All Forum Posts by: Ray Reed

@Account Closed Thank you very much. I called my local locksmith and he happens to be an authorized reseller of that brand. He is going to call the manufacturer to see if he can get me the code and that would be of no charge. if he cant get the code, i am looking at $425.  

Hello BP,

So I had to evict a tenant that was formerly the property owner.  We discovered a bolted down locked safe in one of the closets. She would not give my workers, who helped her move, the combination.  The wood flooring is in good condition and I would really like not to tear it apart because of this safe.  Does anyone know what is the best route to remove the safe while salvaging the floor? 

@Eamon Conheady i didnt try to do it yet but i called wells fargo. the property was purchased 6/24 all cash but wells fargo has a 6 month seasoning requirement so i would have to wait until 12/24 before i can apply. i have another investment property free and clear that is i have owned for years but i did not try that one. I don't have any properties under any LLCs yet. 

I had contacted Wells Fargo and was informed I can do a heloc on an investment property for up to 60% LTV. I did not move forward because I have to have 6 months ownership of the property. Have to wait until December

@Account Closed stated, a lot of people are clueless buying in Newark right now.  

what about paterson?

@Account Closed i think the NJ market has corrected itself.  The taxes are high and the rents are lower than NYC so you still have a challenge finding a house where the numbers work.  Newark has a lot of cheap houses but a lot of investors would stay away from some of those areas. 

you can also monitor the free mls sites and contact the listing agent as soon as something drops.  you have to be consistent in monitoring them because the good ones barely last a day.  

Julien,

I have heard Paterson is good for cash flow but you have to know the areas that are not war zones.  You are not too far from essex county so you may want to think there also. In my experience, with the exception of showing the unit, there are not too many reasons that i have to drop what i am doing to go to the property. Once you have a good and reliable set of contractors, you should be okay. Most calls i get is probably heating and plumbing.  When i get those calls i text or call my plumber.  I also text my tenant with the plumber's number so they can reach him directly and they can set the appointment as opposed to me going back and forth and trying to coordinate a time that works best for both of them. The same with electrical issues even though those are much fewer. 

Julien, Stay diligent.  you will get that first deal.  Although the prices are high and it is competitive, there are deals out there.  What areas are you looking in?  have you considered expanding your search area a little by like 15 miles?