All Forum Posts by: Doron Rice

Hi,

Im thinking of starting my yellow letter campaign in search for motivated sellers in northern and central NJ and I was wondering which category I should be focusing on. I want to target around 2 or 3 categories and would like to get other people insight and thoughts.

Thanks!

Doron

My name is Doron and I am a buy and hold investor (and a full time architect). I want to start doing flips and currently looking for deals in central NJ around Mercer county (Hamilton, Ewing, etc…- not in Trenton). I am looking for a wholesaler to do deals with and to build a productive relationship. Many thanks!

Hi. I am looking for a CPA with Real Estate Investing experience in New Jersey. Any recommendation will be most appreciated.

The major of the work is cosmetic. The house I am closing on has wallpaper all over which needs to be removed, spackled and painted. Some flooring sanding and refinish and minor roof repairs. I but REO's so im hopig to have a strong relationship with a reliable and priced reasonably contractor

I’m looking for a contractor/Handyman in the Trenton, NJ area. Would appreciate some recommendations for a small job.

Thanks!

Hi,

I am negotiating with a bank (seller) the closing terms of an REO property. The bank (seller) wants to add to the contract that the closing date would be 45 after the execution of the contract and for every day following the 45 days I will be penalized by $50 if the closing is delayed. my lender believe that the closing can be done within this time frame but I am hesitant to be in this position. Is it common to add this penalization note into a contract?

Thanks,

@Marc Faulkner - I will be visiting the MH this weekend and hoping that its not a war zone. Ive invested a good amount of money fixing it so ill hate kissing my investment goodbye. My plan is to take possession of the MH, if its in okay condition, and resell it.

@Wayne Brooks -I have a lien, however as the owner defaults in paying I am taking possession of the title. In NJ at least it looks like not that complicated procedure via the DMV.

Thanks for the great advise from all. Im very lucky to be part of the BP community! I managed to receive the title from the park and will work with the DMV to have a clean title under my name. ill try hard to convince the MH resident to leave before the park evicts him, even though he is obviously avoiding me. The Park informed me that once the court has an eviction order, the DMV will send me a note to pay his lot rent balance or surrender the MH. I’m scratching my head how is that even possible that as a lender I have any responsibility for his balance with the park. Any thoughts?

Hi- I need advice from anyone who has any Mobile Home (MH) experience. I'm a lender to a mobile home owner whose MH is residing in a private MH park. The owner has defaulted on his loan already with me and is also not paying rent to the park. As such, the park has taken him to court last Thursday in an attempt to evict him. As of today, the owner is still in his MH and is claiming he will pay the park (he has not done so). I'm in a compromising position because the title of the MH is under the owners name with me as the lien holder. We have a contract with me as lender. However, the MH Park has been and is holding on to the physical title in their locked up files. So here are my questions:

1) as lien holder to title, Don't I have right to get physical title back from the Park?

2) dont I have right to repossess the MH?

3) the Park is telling me that I am now responsible to pay them for the backed up rent incurred by owner (approximately $2,000). And If I don't, I face losing possession of the MH to the park. Is this true? How am I legally responsible for paying the owners rent?

Any advise & suggestions?

@Matthew Locci, that was my case when financing my own home but a few mortgage company (not the bank) clearly stated that no cash gifts allowed in investment property.