All Forum Posts by: Alex Casey

I own a 28 unit SRO rooming house. The majority of the residents pay on time on a monthly basis, but there always a few that I have to chase. Definitely look in to the laws regarding SROs in your area. Do you need to go through the full eviction process if someone stops paying? I've had to get rid 3 people for non-payment this year but in my area rooming houses are run like a hotel so we can just tell them to leave and/or call the police if they don't want to go nicely.

Hi Greg, I do not have any experience in WA. However I have a lot of experience with foreclosure auctions (sheriff's sales) in NJ. If you purchase a 2nd mortgage at the sale, you are not required to, but it's in your best interest to try to pay off the superior mortgage as soon as possible. If the first mortgage is also foreclosed on and makes it through the foreclosure sale, your position/interest in the property will be wiped out completely and there is nothing you can do. 2nd mortgage holders, mainly the banks, bid in on properties at the sale all of the time for this reason. 

One of the main problems I've run into with buying a 2nd mortgage at the foreclosure sale is that it's extremely hard to find out what the actual payoff amount for that  prior mortgage is. The bank rep usually announces the initial mortgage amount, but the current balance/payoff could be much higher in reality. Trying to contact the 1st mortgage holder to obtain the balance before the sale usually goes nowhere because they will not disclose that information if you do not have a current interest in the property. We've purchased a 2nd mortgage at sheriff sale before where they actually announced the current balance of the first was 150k, it turned out that was only the initial amount and the payoff figure was actually 300k! It's risky business, my advice is to stay away unless its a homerun, and/or you have the actual balance owed on the first mortgage prior to bidding. If the first mortgage is also in foreclosure and has already been awarded a judgment that is sure fire way to know. Hope this helps!

Hi! Sorry to resurrect an old thread, however I'm currently looking into purchasing a sfr to use as an airbnb rental in the poconos. Would love to connect with anyone who has experience in this space, and some local property managers. Elvove is also on my radar, does anyone have experience with them? Thanks!

Hi first time poster here. I have a NJ r/e license and work full time for a private investment company buying and selling properties in the state. I do not have any experience in south Jersey, however some of the TOP markets in the country are located in NJ and it can be very competitive. I would search out the best licensee course in the area that you plan to move tot. The state exam isn't extremely hard, you just have to take a good course and put the time in. I took it through the Weichert real estate school at their headquarters in Morris Plains and now have my license with Coldwell Banker. Hope that helps!

http://www.schoolsofrealestate.com/