All Forum Posts by: Michael D.

I too am interested in Montclair, I believe that area has a lot of potential and its not too far from a few transportation hubs. @Darren Sager is very familiar in this area and could be a big help in finding what you are looking for.

Welcome @Neil Flaherty. I too am very interested in Montclair, primarily looking for a duplex. I do quite a bit of looking, but I haven't yet found anything that looks to be a great fit. Best of luck!

@Chris Daliani I'm in the same position where I know of a home in pre-foreclosure. I've spoken with the bank as well as the county clerk, and it appears that when in pre-foreclosure you'd have to deal with the owner because technically its not the bank's home until the sheriff has to serve the eviction papers. Once those papers are served, the home belongs to the bank and that is where the short sale becomes an option. You can offer the bank what is owed on the loan or less, and get an awesome deal. I'm finding with my current situation that the owner is extremely stubborn and does not want to even talk about the reality of him potentially losing his home.

I've been to many similar seminars. Than Merrill's "people" can me constantly asking me to attend, and I always decline. I went to one of Armando montelongo's seminars awhile back with a friend of mine who has been in the business 25 years. He actively attends these, just to see what they have to offer. He bought the 2,500 package knowing that he could return it within 30 days. He typically picks them up, and looks through them just to see if they have anything new to offer them. I'd stay away from the  "i'll hold your hand and promise you'll get rich" type of deals. There is nothing in there that you cant find on BP. Best of luck.

Hi Jared,

I work with @Darren Sager, hes extremely knowledgeable and knows the area very well. I'd recommend you reach out to him. Best of luck!

I'd say its putting yourself in the position to work toward your own success, not toward your employers success @James Park

I believe this is the same concept that is seen with www.realtyshares.com @Tyrone Green

Hey Alfonso,

I'm from the north Jersey area, and I had a similar thought. I was looking in the Lavalette, Chadwick, Ortley area, and I spoke with a few Realtors. I was told that it's a bit difficult right now, because the lenders in the area are hesitant to write loans on Sandy properties, and most of the ones that are being rebuilt have been purchased all cash. A friend of mine just picked up a condo in Seaside. It was in need of complete rehab, so he put up the money for the rehab before purchasing, and worked with the seller to have a contractor come in. Once it was done the bank wrote him a mortgage without any issues. He paid around 20k for the rehab, and 100k for the property. Maybe not a terrible deal, but I'd stay away from seaside specifically at all costs. 

I see many houses for sale, that are stated as "Require 203k loan". I spoke with my mortgage broker and, I'm still not clear on the appraisal process. It seems to me that some of the numbers are based on the After Rehab Value, which is a bit concerning. I'm of course interested in using the 203k as a tool to house hack a property, but I just want to make sure that the bank isn't a step ahead by basing the home and loan off of what this property will be worth once its been rehabbed. Any input would be greatly appreciated!

Thanks, JT. Greatly appreciated advice.