All Forum Posts by: Jake Recz

The banks sure love playing games on REOs! Thumbs up for giving them time to cool down with their game. A lot of people just jump in. I have a single question. You mentioned that you expect your rent to be in the $1600 / month range. I don't know the area but through a quick look on Wikipedia and MLS that town seems to be a little rough. Is the house in a more desirable part of town?

I was on Google earlier and found this: 

" N.J.S.A. 2A:18-61.1(l)(3), which allows the owner of a residence with 3 or fewer residential units to terminate a tenant’s lease where the owner seeks to personally occupy the unit, or where the owner has contracted to sell the unit to a buyer who seeks to personally occupy the unit, and the contract for sale calls for the unit to be vacant at the time of closing. However, terminating a lease for this “good cause” requires that the term of the lease has expired (such that it is ending or is in month-to-month status), and requires that the tenant be given at least two full months of advance written notice that the lease will terminate and the tenant must vacate. N.J.S.A. 2A:18-61.2. In this circumstance, the owner or new buyer must personally occupy the premises for at least six months, or the owner is liable to the former tenant for three times the tenants damages plus the tenant’s attorneys fees and costs of suit. N.J.S.A. 2A:18-61.6(b). " 

I suppose now I have to draft the proper notice and send it certified mail to the tenant. Drafting that notice should be fun... 

Thanks for pointing me in the right direction guys! 

Sorry for the double post. Using HELOC as a down payment- I thought about that myself. Too much risk. at least for me. Unless you can find an amazing deal. always have an exit strategy from the HELOC.

I'm in the process of getting a HELOC right now. shop around for the best rates. My strategy down the road will be to buy cash, then refinance and pull my money out. Rinse and repeat. Maybe an occasional flip. Definitely cheaper than hard money.

That looks like a nice project! are you doing any work yourself? What town is the house located in? I'll definitely follow this thread.

Im in the same boat as you. The numbers just aren't working for anything I can find on the MLS in jersey. So it's either off market deals, as others suggested, or going a little out of state.

I definitely want somebody to confirm this info. If that's how td bank really operates, maybe I won't have to take all my business to a credit union. it all depends how TD bank does with approving my HELOC...

I was talking today to a friend who works in one of the local branches. She told me that TD Bank does not limit the number of mortgages a person can have in their name. I was quite surprised. She said that they fund the mortgages with their own money and do not sell those to Freddie or Fannie. What are your experiences? Just curious? I do not want to say she's wrong but this just does not sound like it is correct. 

Thank you for the reply. I'm gonna have to look into that. Im willing to go out there to look at some of those properties and talk to some agents. I want to find an area that I can concentrate on but I definitely want to do my homework before I spend any money. This would by my second deal and I don't want to get burned. 

Thanks guys. Do you have any templates for such a non renewal notice? I want to do this the right way