All Forum Posts by: Uneeq Khan

@Denise Evans

It's still not clicking. What's the difference between entitled to possession and legally possessing?

From what understand, you bid on a tax lien, at certain rate. If the owner doesn't pay up, you now own the property, and previous owner has to leave. Is that how it works?

@Kerry Boyle

Is there a calculator to calculate monthly payments on a HML? I imagine payments could be over 10k a month for 100k loan over a 1 year period with 12%. Just doesn't sound reasonable. Or am I missing something?

@Chris Mason

Great strategy on the two offer.

I'm currently looking into getting a MFH with a 203k but was told I have to live in it for 1 year. If I refinance in 6 months, do I still have to live there for the rest of the 6 months?

@Denise Evans

I was starting to get interested in tax liens but it seems like such a headache. Why would anyone do this? It sounds like you can get ownership of the property, end up paying taxes for it, and then still not be able to use the property. Do you just lose out on all your investment if the tenant decides to never leave? How do you win in this situation?

@Lydia T.

Thanks for the info, now I just got to find a reputable and honest company to bird dog for here in NJ.

@Lydia T.

This is the first time I've heard of bird dogging. I'm very interested in this now since I'm regularly finding potential properties that could be wholesaled. However I wonder, if I send a wholesaler all the info, and they make the sale, how can I guarantee that they give me a cut? What stops them from lying and saying it didn't go through and keep asking for more deals?

I am interested in doing wholesaling (as well as rentals once I get the capital) but bird dogging seems good too since it requires less time and work (currently working 3 jobs).

And of course, is this legal in NJ?

@Andrew Angerer

Few more questions ...

What type of information do buyers want for the properties? What type of information do sellers want? Who is responsible for appraisal and home inspection?

What are legal methods to selling the contract in NJ? I heard of double close or having an LLC own the contract and sell the LLC as two options. In NJ, can't I just sell the contract?

@Andrew Boettcher

Previous PM company won't supply any info because we are no longer their client. A new PM company took over in the start of May.

@Victor S.

I have a copy of the rules regulation and by laws. How would the attorney be able to get all the financial document? Can't they just give the same story to him?

@Merritt S.

For a couple of weeks the HOA president has been avoiding me. When I pull into the parking lot or if he sees me coming out of my home, he runs into his house quickly. Yesterday I cornered him as he pulled into parking lot.

So they are working on getting funds by either raising HOA fees or getting a loan to get the roofs done. I asked what happened to all the capital reserve and he has no answer for it. Then he tried to put blame on previous PM saying he doesn't know what they did with all the reserves. They collected it and he doesnt know where it went. I said they pay for an audit every year on our financials, where are those audit documents and he said he doesn't know. So there's a lot of missing money in the HOA account.

I have no proof of this but I suspect he used those reserve cash to remodel his house and was expecting to pay it back before it was going to be used. Explains why he does his best to postpone the roof issue for over a year now. He also complained in the past how he has to work multiple job and he struggles financially, but now he somehow has money for a massive renovation of his home. I know its massive because he told me to come inside and look to basically show off the work he got done.

So the finances don't make sense. The PM company kept capital reserves for so many years and now all of a sudden there's no record of it. And he doesn't really care to investigate it. Just shrugs it off.

I can get a city code official to look at the conditions of the roof and force HOA to fix it, but how will they do it if they have no money. So not sure if there's a good strategy. And the financials really need to be investigated but I don't know who can do it and how. They won't give me any documents, because apparently no one has it. Even though we have an audit every year. Even doing a lawsuit seem like an empty victory. I need to figure out a way to force a financial investigation into this.

He also got quotes for the roofs from 6 different contractors. And he's looking to do more. I don't understand why he keeps asking for more contractors unless he's trying to stall.