All Forum Posts by: Ibrahim Hughes

@Gerardo R Gonzalez

I don't like the beach house idea. Maybe I'm too conservative but you're a good 45 minutes from keansburg if I'm not mistaken. And this is the worst time of year to buy a shore house if you ask me. Maybe things are changing with covid and you can get a couple of months rental out of it but does it rent all year round? Is there a local tenant pool for this? I don't see it. you really need to learn the local rental market down there before you decide to pull the trigger. And it's going to be difficult to manage from Newark so you will need a PM. How do the numbers crunch on this?

And 380k seems pretty high for a 3 family that's going to need some work. I know the threes are going crazy in Newark but have you calculated your cash on cash return? What does your COC look like once it's all said and done? Your cashflow?

@Peter Korty

Do some research on this first and find out how old the tax lien or tax situation is. It's very possible that if it's been tax-delinquent for a long time, the owners may not realize they still own it. Hence you may have to first convince them that they own the property and that you wish to buy it. I typically send a letter first introducing myself and express my interest in buying. Then I follow up with a phone call. If I still don't hear from them I door knock.

@Richard Singh

Short answer and for future deals, get another lawyer. It's very possible that the realtor had no idea how to even read the lease. Although I have to assume that he or she should have been professional enough to make sure you received it. But it's really not their job in New Jersey, an attorney state.

this is really the job of your attorney. If it's in the contract for you to inspect the lease, then that attorney is supposed to make sure you get a copy of that at least and that he or she inspects it. They are then supposed to communicate to you what it means and whether or not it's in contradiction to what was agreed to in the contract. So my opinion your lawyer seriously dropped the ball.

@Sean Reischel

Did you look at the deed to see who conveyed the property into the trust? How about the address of the trust? If it is different from the address of the subject property then maybe you can reverse look up the address to see who lives there and see if they are somehow connected to the trust. And who takes care of the lot? Is it maintained or trees and bushes all over the place? Any violations against the owner?

@Jeiby V.

Yeah in a seller's market you're going to have a hard time finding Realtors doing a lot of work with buyers. It's just too hard finding them a property in this market. Commissions are often cut by the listing agent. Ridiculous bidding wars which means your buyer's agent has to put in a bunch of offers to get something accepted. And many listing agents don't want to handle both sides of the sale because it's just not worth the trouble to them. Most listing agents concentrate primarily on listings. And with the listing you don't have to do much of the leg work.

@Raj G.

I like @Mike Cumbie's #2. That's likely the most convenient and efficient way for the realtor to keep track of everything. But I have one question that I'm surprised wasn't asked (and it very well may have as I wouldn't be surprised that I missed it since it is after 9 pm. It's usually all downhill for me after 6 PM. LOL).

But did you send an email as instructed by the realtor?

@Amanda Seth

@@Ned Carey is your guy for Maryland tax liens.

@Randall K Compton

As both an Agent and an Investor I can tell you that generally speaking, the serious and reputable buyers have no problem presenting their offers in writing. The fraudsters always have an issue with this.

That's not to say that only reputable buyers present offers in writing. But only reputable buyers have no problem doing so when asked imo.

 Thanks Scott! I'll check with my attorney as well. Be well!

Hi everyone. I searched this on the site and did get some basic information on life estates.but nothing clear-cut on property taxes. So I want to make sure by asking this question. It does appear that whoever is giving the life estate is still responsible for a paying the property taxes. In other words if you purchased a property, yet gave the seller a life estate, you as the new owner are still responsible for maintenance and keeping the property taxes current. Is that a correct assessment?