All Forum Posts by: Account Closed

Being a NJ native I moved out of NJ in early 2000. Now with home prices in my old neighborhood at ridiculous prices I am seriously considering buying back home and renting them out. However I was told that NJ has an out of state owner tax and then the infamous exit tax if I sell it. So just looking to see if there is anyone out there that is living outside of NJ and investing in NJ for a little guidance on this issue. 

Thanks

Okay so I have to ask. Is it just me or are there others out there that have window installer issues? This is the second time and second installer I have used that has taken more than 4 weeks to get windows in and again another installer that can not give me a definitive time for install. This latest one said it would take 4 weeks to get the windows in and would have me set for install the second week of December. Well here we are in the second week and the secretary could not tell me if my windows were in when I called Tuesday. She also could not tell me when they would be there to install them. She said she would have to call me back once she talked to the manager and has yet to call me and would not return my call from today. Just seeing if there are others that have order problems and time line problems with other window people. 

The deed restriction is only for the first 90 days. I just purchased one through HUD with the same restrictions where you can not sell for more than the 120% with in those 90 days. I just purchased one from HUD with the same deed restrictions and it works for me with the time needed for reno and then listing. Good luck.

Found these older posts

https://www.biggerpockets.com/forums/79/topics/121...

https://www.biggerpockets.com/forums/50/topics/131...

I would be curious to know if anyone on BP every used these guys and what was their result.

@Greg H. Correct, the EMD is typically 1K, 10 days for inspection and 30 days for closing. I was hoping the waving of the inspection would of made it more attractive, but that did not work. Its all a learning experience :)

@Anthony Newbold Not so much they want you to, its something that they recommend you do - Form HUD-92564-CN so perhaps wrong use of words on my part.

I tried to wave the inspection on one property (prior knowledge of this property) and HUD still wanted the 10 day inspection period. So they really want you to get one done to protect your self. We could not inspect my current property that I bought through them properly (with a licensed home inspector) until the contract was ratified.

Hope that helps a little more. 

Good luck out there.

I just went through this last week with HUD. An inspection was completed after the contract was ratified and we could not do one before then. The utilities were turned on after the contract was ratified and we had 10 days for the inspection. If any issues come up in the inspection you can then back out of the contract and get your EMD back. I think your agent may be miss informed. If I am not mistaken I believe HUD wants you to do an inspection on the property too.

 Todd,

   Is this done on the same basis as Jeff suggested as a promissory note with the percentage on top when you pay yourself back?

In the aspect of contributing to your own LLC what would be considered as continual funding? A year or more/less?

 I wouldn't say your insane. If the numbers do not work on the deal sometimes you have to walk away. I have done it myself. After an inspection on a property some serious issues were uncovered that would of blown my set budget of 30K when I did the walk through before putting an offer on it. The inspection uncovered some serious foundation issues along with a few other items. The numbers would never of worked if I held fast at my offer and would of had a blown budget and ended up in the hole. I had to walk away from the deal. There is always another one to be had around the corner.