All Forum Posts by: Jonathan Herron

You can usually find the owner of a property through tax records and/or the county deed register.

@Account Closed your title company cannot find you a buyer.  That is the purview of a real estate agent.  A title company can do the title search and issue a title insurance policy for the property.  For wholesaler clients I have the contracts allow for my client to choose the title company.  The act of acquiring a buyer is done by my client.  Further, the title company cannot typically require proof of funds beyond what the contract of sale allows.

@Account Closed I am confused how a title company is already involved in the transaction.  In NJ title is ordered by the Buyer and not the Seller.  I have never been involved in a transaction where the Seller ordered title.

That type of cash flow is great for an investment property.  Have you been looking for properties throughout the state or only in your county?  You might find more success in expanding your search parameters.

Security deposits do not belong to the owner until/unless the tenant leaves and there is damage beyond ordinary wear and tear.  When buying a property with tenants I always make sure to include in the contract how the deposit will be transferred to the new tenant, and that the seller will allow a review of any written lease and payment history.

I would be worried about the liability you are assuming without knowing that information.

@Raven Walker thank you for the info.  I'm definitely interested in hearing more.  

@Daniel Kent I would not think that it will make it harder to rent a SFH or lower the rent you could charge. I could see it as a net positive if the apartment complex brings with it new restaurants and the like. It would make the area more attractive across the board.

I have personally never heard of the lien itself being reduced, doesn't mean it can't happen though.  As far as time to redeem the property the sale will not affect the two year period.  It is always possible to sign a contract with the lien holder regarding a repayment plan.  Getting the tax lien removed will likely need to be step one in the process of purchasing the property.

@Kenny Reits two ways that can be used is checking the court filings for the foreclosure.  Every lien holder is served the foreclosure complaint.  Including judgment lien holders.  Another is to hire a title company to run a search.

@Curtis Eckhardt Like any purchase, it is important to do due diligence on sheriff sale properties.  Having a title agent you are comfortable with is extremely important.  One extremely important consideration is knowing the value of the area.  I have seen clients get outbid at sheriff sales because the value fo the bids were starting to meet or exceed the value of listed homes in the neighborhood.  Knowing the estimated amount of work you need to put in and the profit you would like to make will be important to know when to back away from the property.

@Mike Bonadies the HOA docs are always important to review closely when buying investment properties in Atlantic County. Most try to limit short-term seasonal rentals as much as possible. As @Antonio Porta said the Ritz requires a two-week minimum.  I have seen eight-week minimums in Margate.  I have had a client find success in renting a condo to year-round tenants.  The client was retired and using the rent covered their HOA dues and property taxes (in NJ) while splitting time between a unit in Atlantic City and wintering in Florida.

It largely depends on what your goal is with the property to know if it is really worth making investments in Atlantic County versus other South Jersey areas.