All Forum Posts by: Jeremy Pieroth

I'm looking for some help/advice that I can provide my mom on her property in NJ that she is trying to sell.  This is a property that was passed on through family that she is currently renting out.  I wish she would have picked a better real estate agent since this guy she is working with is a joke, got 1 offer and accepted it.  The tenants passed along that other people looked at the house and made offers, but that was never passed along by the agent.  There is a lot of information my mom is finding out from the tenants that is not being communicated to her on this sell by her lawyer or her agent.

When she accepted the buyers offer it was agreed on that the closing would be September 10th.  Tenants were given notice and August 31st is the move out date.  Her lawyer decided without asking her to make the closing date August 18th since that is the day the buyer wants to lock in their low interest rate on the mortgage.  Her lawyer told her she needs to pay the prorated amount of rent to the new owners from August 18th to August 31st, she is responsible for making sure the tenants leave on time or else she needs to pay the new owners more, when the tenants get out of the house she needs to clean the property to the new owners liking or else pay them a cleaning fee.  Anytime she reaches out to her lawyer for her requests it turns into do you want to sell or not, if you want to sell then you needed to do what the buyer wants and stop being difficult.  

Shouldn't her lawyer that she is paying being looking out for her best interest and not the buyer? 

I don't know the NJ real estate laws well and how a transaction like this would work.  My mom provided her lawyer the option of August 18th closing and the new owners take over responsibility of the property, tenants, and all of the cleaning since they want to close early for their loan or closing is September 10th and she deals with getting the tenants out and list the cleaning that she will perform or the deal is off.  

Any advice that anyone can pass along would be helpful in this situation.  A new lawyer that will actually have her interest in mind as the seller would be a big help.  

I'm new to real estate investing and have been looking to buy properties for vacation rentals.  Does anyone have good books or resources to educate myself more?

I live in Southern CA and most of the stuff is not within my current budget. I have been looking into Palm Springs areas for 3/4 bedroom properties with pools. I have been working with a realtor, going through the MLS, and have identified a property management company that provides ROI on properties I'm interested in.

I'm open to looking into other markets that I can get a better bang for my buck.  Besides the Socal areas I have looked into the Poconos, Orlando, and various FL beach cities.  Any suggestions on what areas or markets I should be looking into invest?

With having a good property management company in place and making solid returns I don't see why it would matter how far I live from the property.  What is a good projected monthly return I can expect?