All Forum Posts by: James W.
James W. has started 43 posts and replied 169 times.
Hi,
I see that when banks sell Vacant properties - they pay off all liens and encumbrances and deliver a clean title, that can be insured.
But when they sell Occupied properties - it seems the Liens and everything pass on to the new buyer.
is this correct?
If yes - can someone explain why wont they pay off the liens on Occupied? What is the technical difficulty there? Whats stopping them when they can do it after vacating the house?
Thank you.
Post: License in NJ to Buy/ Sell own properties.

- Jersey City, NJ
- Posts 170
- Votes 11
Originally posted by @Chris Soignier:
James, I don't know how different NJ is from TX, but here you don't need a license to buy and sell your own properties
You're right Chris.
But without a license I dont get access to listing my property on the MLS. And that's a huge difference.
Just when i said this - i realized - that if i found a way to put it on the MLS - i can show my own home. And I may have what I am looking for.
I see some flat fee MLS listing services - as low as $400 - when I am actually willing to pay much more - but just not 5% !
Has anyone tried those with success?
I can still offload all the work to the buyer's agent - unless someone calls me directly.
Post: License in NJ to Buy/ Sell own properties.

- Jersey City, NJ
- Posts 170
- Votes 11
Let me play this scenario -
I have a salesperson license. I am selling my own property.
1 - I list it on the MLS and offer 2.5% buyer side commission.
Since I am the selling agent - I dont want any commission.
How will my brokerage make money off this?
So therefore - I assume the brokerage will require me to list any property above a certain %age commission. Is this correct?
In that case -
2 - I will list say at 5%, with 2.5% buyer side commission. I will get 2.5% of the sales as seller agent commission.
My Brokerage will keep some x% of this 2.5% commission i made.
How do 1 & 2 sound?
Post: License in NJ to Buy/ Sell own properties.

- Jersey City, NJ
- Posts 170
- Votes 11
Hi -
I am trying to get a license in NJ.
I've read it needs a 75 hour classroom course.
It doesn't sound too bad,
Before i go sign up - a few questions, appreciate your inputs very much.
1 - This is mainly to buy and sell properties for myself.
Is this the right course - Sales Person Licensure
Or do i need a Broker License.
2- Can I represent myself as Buyer's Agent for myself?
3 - Can I make an offer and buy the property that I was a Buyer's Agent for myself?
Or do I need to float a company/ LLC to differentiate me (as buyer) from me (as agent).
4 - Do I get buy side commission on this?
5 - Can I sell this property that I own now as Seller's Agent, and represent myself?
Or do I need to float a company/ LLC to differentiate me (as seller) from me (as agent).
6 - When selling, can i offer 1-2% for Buy side agents?
Lastly - when I do take the classes and pass the exam -
1 - Can I go to Weichert and Coldwell and they'll register me with them?
Are they obligated to? Why wont they?
2 - Give me MLS access to buy and sell, and list?
Thanks.
Post: Brightening & Staging a Vacant house?

- Jersey City, NJ
- Posts 170
- Votes 11
hi gys -
i've closed on a foreclosed property.
we're now getting ready to sell it.
the unit is vacant. its a high grade quality condominium - but has no light fixtures from the builder in living room and bedrooms -that is typical in these developments.
something obvious that i did not realized until now was that most lighting in occupied units come from floor lamps and custom fixtures installed by owners/ tenants - all of which is now gone since they moved out.
so now i feel that even if we put the best quality floors and paint in this unit - it wont show half as good as a staged house that may not even have quality materials.
so the question - how do investors, house flippers and you guys typically do the showings?
today i had this repeat experience when i went to see this another great townhouse in the suburban - no lighting fixtures from the builder. kitchen and baths are well lit - but the bedrooms have no light fxitures at all.
the living room had this one glow-bomb center light on the ceiling. bah.
Post: Financing more than one unoccupied flips?

- Jersey City, NJ
- Posts 170
- Votes 11
Hi gys -
Anyone has experience in trying to financing more than one property for a flip?
Since both will be vacant - the Debt to Income ratio is easily above limits for financing.
And it does not seem to help that either or both are on sale on the MLS - apparently - banks wont consider that they are going to be sold.
Post: Debt to income ratio with investment property?

- Jersey City, NJ
- Posts 170
- Votes 11
Hi guys -
In calculating DTI ratio, does listing a primary or investment property on MLS - offset the debt caused by it.
Specifically - lets say i vacate my primary residence and move into a rental for some reason.
Does debt contain my rent and my liability on primary residence?
If I list my primary residence for sale on MLS - does it help the debt?
Post: Rent Appraisal

- Jersey City, NJ
- Posts 170
- Votes 11
Originally posted by @Brent Coombs:
Making up your own "higher number" will obviously not wash. My point would be: if your DTI is higher than 49%, how would you be making money from it anyway (given that the rest of your expenses to run the property are likely to be circa 50% of its income)? Cheers...
Agreed. Question really is does bank actually do a rent appraisal? How do they arrive at correct rent number.
@Chris Mason
Thanks.
Chris Mason Lender
Chris Mason Lender
Post: Rent Appraisal

- Jersey City, NJ
- Posts 170
- Votes 11
Hi gys -
This time I went for loan - I was told the Debt to Income ration has to be under 49%. Its Fannie Mae.
Debt is difference between projected Payment - and projected Rent. Only 75% of Rent can be used.
The question is - how does bank determine the Rent. I could say a higher number just to keep ratio under 49%.
I was told bank orders a rent appraisal. Is this right?
Anyone has experience of approval or denial of Investment loan with Rental Appraisal?
Post: Professional Cleaning Service?

- Jersey City, NJ
- Posts 170
- Votes 11
Originally posted by @Manolo D.:
They're called deep cleaners.
;) haha . yes yes.
thing is Manolo - i called these deep cleaners into my rental units - and it was as if they mopped the floors and cleaned some.
It was no way, nada, even near to what I see done in the units prepped by the management.
Made me think they are NOT the deep cleaners, you see.
Now i may have just worked with a lousy company.