All Forum Posts by: Chris Masons

Yes Nate, Taxes in NJ are insane. But rent is fairly high as well. Been in NJ all my life so I am use to 6k 7k 8k annual taxes. Just gotta take the good with the bad I guess....

I always say if I had my properties elsewhere with the same rent I could have retired LONG ago lol

Chris

Hi Michael,

Welcome. I'm Chris and also from NJ. I pass by your neck of the woods on a daily basis on my daily commute to NYC. I take NJ transit bus into the city.

I am a residential buy and hold landlord and invest in Multi Families Union County.

This is a great place as well as a great tool for learning!!

regards,
Chris

I have been investing solely in Multi families (1-4) I have a general area in NJ where I am very comfortble with. Lived in the town for over 10 years. Good schools, 30 minute commute to NYC nice town center etc....

I am interested in expaning to SFH, or possibily buying notes and other financial invesstments that will generate a passive cashflow.

I fully and actively manage all my properties while working full time as a System Admin in NYC. This can sometimes be very difficult to manage.

Bought my first property in 97 and bought my 6th property last week.

regards,
Chris

This is definitely a NY thing, as I hear plenty of complaints about it with my Coworkers, (I work in NYC) As to why they would tax ones taking out a Mtg instead of cash buyers, my guess would be b/c the vast majority require mortgages???

C

Hi Dave,

The other thing that I don't think anybody mentioned yet is the ridiculous amounts of red taped involved in the approval process for the bank to take the short offer. There are layers and layers of departments IE. loss mitigation depts, portfolio Managers, that it needs to go through to be approved...

sit tight though and good luck!

Chris

Thx Chris. Actually there was no mention of 2nd appraisal on the GFE.

Doyou think I have a shot of getting the bank to pick up this cost?

OR better put do they have a right to make me pay for it if it was not mentioned prior?

thx,
Chris

Has anyone heard of this? This is NOT a FHA loan but a conventional loan on a 2 family non owner occupied dwelling.

Had appraisal done comes in fine, all of a sudden WF says 2nd appraisal is required and now request 12 month chain of title, sellers operating agreement.

This is being done apparently b/c property has not been held for a year. Property has been held ~ 9 months so it's not like it is under the 90 day seasoning period.

I read some stuff on line and saw that FHA has these guidelines in place but I guess it is no FHA too? The funny thing it said was the buyer is NOT allowed to pay for this 2nd appraisal!??

has anyone come across similar situations?

Chris

I generally try not to escrow but sometimes it comes at the cost of a 1/4 pt or additional fee not to escrow.

Most of the time as a rule if I have to pay xtra for not having an escrow I will have it set up and then in 12 to 24 months long as you have a good payment history you can have the escrow account waived and they will send you out a refund.

Think about how much interest they are making off of our money. If you add it all up it they are making a pretty penny on top of the interest over 30 years on the MTG.

Another reason I don't like it is it is always required to have an extra cushion in there so your money is just sitting there not working for you in fact the opposite it is working for the bank....

Chris

Wow, very interesting. I have a 4 family and was trying to put myself in your shoes......

The first thing I guess I would want to determine is what EXACTLY happening to cause this. Is it the obvious of him just not being able to make to the bathroom?? I would just speak to him and or family members and explain the exact situation and the dilema it is causing.....

Assuming yes I think you can insist that he have a caretaker on the premises stating that he is unable to care for himself any longer without supervision and it is in fact causing a health issue with the building as well as other tenants.

You don't want your tenants complaining to the board of health.

Never a dull moment with a house full of tenants!!

regards,
Chris

CFDs can be a great way to sell a property under the right circumstances.

As Joel pointed out as a seller you want to get enough ernest money down to make you feel comfortable with the deal. In the event you did have to start foreclosure proceedings at least the cost won't come out of your own pocket.

Jusst be sure to add anything into the land contract that is not there that you wan to be clear on. They are pretty vanilla and definitely need some customizations based on your specifici situation.

good luck,

Chris