All Forum Posts by: Mark Scarola

Hi @Kyle Johnson,

Sounds like you have some respectable goals. I'd love to be able to do the same in terms of taking care of my parents one day, as I'm sure most of us would. I also think you're smart to have an idea of what you'd like to do, while at the same time being flexible and realistic enough to say that things could change in terms of your niche. 

All the best and btw we will be rescheduling that cancelled Belmar meeting to sometime in April.

Unfortunately, a number of people have contacted me saying that they will not be able to attend the meeting on Thursday. Therefore, I've decided to cancel the meeting for now. It will be rescheduled, perhaps on a different day of the week, and a new thread will be created with the updated information.

@Justin Fraser  @Roxy Coburger  @David T  @Account Closed  @Alison Decastro

FYI @David T. I sent you an email about this meeting, but it got returned as undeliverable. 

Occupancy prohibited? Did you find out why yet?

@Alison Decastro- I'll see you there. I'll bring the book I borrowed at the meeting in Middletown.

@Michael Germinario- Sorry you'll miss it, but I'll keep you posted on the next one.

Social services agencies like these try to make a point of making group homes fit into the neighborhood as much as they can. They want their residents to feel at home. So you shouldn't (theoretically) have to think of this property differently than any other you might rent out. 

But some things that may be different are related to increased traffic. If they have multiple residents, including employees and therapists who work with the clients you could have multiple cars on site. Would that be an issue at that location? Is there room to park? Would the neighbors be likely to complain? Also because of the "internal traffic" meaning more people coming and going, residents, relatives, etc. some things may wear out quicker. For instance more food that could be lying around if they don't clean up well, doors would be opened and closed more often, dishwasher and laundry machines would be run more.... More use means they may need to be replaced sooner. But aside from those two things (traffic outside and wear-and-tear on the inside) it really shouldn't be much of a difference.

Agenda

This meeting will be a little more open-ended and more of a discussion format than our last few meetings. Some of the topics we'll touch upon will be purchasing land and thinking of creative ways to make a property profitable. For instance, what are some alternative uses for a property and how else can you market a house other than as a personal residence?

We'll also have time to get to know each other a little and for networking. We may also hear from someone about a deal in progress or a past deal. By examining case studies we can all learn new perspectives, approaches, ideas, etc. whether the particular deal went well or poorly. We as a group can also help to offer suggestions going forward for the person to help in their current deal and/or future deals.

Date & Time

Thursday, March 26, 2015. Please feel free to start showing up at 6:30. We'll start the "official" part of the meeting at 7:00. That will allow some time for everyone to trickle in, order some food, and do a little networking. The meeting will end around 8:30/9:00. The restaurant closes at 9PM.

Location

We'll be meeting at Surf Taco in Belmar. Parking is on the street and should not be a problem. There are no meters. Once you enter the building, the counter and menu will be directly in front of you. Everyone will be on their own regarding dinner. Order whatever you'd like at the counter. There will not be a server coming to us to take orders.

We'll be meeting in a room they call "The Gallery". From the counter where you order, you'll walk directly to the left and then turn and go up about two steps on the right. You can always ask where the Gallery is or where the meeting is being held. The line staff won't know that it's a REI meeting specifically, just that it's a group of some sort with the Gallery room reserved.

Misc.

• All are welcome to attend. There are no prerequisites or experience requirements.
• Please let me know if you plan to attend (and if you're bring a guest). I need a head count for the restaurant.
• Free to attend.

Tags/Keywords:  Central Jersey, Jersey Shore, Central NJ, Monmouth County, Middlesex County, Ocean County

Theoretically, yes. Realistically, no. A bank would only sell you a pool (group) of mortgage notes. So if you're thinking of looking through a list of notes at the bank and saying "Hey, that's the loan for my house. I'll have my company buy that one. The bank won't know my plan because I'll buy it under my company's name, and then I'll be able to give myself a discount on my own mortgage"... that just won't work. 

But yes, it's "theoretically" possible that you could buy several hundred notes from a bank and end up knowing one of the homeowners. Maybe you'd even end up with your neighbor's, sibling's, or friend's loan.

Asbury Park is increasingly gentrifying. There is an ongoing effort to revamp the area by the boardwalk and bring in higher income tenants and condo owners. It appears to be a very slow process. That said Cookman Ave, the main business strip off of Main Street has been steadily growing and improving. It's a trendy section and the area has plenty of potential, but Asbury Park as a whole still has its problems and could be a gamble. 

Yes @Stephen Gregory it is possible. If you contacted the current homeowner and they were willing to sell it to you. The advantage to you is obviously avoiding the auction and bidding. The advantage to the homeowner is avoiding foreclosure and preserving their credit. You'd be offering them a chance to start over with a grey cloud over their heads. Of course there's no guarantee that they'd be open to your offer.