All Forum Posts by: Nick M.

Hi All,

I currently own a duplex and quad and am now actively looking to jump into purchasing a larger property in the NJ/PA area.  I have my eyes on a 23 unit in PA.

While I haven't seen it physically yet, the provided proforma looks good.  However what strikes me as odd is ownership has changed hands multiple times in a short span of time.  The history is below. Not listed below is the current owner who purchased the property for about $910,000 in 3/16 and after making improvements and raising rents is selling it for $1.280,000 (recent decrease from $1.33M)

Are multiple owners a sign of a dud?

Thanks!

Hi All!

I know erentpayment is an example of a company that reports missed rent payments to credit agencies.  However, the tenant can opt out in/out of it.  This in my mind somewhat defeats the purposes of using such companies because while your tenant pay on time it serves as a carrot to build up their credit but your stick is taken away because tenants can opt out (eg. just before they know they are going to be late).

Wondering if anyone has worked with a rent collection platform with a strong approach to reporting late and missed rent to credit agencies.

Thanks

I've likewise been advised of TRA; you can be left hanging when TRA doesn't renew a tenant's benefits.

TRA is temporarily rental assistance in NJ.  They often pay first month's rent and security deposit.  Unlike Section 8, TRA is short term assistance.

Thanks for the tip; nothing on Craigslist nor mulitfamily

Hi All,

In parts of New Jersey where I'm interested in purchasing quads, no results appear within Listsource.  I know for a fact that quads exist in the particular cities and county of interest.

In a situation where Listsource does not produce any results, what's the best way to then find property addresses for quads that I can then use for a direct mail campaign?

Thanks!

@David O  Frankly it's been such a cluster,  the title company was just told  about the company dissolution.   Hope to find more out soon.  I'm hoping in the event they say they can't deliver clear title, another title company can.

@David O Yes, I'm in the process of buying and the title company found the lien.  The other party knows of the situation or at least their attorney knows.   Their attorney on the case does not have the authority to release the lien. Similarly he does not have authority to accept any settlement for less than the full amount which amount he can deposit in his trust account.  He also shared that since the company dissolved, it will also be difficult to find out which stockholders are entitled to the money. He knew one of the stockholders but that one passed away. 

@brandon battle  The owner of the house is an individual, the lienholder is a corporation that dissolved.  The corporation did not file bankruptcy.

I am a cash buyer of a small multi unit property in NJ (short sale).   The property has a judgment lien from 15 years ago from a corporation that dissolved in 2015. It is for approximately $26K. Assuming I was willing to pay the lien (which frankly I don't), it would be difficult to find out which stockholders are entitled to the money. The one stockholder that the attorney of the creditor (company) said, he knew one of, has passed away.

Given this situation is there any way I can receive clear title?

Thanks so much!