All Forum Posts by: Moises Ulloa

Hi All,

any advise from your experience on individuals breaking into an investment property? 

i recently closed into a property which I bought from another investor who got it through a tax deed sale. The original owner who lost the property keeps coming back to the house and break into it. Already called the police and they successfully removed him and I secured the property but im concerned that he keeps showing up when the unit is ready to resale/rent. 

So far I boarded up the house and installed cameras. The policy is aware and willing to place the guy under arrest every time that he breaks or tries to break in. Any advice on what else i should try? 

Thank you guys for your opinion. I might have to let this go as attorney is not sure when a decision in change of policy could happen. While the objective of the law seems fair for the affected ones, this is a disaster leaving a lot of properties empty 

Yes, it relates to the link you just shared. 

Hi All! 

I’m in the process of closing on a property in NJ which is being sold by another investor who got it through a tax lien foreclosure. During the process I recently learned that the title company working on my case is having a hard time insuring the title deed due to the new ruling which overturns the current foreclosure tax law leaving open the opportunity for the tax lien decision to be legally voided even after a year.  

Has anyone had experience with this kind of situation? My concern is being able to close on the property with only 3 months of title insurance coverage (thats what title agency is offering) and after flipping the property not being able to secure a buyer due to the title insurance requirement by the lender not being met due to title companies not insuring properties obtained through tax liens. 

 anyone with experience or recommendations! 

read more on the new ruling:  https://www.law.com/njlawjournal/2023/12/07/appellate-divisi...

@JD Martin Its a 30k rehab. Tough spot right now. 

Done!

Hi BiggerPockets family! I'm in the middle of a deal and with the bad economy and situation with COVID-19, I'm not sure if I should keep moving forward with this deal or just back away and wait till things stabilize. 

About the deal... The original plan was to flip, but now looks like hold/rent and try next year. Problem is I'll be using the only available cash I have on hands (35k) to close and I'm concerned that things will keep getting worst and I wouldn't have enough cash at hand to deal with uncertainties. Also, my contractor may not be available to work on the property due to the social distancing so I will have to wait some time for him to get to work and on the mean time I'll be making monthly payments to my hard money cash lender which will be painful.

 So many things could go worst than current conditions that at this point I'm considering losing my earnest deposit ($3k) in order to protect my cash. 

deal numbers:

purchase price 157k

arv 280k

estimated rent 1800/m

monthly profits after expense: ~$200

What would you do in my situation?

Thank you all for the feedback! Very valuable! This really helped me see things in other perspectives. 

Story short, I ended up not moving forward with the deal as I did not feel confident enough. Also without getting an inspector I know the house will require extensive work in the near future on big ticket items which can potentially leave me without any capital. 

Basically had to put my emotions and desires on the side and go by the numbers. 

Hello all! I’m looking for opinions on an investment property that I’m trying to get. 

The property is habitable and fully rented with a solid rent roll of 29k/year, the current owner is selling it to me for 190k which is 25k below his original asking price...currently its the only property at that price in that location similar units sell for 219-235k. He is selling it to me “as is” and wont do any repairs if my inspector finds any problems. Is it smart to move forward on this deal or better walk away? 

Thnx

That's a cool story congrats! In my case the FHA hack did not work. Financially everything checked OK, but the house was in a less attractive town (school and median income was lower) than where I currently live so the loan was denied.