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

Question

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?

Elizabeth Colegrove · Answer

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.

Ibrahim Hughes · Answer

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.

Hasan Hamdan · Answer

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.

Pamela Soto · Answer

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.

Pamela Soto · Answer

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!

Brandon Turner · Answer

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!

Pamela Soto · Answer

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!

Dmitriy Fomichenko · Answer

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!

Pamela Soto · Answer

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.

Dave Visaya · Answer

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

See you around!

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

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