All Forum Posts by: Rick Stein

As an REO agent I have done many CFKs. Firstly, you must establish an amount and vacancy date. They must know that on that date you will show up with a check for the agreed-upon amount and they must leave the unit in broom-clean condition. You don't want to have to pay to have their junk removed. The must sign a PPR (personal property release) which means they can not comer back at a later time and say they left their jewels and you need to return them or pay for them. Have a locksmith at the site as well so the property can be rekeyed at that time. Wish them luck and say "Goodbye". This has nothing to do with the eviction moratorium as they are leaving voluntarily.

cell : 609-213-7250

We cam set up a call. My schedule is flexible.

Thanks for responding. The property is in Hamilton Township, Mercer Co, NJ. I am looking for $180K. We can schedule a call if you like.

Thanks

I am an experienced investor purchasing a home in Hamilton Township, NJ with the intent of flipping the property. I have access to hard money. I am seeking private money (less expensive, but still worth while for the investor) for the purchase. Low LTV. We can speak privately if you might be interested.

Thank you,

Benefits to the seller is the tax break. he pays taxes on the down payment and interest payments. The other benefit is the monthly mortgage payment. Caveats: Make sure your buyer (mortgagor) has home insurance and names you as the first loss payee. Make sure he names you as the lender in the title policy. I would ask for a 20% down payment if possible. If you need to foreclose, you have equity. Have your attorney prepare the promissory note and mortgage or deed of trust depending upon your state.Keep track that your buyer is paying the taxes and homeowner's insurance. You need to be protected. I hope this helps

Use your attorney's lease. YOU are not an attorney. Pay for a strong lease today  and use it.

As most of the respondents have said, it depends on your contract. Normally, if they want to back out for inspection issues, they should provide a copy of the inspection to show why. But, you  can not force a buyer to go though with the sale. Sometimes, it is easirer to cut your losses and move on rather than wasting time and energy on something that will go nowhere.

I would sell. The housing development could have a positive or negative effect depending on the nature of the tenants. Do no keep a property with a negative cash flow.

Yes, seek out several and chose one. You may have different lenders for different types of properties and situations. But, find one you like for each situation and stick with him/her.