All Forum Posts by: Peter Arboleda

@Nicholas Scatton thanks for the reply. i'm looking at a triplex or fourplex in that area. when you mean prices are high are you talking about purchase price of the properties? do you think i'd have any issues with the type of renters there? sorry for the silly questions. this would be my first investment property!

-Peter

I'm looking to purchase either a triplex or fourplex in north wales. I'm not too familiar with the area. What is your opinion on owning property in north wales. what is your opinion on the rental market their and what type of renters tend to rent the property? Any other words of wisdom? Thanks kindly!

-Peter Arboleda

Hi I recently got a property under contract and found a buyer to assign it to. They signed the contract but did not include a copy of the EMD. it's been a week since they signed the contract and have not gotten any response on the EMD. Anyways while looking at the assignment contract I found another phone number. I called the number and apparently found that the initial person I was talking to was not the actual buyer.

Apparently he was a friend of the buyers and the buyer says that he "helps" him find him deals but doesn't get any money from it since they've have a good relationship. Anyways long story short the buyer tells me he wants to use his title company. I tell him I want to use my title company and stated that on the original purchase and sale agreement that we would be  using my title company. He responds by saying is his legal right as a buyer to choose the title company. If I knew he wanted to use his title company I would have never signed the assignment contract.

I can't help but feel I was misled since they had many opportunities to tell me that they wanted to use their title company. Examples are the original purchase and sale agreement that I'm assigning it to has the title company and in addition the original email with the assignment contract states who to write the EMD check to(my chosen title company) and where to send it. It's been a week and they never said a thing!

What are your recommendations on how I should gently handle this situation? I've got tons of interest from other buyers on the property, what should I do? Thank you in advance!

btw they just recently sent me a copy of the check for the EMD and it's been a week already.

thanks for the replys guys!!!

1207 Thurman ave Camden, 08104

Here's a recent description on zillow when it was on sale a couple years ago.

"Remodeled end unit, move in condition! This property is in good condition! Improvements to 1207 Thurman Ave. , Camden, 08104 new roof 2012 new 150 amp service, breaker box and service cable. New hot water (gas) heater 2013 new HVAC unit 2012 walls and floors painted within last 120 days. New kitchen floor April 2014 unit inspected by city of Camden, received certificate of occupancy."

taxes $284

Property is in great condition. There are tenants that have not paid in several months though so you will have to get rid of them (cash for keys, eviction) after you purchase the property however you shouldn't have to put much to repair to have ready for next tenant.

Asking only $21,990 cash obo

Call today! 856 494 6434

Merry Christmas!!!

-Peter

Join www.njcheaphouses.com for more deals like this!!!

Hi guys! I have a question on a tenant's security deposit. What happens to the  security deposit of a tenant that has not paid in months when the house is sold? Does the seller keep the deposit due to the non payment or would the security deposit go to the new buyer of the home? thanks!!!

-Peter

ARV $60,000

Hoa $60

Taxes $1100

ONLY $19,000

Needs updating and a new roof!

PICS

Call or text me @ 856 494 6434

or email me [email protected]

Hello everyone! I'm planning to make an offer on an REO with a 203k loan. What would be the best strategy to structure my offer? I'm hoping to also include seller assist in my offer. contingent to financing and also inspection. I understand adding all of these is a huge disadvantage. What is everyone's opinion or recommendation so the bank will look at and take my offer seriously? Thanks!

-Peter Arboleda

@Will Crocker I might have not been too clear. The property is a triplex and 1 of the units is a 4-5 bedroom. I’ll be next door in one of the smaller units that are 3 bedrooms.

-Peter

@Account Closed you make some great points. Several reasons I am considering student housing is 

1) the unit I’m considering renting to is large. 4-5 bedrooms. So I wonder if id be able to get a tenant interested in paying that much for that’s many rooms. 

2) I will be living in a unit so will be in close proximity and should be able to keep a close eye on them. 

3) i don’t think The college students will be as critical on the looks of the property when I rent it out.

Thanks everyone for the input!

-Peter