All Forum Posts by: Udele Tagoe

Hi @James Masotti

Thanks for your response. I'll start contacting attorneys today. 

Udele

Hello all.

I'd appreciate your input. I am a new investor working to secure my first wholesale deal in South Jersey. I have a few questions. A little background on the property: it is owned free and clear and is in tax default. Apparently a notice of default was served, but the owner does not know when exactly he received it, nor does he know exactly when it will be foreclosed on. Additionally, the deed of the house is in his father's name (now deceased) and it was inherited by the son (who I'm calling the owner, and who lives there) and his two siblings. He is attempting to sell the property to pay off the lien and have some $$ for him and his siblings to split as opposed to getting nothing if the home goes to tax sale. Here are my questions:

1. Since the owner does not know, how do I find out when the notice of default was served and how long before the home is officially foreclosed on

2. Can I even sign a contract with any of the siblings when the home is not in any of their names? Does the home have to be transferred into one of their names BEFORE it can be sold? How long does it take to do this? (BTW, the owner is completely broke to the point where he had all utilities in the home turned off at least for the past year bc he cannot afford to pay them. So I don't even think he can pay an attorney to take care of this).

3. Apparently, the lien is a tax/water/sewer lien, and according to the owner, there are no other lien's on the property, but would it be prudent to get a title search on the home? How much does it cost to get one? I know other liens would certainly affect whether this is a good deal or not. Is this something that is done before even getting the home under contract?

4. I visited the property yesterday. It is in pretty bad disrepair, with the biggest and most obvious issue being the mold that is in every room of the entire lower level of the home (it's a 5BR, 2BA (~2000 sq ft) split level - lower level has one bath, living area, 2BR, storage space and utility room). The lower level is completely uninhabitable. Through my research, it seems that mold remediation for a home about 1500sq ft can run 2K-5K. Is this something that I should have an inspector look at before making an offer?

Lots of questions, I know. But I'd appreciate your guidance. Thanks!

Udele

Welcome to BP @Daniel C.! Wish u much success

I thank you all so much for your responses and for the great welcomes. I do appreciate the feedback. @Sam Valme I actually have the E-myth audiobook. Started reading before I got serious about REI and never finished :o The points are spot on though and going to re-read to completion. @Dawn Anastasi I've started attending my local REIA meetings - it has been an invaluable eye opener. I actually will prob do my first deal with a seasoned investor I met there. @Bryan O. I actually don't intend to quit my day job but just want to do it in a different way, i.e. As a self employed entity. To do that would require me to at least match but ideally exceed my current income so I'm looking to build a real estate business that can support that. @Josh C. going to check out that #AskBP episode now. Just listened to an older BP podcast today, #037 an interview with Aaron Mazzrillo which was very insightful. Thanks. Great to be a part of this group! 

Hello all,

Hoping for some honest advice here. Very glad to have learned of this group. I have just started my education in REI (~ 3 months) and am eager to do a deal. I am, however, feeling overwhelmed by the many widely varying opinions on the best way for a newbie to start, especially on a part time basis while working a full time job (sometimes >60 hrs/week). I ultimately would like to have large buy and hold commercial portfolio, but I would like to generate cash to be able to pay down some debt and to be able to fund such deals in the near future. I thought starting out with wholesaling would be a great way to do this (listened to several Wholesaling Inc Podcasts on this) and get comfortable with real life deal analysis/presentation, but then heard from a long time investor that it is unlikely with my time constraints that I would be able to put the time necessary into marketing and searching for good deals. They suggested just going ahead and doing a rehab instead, possibly with a property management team. Even though doing a rehab would net a higher profit, I personally thought that doing a rehab right off the bat would be a bit much for me just starting out because of my limited knowledge and because I don't have the time to oversee such a project right now. The idea of a property management team to oversee the project sounds like a good idea, but I also don't want to dilute my learning/understanding by leaving much of the oversight to someone else. One thing that is clear is that no education will beat the one I will get from just jumping in and doing it. Question is, which "it" makes the most sense for a newbie in my particular circumstance? I'd appreciate your thoughts on this. Thanks in advance.

Hi all,

I'm (very) new to real estate investing. Work full time job and have a large family to take care of so plate very full. Looking to REI to escape employment, fund my four kids' education and support philanthropic endeavors. Looking for honest and realistic advice on most efficient ways to succeed at REI while doing it on a part-time basis. Excited to learn and get started!