All Forum Posts by: Dan Pereda

As far as needing a CO for closing it all depends on the town.   I recently went thru a closing where i was buying all cash.  My lawyer kept telling me i needed a CO to close, but I knew the town didn't need it.  I had to educate the lawyer in this case.  I didn't get a co for 3 months later after the rehab.

Each County's rules are different in NJ.   I have been to the Middlesex co sales a few times to just watch and learn and build courage.

if you are going to bid,  you have to get there early and register as a bidder.

They read off the property info and judgments (i dont understand all of it yet)

The bank will then say what their max bid is on it(that is the opening bid).  if no one is willing to bid over that, the bank wins and they move on to the next one.

If you willing to pay over the banks bid, you shout your bid (like on tv)  I think there is a minimum of 1000 bid increments for this CO.  Highest bid wins,  but the Sheriff has to hear you bid, so speak loudly.   I saw a few arguments about who was biding or not bidding.   The winner must pay the deposit immediately even as other properties are being auctioned.  

The bank never bid over their max bid.

I know other Co start their bidding at 1,000 and the bank is bidding against you until they hit their max  and it eats a bunch of time.  also some co have a 5000 min bid increment.     deposits range from 10% to full price on the spot depends on the CO.

Where is am not sure yet is when a lien / past tax/water/sewar/HOA is cleared by the foreclosure or not. Sometimes they read off delinquent fees and some don't. I am looking for a mentor now.

I can't say if he is investor friendly but he is a great realtor for my Primary.  

Eric J Olsen 

Gloria Nilson & Co. Real Estate

is there an official meetup.com meetup or anything?

I am confused now. I have been a buy and hold investor for a while but I am at the tail end of my first flip.

All plumbing, electrical and mechanical (HAVC) I have had licensed contractors doing the work. I have been by the book and getting the right permits.  The rest (painting, trim, tile, cabinets) I have been doing the work myself, or with my own team.

I am doing final plumbing inspection and the Plumbing inspector is telling me that I am not allowed to do ANY work my self since I don't live here. He is trying to tell me I'm not allowed to put the tile in the bathroom. Or even do the trim unless I am a licensed contractor.

He even called the township code office to tell them I am doing this.... He is giving me a "PASS" this one time but next time all work on a house I don't live in has to be done by a Contractor.  I own the house, I just don't live there and I am not paying myself to do the work.

I have looked in to becoming a contractor in NJ in the past.  The only official rule was if I was getting paid more than $600 per job then I needed to be a contractor.

Now I have been told this inspector is just out for blood on every job he goes too.  He states this is a NJ law not a town law. 

Looking for guidance and what others have experienced.

PS. What set this off is he said I need a building inspection for them to look at the tile in the bathroom. But there is no need to pull a permit for the tile job why would an inspector come out.   This was just a surface remodel.

hi sorry if this is a hijack, but any NJ wholesalers can add me to their cash buyer's list.  I am looking Monmouth, Middlesex and Mercer counties. 

Pm and I will send contact info 

let me know if you find one too please 

Hey Guys,  the price range of Comps I am looking at all have central Air.   Good news is comps are going up 155K now.  

I actually bought the property to be a rental, but the comps have enticed me to flip it instead

This house has never had forced air, so all ducts have to be added. 

I have more bid coming in next week.

Hey all,   I am doing a flip in Hamilton NJ

Bought for 72K + repairs and other costs will come total investment of 102K the ARV 140k.

I get debating if i should add central air.  it would be about 8.5K taking my investment to 110k.

I am worried that with out central air it will take a long time to sell, but not sure i am going to the 9k back at selling time.

Any advice?