All Forum Posts by: John Spina jr

@Patrick Martone, @Jan Blaze, @James Monreale

@Matt B.

What do think about investing in New Jersey? I know thats a very vague question but have you invested or are you interested anywhere out of Staten Island? 

I'm from Staten Island, NY. It's within the tri-state area. Theres a single family home right down the block from me going for $630,000 and its only one floor. 2 families and up in decent neighborhoods can go for $740,000 and up. Once you go for more units than a duplex your in much lower class areas ( C and D Class neighborhoods). The multi families in this area that are in the "affordable" range usually require a lot of work and are older than 1950. From what I've seen the homes that have a considerable asking price go to auction and are bought up quickly by cash buyers. 

Not trying to discourage you by any means, but just keep in mind the capital you'll need upfront. Make sure your numbers are right. I also suggest visiting an area first before you invest there. Good luck out there!

@Charlie MacPherson

Thank you that kind of helped. My next question is, what is the price when something like that goes to auction? Let say that an investor was interested in your sample. Would he have to buy it at auction for $679,000 or just have to pay the assessed value $216,300 or both?

Hey guys,

Im not too familiar with auctions but I've been searching for some properties that are listed to go on auction in my area.

The listings contain the overall price of the house and then it has an assessed value.

Could someone explain what that really is and what it means to an investor that would like to repair and hold as a rental property or flip?

I think it's because aside from monthly expense, most middle/lower class Americans are drowning in credit card or some other form of debt. This is an extra expense to add on to their total expenses each month. I get paid pretty well at my job and found it hard to save money. Once I realized where my money was going I was sick. ( New car lease payment, credit card debt+ regular monthly expenses cell phone,food,gas, haircut etc.) I'm glad to say I finally see the light at the end of the tunnel. I've paid off almost all my credit card debt and my lease is being returned next month. I'm excited about the money I'll be saving. But I learned the hard way.

@Logan Allec

Would you suggest initially buying the property under the S-Corp? 

Hello, I've been searching in my area on propertyshark.com (does anyone recommend this site?)

One listing has the following information: (I didn't include date of auction)

-1,488 SF 2 story building. $22,856 assessed value. Lien is $619,893. 

Based on this information, how does and investor know if this is a good deal or not? 

Does the investor have to buy the property for the lien amount? What does the assessed value mean and how does that effect the investor?

https://www.propertyshark.com/mason/NY/Staten-Island/Foreclosures

This site give you the address of the Courthouse for Staten Island. Im not too familiar with foreclosures but what does the assesses value mean what is owed? And how does that effect someone looking to buy that property?

@Matt B. that would be great. Ive noticed at least 7 active members from Staten Island. Id be more than happy to from a meet up