All Forum Posts by: Account Closed

Hi All, 

I have found multiple threads on here regarding wholesaling a short sale property but a lot of them seem to have mixed reviews whether this is legal or not and most are those who are doing it are outside the state of New Jersey, which doesn't exactly answer my questions/concerns as it seems all states have different laws. I know of people doing this in NJ so I know, or at least assume, this is legal as lawyers are involved in the process, however I do have some questions as to the steps and looking for feedback on the process from someone who has/is doing it in New Jersey. 

I have an off market property that I am working on to acquire and my end goal is to wholesale it to another investor who I already have lined up. The next step is setting up an LLC in order to purchase the property in order to avoid the short sale restriction of having to wait 90 days to transfer title, but I want to have all the details ironed out before doing so.

1. Does the LLC have to have a certain amount of time that it is active before I can purchase property under it in the state of New Jersey? (I have heard mixed reviews, i.e.: the LLC has to be active 6 months + before doing this)

2. Once the property is purchased under the LLC, does the the transfer of the LLC (not property title) occur at the closing table or is this done before the closing so the person purchasing it can have the title transferred under their name? Do they also have to wait after the 90 days or that doesn't matter because I am selling the LLC with the property within it?

3. Lastly, how is the wholesale fee distributed to the me?

I am sure about some of these questions but want to confirm what I've heard it the correct and legal way of doing it. I would appreciate if someone who has done this is NJ would be able to comment or provide their feedback. 

Please let me know if I was unclear in the above and thank you in advance for reading and your assistance.

Thanks, 

Luke

Hi All, 

Our team is looking to acquire a 4 Bedroom/3 Baths (1,949 sqft) property in Branchburg, NJ. Purchase price is $200,000 with the property needing $45,000 in repairs and ARV of $403,000. We are seeking cash partners who would be able to assist with acquisition costs in exchange for an equity partnership.

Please PM me if interested and for more information.

Thank you in advance and I look forward to hearing back.

- Luke

Hey Guys, 

My business partners and I are seeking money partners for multiple properties that we are working on in the Central/Northern area. Please message/email me if interested as we would like to schedule some time to go over them with you.

Thanks in advance and I look forward to hearing back. If you have any questions, please do not hesitate to ask. I can be reached at [email protected]

Thanks,

Luke Kukwa

I will look into those sources @David Hunter 

Thanks again for the help!

Hey @David Hunter thanks for the reply. I should have worded that better, I wanted to know if anyone uses listsource.com and was successful in acquiring addresses of divorced homeowners (just a general questions no matter what price range, area, etc.) and if so what fields and criteria were they entering in order to return a list of homeowners of that type. I didn't see any fields associated with divorce, separation, family, etc. on listsource.com and wanted to see if anyone had any creative ways of getting that info through the site.

I will definitely check out the county's domestic relations records. 

Thanks for the help.

I am looking to create a list of people who are going through a divorce or have gone through one and interested in selling their property. I am using listsource.com to accomplish this and was wondering what criteria should be entered to create such a list, if it is even possible to do. 

Any feedback is appreciated, I would like to hear how some you construct your searches as well as the results that they have brought you.

Thanks.

My partners and I have a couple of deals lined up in the Northern NJ area. We already have investor interest for the funding of these deals, however I wanted to know what would be the process as to the documents that need to be signed and presented so that both parties feel safe and protected? 

We want to make sure that we do right by our investors and present them with the appropriate and required documentation.

As always, I would like to hear what some of you are doing and/or if this is something that we should consult legal council about.

Thanks in advance.

Looking to partner up on wholesale deals in the central/northern NJ area. Please PM me if you are interested and to discuss the possibility of working together.

@J Scott thanks for the information. I agree with you completely, this is something I would use for similar homes in the area and not all projects, I would also be estimating costs per county/town as well as the types of finishes I would want to use going off of ball park prices for the finishes, so I will need to make several sheets for that. I am not looking to use the same sheet on every property but looking over my original post I should have explained it better. 

Thanks again for your feedback!

My partners and I are currently looking for private money for a couple of single and multi-family properties that we are acquiring to rehab in Union and Middlesex counties. Please let me know if you are interested and we can arrange for an initial conversation to go over these opportunities with you. 

If interested, please email [email protected] and/or [email protected]

Thank you for your time in advance and I look forward to speaking with you!