All Forum Posts by: Chris Masons

Jon,

I Recently closed on a Contract for deed here in NJ and I received the same information that you are saying. Although I still hold legal title to the property the buyer (vendee) I believe, will still get the tax benefits - depreciation, interest deduction, expense write offs as long as he is actually paying for them.

regards,
Chris

Cheryl

In Jan 2009 I bought my first short sale. At the time I thought I was getting a great deal!! Little did I know just how far RE was about to fall......

It was a property across the street from my 2 family owner occupied house at the time and I thought it would be great to own this house b/c it was nice, newer house built in 1980 and got great rents.

While I did over pay for it, the hosue is doing ok I have managed rent out the 2nd floor (3 bedrooms) to roomates and rent out the garage as storage to give me a better rent roll then the norm.

I often said if I waited little while longer I wonder how cheap I would have been able to get the house..........

Chris

I am UC and am using WF as my lender. Has anyone ever heard of WF requiring a Structural Engineer inspection @ ~ 650.00???

I have never seen this before but see it listed as one of my settlement charges.

Hoping this is just something they put in and is not a requirement.

Chris

Check local LL/tenant laws but I am pretty sure here in NJ there must be some grace period before a late fee can be imposed.

I give my tenants until the 5th to pay before late fee is imposed..

regards,
Chris

Thx Jon,

So with traditional financing the lender is the one requiring a recent survey?

thx,
Chris

If a property is being purchased with cash and there is a Title insurance done would a survery be required? Or is the survey the lenders requirement?

thx!
Chris

Josh,

Whydon't you start by asking the creditor what the outstanding balance is. Ask for this in writing. Once you get this you can try and negociate with them.

If the outstanding balance is 2k maybe start by offering them 750.00 to settle??

Remember you can never start out too low but once you go in with a number it will generally go up from there....

Chris

Rich thatwas a great post and I can relate to it. I often find myself going to take care of my properties leaving my Son and wife to spend the day together without me.

You are definitely admired by me not only for your RE acomplishments but also for your ability articulate to put life into perspective with a simple post.

I really like the line about Making a living VS making a life. We really need to try and balance these to things as one is much more precious then the other.

thx again for your insight.

Chris

Hi Sean,

Very interesting idea. I would love to be able to incorporate something like that into a lease. NOT sure how the tenants would react to it though.

But you're right it would almost guarantee payment barring them canceling their credit card. I have tenants who pay late also and this would be a great means to combat that.

Long as all the terms are in the lease and they sign off on it I would thing it is legal.

Only thing you would need is a merchant account so you can charge the card right?

Chris

Ibrahim i agree whole heartedly on your assesement of Union. As a whole great town to invest in. However there are a few areas that I would really think twice about......

Markus do you plan to manage yourself if you hold it or plan on getting a super/property manager?

PS. if you get the Bld. and need a Plumber I have a great local guy who specializes in oil to gas conversions and seperating heat. He did my 4 family and seperated all my apartments from one old steam boiler to 2 hot water units first fl and 2 furances for 2nd floor. (dropped furnaces in attic)

Great work and great pricing.

regrds,
Chris