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All Forum Posts by: Richard S.

Richard S. has started 3 posts and replied 50 times.

Post: Legal Duplex w/ Creative Financing

Richard S.Posted
  • Investor
  • Hammonton, NJ
  • Posts 58
  • Votes 17

Hi Matt,

I'm interested. Can you reach out to me with the engineer's plans, as well as any estimates you may have gotten to get the work it needs done? 

I'd also appreciate some interior pictures, if you have them.  Also, please let me know by PM when you contact me, how much parking is available for this building (on street, and if there is any off-street parking). I know Glassboro has a minimum number of parking space requirements per adult that lives in the building, but I'm not sure about Pitman.

Post: Collection Agency Recommendations - South Jersey

Richard S.Posted
  • Investor
  • Hammonton, NJ
  • Posts 58
  • Votes 17

Hi everyone,

Does anyone in the South Jersey area have a recommendation for a good collection agency?

I had to evict a tenant who owes me about $3,000, and even if I don't collect, I want them to chase this person down and put a mark on their credit.

I found a couple websites that will let me pay $30 to send a letter and report it to Experian, TransUnion, etc myself but that doesn't necessarily accomplish the whole "chasing down the tenant for the money" part. 

I didn't seek a civil judgement for the damages, but I have the LT Complaint and Warrant of Removal. The collection agency I spoke to this morning, out of California, said they didn't need a civil judgement to go after the person. They did, however, recommend I find an agency in the state to have better luck at recovering anything.

Post: Recommendation on Abandoned Property

Richard S.Posted
  • Investor
  • Hammonton, NJ
  • Posts 58
  • Votes 17

@Victoria Ghafoor Have you tried contacting the town inspector to find out what criteria classifies a property as "abandoned" in that area?  This might be a good first step, otherwise if you have a couple hundred bucks to throw at the question, contact a local real estate lawyer and they can probably give you a rather thorough answer / checklist. 

Also, I would think that to classify as abandoned, an owner must relinquish possession of it (possibly back to the town or the lien holders). At which case you'd probably still have to try to bid/buy it. 

I am not currently happy with the Hammonton market, so I am exploring Glassboro because of Rowan's explosive growth and the increasing property value due to how the neighborhood is improving around the school.  You can try contacting each town and speaking to their inspector. 

@Matthew Gundersen you've got the basic understanding down. If your question relates to whether or not the property is up to code, you need to contact the town and have them issue a Certificate of Occupancy. They come out to inspect inside & out, and tell you if you missed anything that needs fixed. Then you fix it, get it re-inspected, and they give you a CO.  At that point the town is OK with the conditions of the house.  You'll want to check with the town you buy the property in to make sure you comply with local ordinances and requirements for being a landlord and do the proper registrations. 

@Jenny L. 

I have used a simple Real Estate  Purchase Agreement for this. I am in Jersey and can send you what I used for a sale between my parents and I. Shoot me an email if you'd like.  It was drafted by my pricey lawyer and filing with the county clerk went smoothly. Your lawyer will probably give it the thumbs up fairly easily if you swap out names and addresses. 

Wow good to know guys, sorry to bump this thread after 2 months but I was looking for reviews on them and this came up at the top of Google.  Not good for B2R, I will stay clear for now.

Post: Private Lenders in New Jersey

Richard S.Posted
  • Investor
  • Hammonton, NJ
  • Posts 58
  • Votes 17

@Boris Sabovic interesting! I will look into that as well! Thanks for sharing. 

Post: Private Lenders in New Jersey

Richard S.Posted
  • Investor
  • Hammonton, NJ
  • Posts 58
  • Votes 17

Thank you to everyone who has replied or messaged me privately. Please feel free to continue if you have other solutions or are new to the thread. You have all given me a lot of resources and good advice and I appreciate it! 

Post: Private Lenders in New Jersey

Richard S.Posted
  • Investor
  • Hammonton, NJ
  • Posts 58
  • Votes 17

do you guys have a recommendation for a portfolio loan lender?