybe can get away with a low down payment? This will work only for properties free and clear or loans without the due on clause. I haven't done that just read it through books and from podcasts. But someone might have experienced it so we will see for more experienced Investors to respond in this discussion.

Hi Dylan, are you planning to go back to New Jersey or will stay there in Japan. The reason I ask this is there is FHA loan that you need to only put 3.5% down BUT FHA loan is applicable as your primary residence. You can maybe purchase a multi family e.g. 3 floors then each floor can have different family. You can live in one of the floor then other 2 floors will be rentals. Then after 1 year++ you can move out once you have the 20% to refinance and do FHA again on another property. You can only have one FHA at a time since that is the place you declare as primary residence. You can check this post in BP

https://www.biggerpockets.com/renewsblog/2012/11/0...

Then there is also other alternatives like VA loans, Seller financing, Subject to properties.

Good luck!

Hi All,

I want to ask if buying a house as-is and buyer is responsible for Certifcate of Occupancy (COO). How will repair work out since this COO needs to be done prior to closing and even before loan is approved? If anyone also has experience of Buyer getting a COO in Freehold Borough in New Jersey can you please share your experience. I saw in their website "The Inspectors review structural construction, plumbing, heating and air conditioning, and electrical work prior to the issuance of a certificate of occupancy to insure compliance with the State Uniform Construction Code."

By looking at that statement will that mean I need to repair everything that might fail the inspection? But issue is property is still owned by the Seller so how will that work?

Appreciate your comments or experience in buyer getting the COO.

Thanks -- Jeff

Welcome Kurt in BP, there is local REIAs here in NJ. You can check out meetup.com. One I know that Kyle Jasey runs in Asbury Park. 

Just saw your comment on Brett's podcast. And just tried it and liked it! 

@Brett Snodgrass I hope your company grow more especially you are also spreading the gospel and doing Wholesaling the right way :) I like seeing folks not forgetting about Jesus in whatever things they do in their work, life and day to day living.

You can contact Kyle Jasey. He is hard money lender in NJ. Maybe he knows more about what you are talking about. 

Welcome Joshua in BP! I would suggest start reading the different articles, books that are free here. If you look at Education menu. Learn as much as knowledge as you can to jump start you so that you will understand the different hurdles, problems that other investors have already experienced and how to solve those problems.