Hi everyone! I'm new here. Is anyone from New Jersey?

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Hi everyone! I'm new here. Is anyone from New Jersey?

Pamela Soto
Bayonne, NJ · Member since 2014 · 16 posts · 1 vote

I'm looking to make connections and learn as much as I can.  My first question:  In New Jersey, can contracts on foreclosures be assigned?

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Hasan Hamdan
Wholesaler · Edison, NJ · Member since 2014 · 92 posts · 28 votes
12y

This is a great place to learn, welcome! That should be fine in NJ. In terms of the actual dynamics of a deal (generally speaking), I believe you are asking about wholesaling. There is a great wholesaling market in NJ but you may have to get creative on some deals depending on the situation. Best thing is to have an experienced lawyer or title company.

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  • Hasan Hamdan
    Wholesaler · Edison, NJ · Member since 2014 · 92 posts · 28 votes
    12y

    This is a great place to learn, welcome! That should be fine in NJ. In terms of the actual dynamics of a deal (generally speaking), I believe you are asking about wholesaling. There is a great wholesaling market in NJ but you may have to get creative on some deals depending on the situation. Best thing is to have an experienced lawyer or title company.

    1Reply
  • Pamela Soto
    OP
    Bayonne, NJ · Member since 2014 · 16 posts · 1 vote
    12y

    Thanks Hasan!  Yes, I was asking about wholesaling.  I want to find an investor or a private lender to fund the deals. 

    0Reply
  • Shaun Weekes
    Loan Officer / Processor / Life & Health Agent · Rancho Cucamonga, CA · Member since 2014 · 1k+ posts · 757 votes
    12y

    Welcome to BP and you'll have a lot of helpful information on here.  Good luck and have a great time here on BP.

    0Reply
  • Pamela Soto
    OP
    Bayonne, NJ · Member since 2014 · 16 posts · 1 vote
    12y

    Thanks Shaun!  I'm learning so much already!  I can't wait to get started.

    0Reply
  • Ryan Craig
    Realtor · Nashville, TN · Member since 2014 · 148 posts · 46 votes
    12y
    Welcome to BP. Good luck on the wholesaling and if I looked it up right that doesn't appear to be an issue. You can also set up keyword searches here on BP that can really help answer questions and gain knowledge.
    0Reply
  • Ibrahim Hughes
    Real Estate Consultant · Bloomfield, NJ · Member since 2010 · 2k+ posts · 1k+ votes
    12y

    Hi Pamela and welcome. To answer your questions, most contracts can be assigned unless explicitly forbidden in the contract itself (the contract says it's unassignable). The standard Realtor contracts by default are not assignable (so be careful if you are buying off the mls).

    As Investors, Our attorney inserted language in our contracts to allow them to be assigned and we've only had one seller refuse to sign it under that condition.

    But as Hasan stated, you are best to hire an attorney as this shouldn't be considered legal advice. 

    1Reply
  • Dave VisayaPro Member
    Moderator
    Audio Engineer and Investor · Cebu City, Cebu · Member since 2013 · 7k+ posts · 881 votes
    12y

    Hey @Pamela Soto welcome to BiggerPockets! Check out http://www.biggerpockets.com/real-estate-investing -- this might help you in starting!

    See you around! 

    BiggerPockets
    0Reply
  • Pamela Soto
    OP
    Bayonne, NJ · Member since 2014 · 16 posts · 1 vote
    12y

    I just saw these replies, so sorry my reply is so late!  Thanks @Ryan Craig, @Ibrahim Hughes, and @Dave Visaya for your messages.  

    Ryan,  thanks for the tip!  I'll try doing the keyword searches.

    Ibrahim, it's really good to know that most contracts say they are not assignable. I don't have an attorney yet, but that's good to know. 

    I took a real estate course and passed the NJ state real estate test to become a Realtor so that I could have access to the MLS, be able to have access to houses I wanted to see, and not have to pay closing costs. I wonder if I would be able to edit the contracts that I will get from the agency I eventually work for.

    Dave, thanks for the resource!  I'll take a look at it.

    0Reply
  • Dmitriy Fomichenko
    Solo 401k Expert · Anaheim Hills, CA · Member since 2012 · 18k+ posts · 6k+ votes
    12y

    Welcome to BP community @Pamela Soto  It is a great place to meet new friends and learn about various aspects of real estate and more. Here are a few recommendations for you:

    Find and connect with other BP members that are in your area: http://www.biggerpockets.com/meet

    Set up keyword alerts to be notified of the topics that interest you: http://www.biggerpockets.com/alerts

    Wishing you the best! 

    0Reply
  • Pamela Soto
    OP
    Bayonne, NJ · Member since 2014 · 16 posts · 1 vote
    12y

    Thanks @Dmitriy Fomichenko!  Yes, I definitely want to meet other BP members in my area.  Thanks for letting me know that I can get alerts on topics that interest me. I love all that I'm learning from BP!  

    0Reply
  • Brandon TurnerPro Member
    Investor · Maui, HI · Member since 2009 · 13k+ posts · 3k+ votes
    12y

    Hey @Pamela Soto welcome to the site! Definitely start jumping into the community here! Be sure to read through The Ultimate Beginner's Guide to Real Estate Investing to help you get started.

    And -be sure to setup some keyword alerts - especially for "Bayonne" so you can jump into local conversations.

    See you around the forums!

    Podcast Guest on Show #92
    0Reply
  • Pamela Soto
    OP
    Bayonne, NJ · Member since 2014 · 16 posts · 1 vote
    12y

    Thanks @Brandon Turner!  I have set up some alerts and I will do Bayonne as well.  I have started reading The Ultimate Beginner's Guide to Real Estate Investing.  I look forward to meeting everyone here!

    0Reply
  • Elizabeth Colegrove
    Hanford, CA · Member since 2013 · 5k+ posts · 1k+ votes
    12y

    Welcome to Biggerpockets!

     In addition to the podcasts, blogs and forums. Also check out those who's philospophies you enjoy signature. The signature includes the web address for the investors. Many people including myself discuss their "niche" and strategy in depth on their website.

    My husband is active navy military so we live a VERY transient life. We got started through buying a personal property fixing it up and than renting it out. My website is all about self mananing, rental relationships, and making small margins work.

    Again, welcome and I look forward to seeing you on the forums.

    1Reply
  • Pamela Soto
    OP
    Bayonne, NJ · Member since 2014 · 16 posts · 1 vote
    12y

    Thank you @Elizabeth C.!  I will look at the signatures and websites. I also thought of getting started by buying a single family or 3 family and living in it and selling it. I need to find a partner or money lender and a distresed property.

    0Reply
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