All Forum Posts by: Sunny A.

@Marc Possoff looks like you asked for comps but are you looking for comps or are you looking for estimate on rehab work.

You may want to get some bids from contractors if you are looking for rehab cost.

Hi Marc, it can depend upon lot of factors like exact location, basement, garage, outdoor space, finishes etc.

In general, right now, I see house going in range of 350k-400K. Let me know if you would like to discuss further.

 You can contact Tobyhanna township licensing:

https://tobyhannatownshippa.gov/str/

Also, licenses are not transferable! I think recently there has been lot more houses coming to market for sale either with these changes or just the time of the year but it is not like pre covid times. The house values are stable from last year.

Thanks Ron, it is a REO and there is an agent involved from the bank side as well.

Why would that be mortgage fraud? There is no mortgage, this is all cash deal.

I am working on buying a foreclosure in my wife's name as an all-cash deal.

The bank/lender who is selling wants the proof of funds as a bank statement with the exact name of the person on the contract. So it should be in my wife's name.

But, I have all the funds in my name. Since they want a statement and not a screenshot, I cannot simply add my wife's name to the account.

Has anyone dealt with such a situation before?

Where in SJ?

It all depends upon the total cost of construction, based on that your monthly fixed cost/mortgage will come into picture.

You cannot rent too far from market rate, essentially you should have some spread between mortgage(construction cost) and rent to cover for cashflow, vacancy etc.

I would suggest you to keep the selling it out as your second exit strategy if renting is your first one. in that case your construction cost + selling cost cannot be more than market price of new construction.

You can also try to reach out to developers to give them a piece of the pie but then you will have to sell for sure.

Tobyhanna township is proposing to limit the rentals to 10% of the houses. Depending on the outcome it might be tough to get licensing for legally renting out.

Read my comment at 

https://www.biggerpockets.com/forums/52/topics/1152523-anyon...

I always tell people to invest very carefully in Poconos, it is no longer the pre covid time where rental demand was higher than housing supply and house prices were cheap enough to make good money.

If you have time and you can put in some effort, you can make it work, but you need to see if that battle is worth for you.

i believe anywhere you take STR, if you will let a PM handle it, you will either no make much or will not make anything. 20% is a lot of money! and your PM will upcharge or charge you for every little thing, that is their business model.

If you keep it, you can offset these losses and also try to consider cost segregation to juice it out.

Else 1031 into another one, Pocono prices are stagnant for now, you should be able to get almost same price.

They really do not fall in South Jersey:)