All Forum Posts by: Chris Bell

@Mark Faustrum I'm currently in a deal with constructive loans and it has me frustrated at the moment. This deal is something ,one of a kind. About the deal 4 properties at the same time 30 years. June 23 I put in a contract to my fix and flip lender, they didnt do rentals, so they sent me to constructive loans, my loan originator quit in August, that took us a couple of weeks to find out smh, btw the old originator said we close in a week. New originator ask for everything like they never got it, we sending paperwork back and forth till September, goes to underwriter September 12 , on Monday I call we closing this week, didnt happen, I believe I'm in the underwriter black hole. I'm calling everybody everyday to get the same answer dont know when

@Glenn Smits if you are a llc there are plenty of lenders out here that will lend some the next day. I'm from NYC and I buy in NJ I found some great guys by going to my REI meetings. They really helped me out

@Donald S. Congratulations on your first deal. Dont be to hard on yourself so people cant even get off the ground. My first buy and hold was rough also. The first contractor ran off the next contractors . I was paying weekly ( so they couldn't run off) milked the job time is money . What saved me was it was a small rehab 30k .we started in February and refi in October. Yes it was a learning experience

@Sebastian Garcia sounds like a good start contractor in the family. Money to make the deal . NJ works cause most of the properties I watch cash flow. Not like Brooklyn nyc they appreciate with little to no cashflow. The area you are looking in is hot now. lf you find a deal use all your resources to make it happen

@Gary McDaniel this deal sounds good on the surface. Reality is something else. Time is the factor here. 7 day dd ok that says make your mind up. This is 20 units with 10 units occupied, that has to be inspected then there's a 30 day close. The appraisal has to also come in and inspect each apartment top to bottom that takes time. The title search, bigger units sometimes take up to 6 months to close. I think the seller is playing on your emotions. Before entering into this deal ask someone (loopnet,apartment investors) from that area how long it takes to close a 20 unit.

i invest in newark nj and i have met a number of agents. always looking to network for finding deals. as an investor . and not to waste time i go to the listing agent they are motivated to sell the property and keep all the commissions. if you want a deal go to the one that have it

I may have some leads in newark. I am getting a quaint ed with the area. 

What are the conditions for Upstate ny? I see lots of roperties there for less than 100k. Interested in buy and holds

I was asked by a HML. What my exit strategy was as I told him buy rehab rent and refinance. He asked did I have a letter of intent from the lender that will refi. I been talking to a few lenders about my exit . But didn't get nothing in writing. My question is what do I do now and how long will this process take

Are there anymore deals in Newark