All Forum Posts by: Paul Stewart

@Matthew R Crawford So this post grabbed my attention as i'm a beginner in the real estate game myself. The property I own now is a multi family and I live in one of the units. I'm currently in the process of getting my 2nd property in a different state. It seems to me with out having your financing in order and understanding the break down of your closing costs and what you will pay for them your kinda jumping the gun a bit. Flips are nice but I tend to think you need more options for more cash as you never know what will happen in a rehab. If your worrying about the closing costs a rehab flip might not be ideal for your situation. If I read right you have 30k of your own cash? That should be enough to get you a good rental/hold property. I'm not familiar with your area but if there are multi family homes available for a little bit more you might be better with that getting some positive cash flow going from the start and work on a rehab flip your next time around. You would have some equity in the rental property if needed to be used as well. Good luck and nice Post!  

Hey has anyone had any luck or experience at all in buying short sales in Atlantic city or Atlantic county New Jersey. I have found my self in grid lock in negotiations on a house I was interested in. Ironically the house next store is exactly the same house and it's a short sale for less money. I have been scared of short sales for many reason's but I find myself really considering this option. Was just wonder if anyone has any thoughts or experience with them. Thanks in advance for any help.  

So I'm a bit confused about HUD houses in Atlantic city NJ. I have seen several of them and was interested in submitting a offer on a few. My lender informed me that I do not qualify as a HUD buyer because of my income and the property will be a second home ( future rental house) . Other people in NY have told me you can buy a HUD home but it depends on timing. I have google'd it and have not found a real answer or it seems a little different in other area's. So was wondering if anyone had first hand knowledge of HUD homes in Atlantic city NJ or even any where in NJ? How can a Investor purchase a HUD home? Any type of insight would be great.

@Jeff Filali Great Read man! I'm just starting on my journey and really excited for what I can learn! 

@Chris Ortiz Yes, I'm in negotiation right now on a SFR property but its not going to well. So I have a feeling I will be back to the drawing board.

Eviction but it really depends on the state laws. in NY I know tenants that don't leave after their lease is up by law can stay on the property till the sheriff comes to evict them and that can take a pretty long time of people living there rent for free. 

@Jenny Moore I would be careful having a PM do this for you. Sounds like a possible recipe for  a negative outcome. 

@Chris Anderson Yes, That's what it was for me in NY. I was told by others in NJ that you only need to pay a quarter and no escrow upfront but i'm thinking that can only work for properties your buying out right with no mortgage. As @Debra A. mentioned I was also thrown off by my clossing estimate saying 3 months but I guess the extra month is a cushion depending on what part of the month you closing date falls on.