All Forum Posts by: Kevin Hill

Just to get a ballpark #, see what Section 8 has determined is Fair Market Value for 4 bedroom houses in the area. I believe you can find that online.

Zillow sucks, but they usually have a rent estimator. Take it with a grain of salt though.

I would contact someone with access to the local MLS also to research it.

That price range and someone willing to do seller financing or lease to own is going to be very difficult to find with today’s market conditions. It’s a seller’s market in Bergen County. You usually only see seller financing or lease to own when sellers are desperate in a down market.

There can be homes in that price range in those towns, but expect them to need a ton of work. For example, there was a home on the market for $199,000 in Dumont, but it had fire damage.

Sorry for being such a negative Nellie.

I have an REO listing in Hillsdale for $219, but it's on a main road and needs a complete rehab.

The property is probably too far gone to work a deal out with the property owner. If you are going to buy a house at the sheriff’s sale, you must perform some due diligence and verify if there are any liens on the property. When you buy at the courthouse, you inherit those liens. Most houses get bought back from by the lender. When that happens and the bank lists the property, those liens get wiped out.

You have to bring a cashier’s check to the courthouse for at least 20% of the sales price. The remaining balance will be due in 30 days.

1% is more probable in Bergen County but that’s even hard to find. Most $300,000 single family homes aren’t going to be in good enough shape or have a good location to generate a $3000 monthly rental. 

Personally, I would wait until the market cools down and we go back into a declining market to find those good, buy & hold deals. When that would be? I’m guessing at least 1-2 years here in Bergen County. 

I’ll assume you did your due diligence before purchasing at the Sheriff’s sale and you checked for liens, back taxes, code violations etc.  

Is the property occupied? If so, you’ll need to contact the occupant and see if they plan on moving out. You may need to offer cash for keys or start the eviction process if you have the foreclosure deed in hand from Sheriff’s Office.

I think the market in Bergen County right now is over inflated. If you are in real estate for the long haul, I would park my money on the sidelines for now until the market turns. Keep looking for the right deal in the meantime, but be patient. Buy low and it's very hard to find those good deals right now. It's too much of a seller's market and we are experiencing low housing inventory levels. There is increased competition from owner occupants on properties that are listed on the MLS, who are often outbidding investors. There are a lot of signs that we are nearing the end of another real estate up cycle. We hit the bottom of the market in Bergen County back in the 1st quarter of 2011, so it's 7 years later of rising home prices, it won't last forever. Just like the stock market, the real estate market is cyclical.

Some towns in NJ post the quarterly tax bills now online. It’s usually on the town web site under the tax collector page.

Buggin’ Out out of Westwood is good, they do all my pest inspections and treatments on my foreclosure properties.

I have found Marcy Gendel to be very knowledgeable, on top of things, and really advocates for her clients. She is located in Montclair.