All Forum Posts by: Robert Webb

@Paul Chae

1 - great!

2 - I would ask it now, no point in going UC and getting an attorney involved when you can just learn it now

3 - @Eli Schwartz was right, delayed financing, I have no experience in it personally

4 - I see from other posts this is Trenton. Please understand that there can be very not so great parts of Trenton, some areas are much better than others. Also knowing if its actual Trenton or greater Trenton would be good to know.

My advice - since you are far away, and don't have the contact, see if the guy bringing the deal and working on the other portion will partner with you on both (or just your unit) that way he is invested in the deal financially and you both benefit. I am no Trenton expert besides the overview (I work in Somerset County area, and while I have sold in Ewing before, I personally don't have the desire to go into true Trenton right now)

But if he were to partner with you, you can back it financially and he can do some of the organization and rehab of it and you both win.

I know you said this is one of the areas that you can afford, I just don't want to see you get burned due to that. My personal advice, as its your first time, is take a more active and in person step to explore the area a bit

Hello! 

1. I would never trust someone else's numbers. You HAVE to do you own, at the end of the day you are the one left holding the property.

2. Get a copy of any reports he has (inspection, appraisal, ect..)

3. There is a way to get a loan directly after buying the property (assuming a bank will loan on it, depending on condition.) I wish I remembered what the programs were called, I've heard them on the podcast, but can definitely be done withint the frist 30 or 45 days of ownership

4. My personal opinion, is trying to get contractors when you are already owning the property, it's probably too late. I would spend the time getting them NOW or finding a Realtor who is going to help you in the future and lean on their network. Or a property manager, since you plan on renting it.

Now - you will have to tell me what your level of experience is, but it seems like this one might be over your head. Managing a rehab from NYC to S Jersey is tough, and you need a team in place to assist you. Who is going to supervise the work on a day to day basis? I would never rely purely on a wholesalers numbers but do your own. And I would spend time learning a little more about the area, process, market down there.

Hope this helps - feel free to ask any questions or clarify anything if I got it wrong :)

Robert Webb

Hey! Is he being reasonable about his schedule? Can you not accommodate his requested times? I am sure you can find a plumber who can fit those times?

Unsure of the legal expectations of the easement and what you are or are not entitled to, but I would try to work amicably with the owner since it will probably come up again in the future, whatever happens, I would send him a thank you card and a little present when it is all over to smooth over the next issues for when it arises.

Just how I would handle it. If he is waiting weeks I can see that as being unreasonable but if he is asking for an evening so he can be home I would say he is trying to accommodate.

Hope this helps, best of luck

Robert Webb

Hey! I would say get on the board, but it already sounds like you are being practice in that regard, which I think is amazing, you are protecting your investment and might even have a chance in the future to know when other people in the HOA would be selling and acquire more unit in the same HOA.

There is power in numbers, try to get 3 or 4 other homes owners together and present a united front. Say that you won't pay HOA fee until financials are provided. Pretty sure there are laws that govern a HOA having to provide financials documents. I know that I have gotten them from HOAs I own in, in the past. With such a small HOA, if you could get half the community organized, that would have a big impact - if half of the people stopped paying than there will be no money to pay up front. *obviously you would need to refund the unpaid amounts once the issues are solved, as they could be placed as liens against your property

Hope this helps!

Robert Webb

Depends on location - I have seen a few of those in my market and they have tended to do well. I wouldn't be hesitant about buying it as a rental property - just make sure you factor in costs of a second second structure, since there are additional roofs, heat sources, ect...

But in terms of renting it in my market, I think it would go fast and do just fine.

@Jason Bott hey, central New Jersey

Hey all! wondering if you have any kick butt insurance agents that are well versed in residential multi family, specifically a fourplex.

thank you!

Robert Webb

Hey! I work just north in Somerset county but am somewhat familiar with Trenton.

While I know people can do just fine in Trenton some of the sections can be a little seedy.

But towns next door like Hamtilon and Ewing are pretty cheap and tend to have a better reputation overall.

The trenton zip code bleeds over into some of those areas so if that is what you meant apologies.

Best of luck!

Robert Webb

Hey All, figured I would introduce myself. Not really looking in Middlesex County, but I am right next door in Somerset County, that is where I own all my property, but I sell real estate all over including Middlesex County so thought I would say hello and see if there is any value I could deliver from either of those points.

I would still say 17k total is high, if you want some other companies to call, DM me would be happy to provide some to shop the quote