All Forum Posts by: Brian Adzadi

@Yehuda R. When I was accompanying my in-laws on their home buying process in the Newark/Irvington area, my eyes opened on how hot the market is. Investors are picking up properties left and right in that area. Single family homes are being sold for $10-30K above asking price. I suspect because of the rising price of rentals in NYC, tenants are now moving to the Newark/Irvington area. Since the NJ transit can take them from Newark to Manhattan within an hour or so, tenants can get the best of both worlds. Make NYC money but pay NJ rent. Overall, what I am saying, if its a good deal, don't let it pass by. Investors are really hungry over there.

@Kevin Urena When I was accompanying my in-laws on their home buying process in the Newark/Irvington area, my eyes opened on how hot the market is. Investors are picking up properties left and right in that area. Single family homes are being sold for $10-30K above asking price. I suspect because of the rising price of rentals in NYC, tenants are now moving to the Newark/Irvington area. Since the NJ transit can take them from Newark to Manhattan within an hour or so, tenants can get the best of both worlds. Make NYC money but pay NJ rent. Overall, what I am saying, if its a good deal, don't let it pass by. Investors are really hungry over there.

@Benjamin Greene Just like in a romantic relationship, if someone does not put you as their priority then you find someone who will. So what I am saying is, find another mortgager who wants your business. Yes it could be she may have a tremendous workload but its professional to have your clients know what is going on so they could know what options to take. This is a service industry in some regards and if the client does not like the service they are receiving, they take their money somewhere else. So take your money somewhere else in my opinion.

@Ripple Shah

When I had put up my SFR for rent, a social worker called me up saying how she had a client who saw my advertisement and would like to rent it out. Yes, I believe the pay you for the whole year. With that notion alone, I was not interested. This means you have obligated this tenant into living in your property for a year. If you don't like how they are keeping your place or bringing unsavory characters to your property, you have no control over that because the program had already paid you for the year. It is easier to evict someone for none payment than for simple civil matters like noise complaints.

Let us say you were able to successfully kick out the tenant for whatever reason and they stayed there for only 6 months. The SOTA program will EXPECT you to return the rent money for the remaining 6 months that the tenant did not stay there. That means if the rent was $1K a month, you will be expected to return $6K.

For me, there are way too many caveats to these government programs and are more trouble than they are worth. I can evict a tenant paying cash more easily than a tenant in these programs.   

@Chris Mantell

You are pretty much breaking even with this property if you do any kind of renovations, so I don't think its worth it. However, I would look through some local papers and do some research to find out if any upcoming developments are in the works like: A hospital, university, stadium or shopping center being built nearby. If none of that is the case, keep moving.

@Jerika Soyars

I have a suspicion the property may go to probate. It is free and clear, so now its an asset. If there was no will, the city or state would try to find a next of kin. It may take months, it may take years. I would just religiously be on the look out for the property to see if it comes up on auctions or get in contact with local wholesalers to see if someone was found and the person wants to sell it.

In the meantime, look out for other wedge deals.

@Account Closed

There is nothing wrong with calling the bank to see if they are willing to sell it prior to putting it in auction.

Overall, the bank wants to get this property off their books. They are willing to let go of the property but on average they would want to hopefully break even or be as close to the projected selling price as possible.

If they feel they have potential of breaking even or just being slightly above the asking price, the bank will put the property up for auction. Once put up for auction the selling price of the property can be widely varied.  Especially it being a MF, investors will see the potential in the property and drive up the purchase price.

If I were you, I would call the bank, find out what is their plan with the property and what price they are thinking of selling for.

@Latifa Al Latif

Yeeeaaaa.... All your options suck at this point.

However, let us see if you have other options. The job you have now, do you think you are able to find a similar job or career that is closer to home? I have a suspicion that you may say Yes but it will pay less. My counter to that would be "How much less?" If it is a 5K-10K drop in salary, I wouldn't mind taking the lower paying job. You will be able to maintain your sanity and your bodily health. You will also save a lot of money on car maintenance. If it will be a 15K-20K salary difference then I will stay where I am at.

If change in job location is not an option and you can only pick between your said options. This is what I will do.

If the townhouse in option B is in a good or in demand neighborhood where the After-Repair-Value of the property will be a significant amount and you either have experience in flipping or have a contact with a good contractor, I will pick option B. However, here is my twist. I would still stay in my current rental. Borrow money from my family and invest enough money to make it sellable. No high end stuff that will run up the bill but upgrades which will make the property worth going to an open house for.

I will then resell the townhouse. Whatever the profit made, you payback your family with interest and keep your part of the profit. Realize how I only said borrow from family. I personally would not borrow from friends. Family have a better ability to forgive than friends.

With this option, you still stay in your neighborhood and kids get to stay in their school, you won't get sued for breaking your lease while at the same time dabbling in Real Estate Investing. Win Win.

@Anairis Gomez

There is something called Debt-To-Income ratio or DTI which mortgage brokers use to determine how much money to lend you. If your debt is about 100K and your income is only 30K, you may not get the amount of money you need for the property or if they do it will come with a high interest rate. So gauge how much student loan you have and how much you make, if you have more debt than income, you may have in issue getting mortgage.

@Victor San Gil

That is the point of the security deposit isn't it? To cover cost of repairs for turnover. As long as you show them that you have tried various ways to clean it and your only option is to replace it then you are within your right to charge that money to the deposit. You didn't rent it to them with the stain, so why should you let them leave with the stain there?