All Forum Posts by: Ibrahim Hughes

 Sorry I responded to the wrong post but I meant a link for the webinar on Hotel investing.

and I'm willing to jump on a plane for that apartment investing seminar so please keep me posted. Thanks.

@Anne Williams

I would get a payoff statement from them in writing. Plus also check with your attorney and Title Company. Did you get a title search done?

Is there a link for the webinar yet?

Sorry Michael I just realized you sent this to me. For some reason I did not get a notification. I'm good sir how are things? The market is really hot. We are still finding deals but it's definitely a lot tougher. Wow unfortunately I missed your apartment investing webinar. Is there a replay?. I see you're growing and doing big things. Congratulation. Definitely inspiring!

Thanks for this. There are a couple of folks on my team who get annoyed by me when I constantly insist on verifying wiring instructions. For some reason they seem to think that just because we got off the phone an hour ago there's no need to verify. Although the phone conversation had absolutely nothing to do with the wiring instructions. Go figure. I just sent them this link.

@Chris Mandle

1.What kind of deal are you getting here? If you're paying retail, then you definitely want a green card. But if you're getting a good deal then I wouldn't worry about it and would rely on my home inspection to make sure that the house has a chance at eventually passing state inspection. I would think your home inspected would have some idea as to what requirements are needed for the state. If not then perhaps you should research and find out for yourself. The spring hinges on the exterior doors and flood Lighting in the hallways are just a couple of requirements of the state.

2. I would need to be able to get estoppel letters from the tenants and an agreement that security deposits reflecting the amount of rent will be transferred. Bank account deposits would help as well but there are a lot of landlords that'll really sloppy in this area. Especially if they've had the property for a long time and just aren't professional landlords. Again it would have to be a great deal for me to be okay with this or else I will need the property would need the property vacant at closing.

3. This one concerns me. First. I 'm a ittle confused because you're saying that the buyer is dragging his feet but I thought you were the buyer. Second, if it was recently renovated then they should be somewhat professional in their work and should have verified rent history. When did they buy the property? I'd be pretty skeptical. And really with all three issues going on , unless you're getting a great deal, I'd be ready to walk as well.

@Angelo Mart

I'd have to disagree with you on some aspects of Irvington. It's finally turning around due to certain neighborhoods being designated as opportunity zones. I'm personally witnessing the increased demand as a wholesaler and I'm about to do a multi-family Buy and hold rehab there pretty soon. The township itself is still a pain to deal with at times but I'm liking what I see so far.

@Femi Ibrahim

Sorry you're going through this brother. However  Here in New Jersey this would not be covered by a title search. Title searches typically cover liens and encumbrances against the seller and the property. Almost nothing at all to do with additions on a house unless they somehow affect title. 

Here we have to obtain what's called a temporary certificate of occupancy if we're going to buy a house as is. Once applied for the city will do its research and tell us whether there are any open permits or any illegal additions to the house. Keep in mind that obtaining the temporary Co is generally the responsibility of the buyer in an as-is sale. Once you have a temporary certificate of occupancy, you can then close on purchase of the house. The temporary Co is also the municipality's way of saying that they are legally obligated Grant you permits in order to make sure the house conforms providing you givr them the proper paperwork when applying for the permits. In other words once you have a temporary Co in your hand with a list of the violations they found during the co inspection, you should have no problems getting permits to make everything right. 

I've seen a couple of investors Crash and Burn behind skipping the CO process. In fact I just came across a property I have under contract where some investors purchased the vacant lot next door thinking they were purchasing the house I'm buying. Even went so far as to break into the property and started renovating before I guess they realize what happened. I figured they must have spent $85,000 on the house and put at least another $30,000 into the renovation before realizing they only purchased a lot worth no more than $10,000. However had theh gotten a certificate of occupancy from the city PRIOR to purchase, they would have known right off the bat that they were buying a vacant lot and not a single-family house. 

Does your Town require that you obtain a certificate of occupancy prior to purchase?

In the same house where I found the 1930s Lionel train set I also came across some Civil War era letters from A Soldier on the front lines. I have them somewhere around here.

You reminded me that I was once allowed to take about 50 boxes of replica classic cars at this one house. I didn't think about it for this post because I didn't necessarily find it in an abandoned house. The owner just decided he didn't want them. I have plans to work on them in a couple of years once my nephew's get a little older.