All Forum Posts by: Warren L.

Hi BP community, I have a quick question about permits and licensing. Me and my partner are looking for rundown properties in Jersey City to rehab and renovate. He is a contractor in NY but not licensed in NJ. I'm just wondering if we need to get a permit or license to do the job or can we just go in and do the work ourselves? Thank you.

Hi Guys, I'm just wondering if anyone has any recommendation on a reliable property manager in Jersey City area? I'm still a newbie to multi-family investing so looking for someone to help manage the property. Thanks.

Thank you everyone for taking time to share you knowledge and experience, it's very helpful.

May I know if anyone knows of a reliable mortgage broker or banker in Jersey City area? I guess for no fee mortage broker, the closing cost is usually higher because the bank needs to pay the broker right? Thanks guys.

Thanks guys for the reply. That's very informative and helpful.

Hi everyone, I'm still a beginner in real estate investing. I read that it's better to invest using a trust than a LLC because it provides anonymity, more protection and doesn't require filing with a state. Is it possible to download a template for a trust or do I need to go through a lawyer? From what I understand, the trust should be pretty generic and the template can be reused by just changing the name of the trust right? Thank you.

I think we get a good deal and I suspect he might have another buyer. Any ideas on how much will a special performance lawsuit cost typically? I feel that if the buyer is the one to back out then the buyer will lose the deposit, but if the seller backs out shouldn't he have something to lose as well? I'm going to talk to my lawyer tomorrow to see what he says. Thanks for the advice guys, really appreciate it.

Hi, I'm still a beginner in real estate investing but 2 months ago, I signed a contract to purchase a 6 family. We have gone through property inspection, appraisal... The seller has been trying to find excuses to back out from the contract such as saying I didn't send his lawyer the commitment letter in time and not being cooperative with the appraiser. All the issues were solved with my lawyer contacting the seller's lawyer to cooperate.

However, the seller is now calling me saying he needs to back out because he needs the income and made the wrong decision to sell it. After we have spent so much time and effort in this deal, any advice on what's the best way to proceed? Should I bring the seller to court or should I try to get reimbursement to cover all my expenses and time. If yes, what's the amount of reimbursement is typical? Thanks a lot.

Regards,
Warren