All Forum Posts by: Jon DeCamp

Below is mortgage history data for a property:

The property was sold in 2004 and purchased by current owner for $248,000. It looks like there was a mortgage for $173,600. It looks like the owner put down a 30% down payment and borrowed the rest.

What does the refinancing column for 2006 mean? There are two mortgage amounts, a "Refi" for $25,000 and a "Seller/Carry Back" for $30,000. What do these mean? Can the total amount of equity be determined from these numbers?

Anybody out there familiar with Monmouth County, NJ public records? Specifically I'm looking for evictions notices. Is there online resources, if so, what is the website? Do I need to go to each town individually or is there something at the county level in Freehold?

Thanks,

Jon

Any RE attorneys out there that practice in New Jersey?I have to cancel a wholesale contract because there is a lien on the property which make the numbers of the deal no good. The seller is aware and understands. There is an "unencumbered title" contingency in the Purchase Agreement. I just want to make sure I'm cancelling the contract "by the books."

Sounds like you're saying that unless it's a turnkey situation and the buyer wants to keep the tenant, the tenant doesn't have to move if they don't want to, correct?

I've been in talks with a potential seller of a rental property in New Jersey. The landlord has not told the tenant yet about his plans to sell, he's at the beginning of the process. The house has a bit of a hoarder's look to it, stuff everywhere. There's one room in particular with a strong cat pee odor. There is also plenty of deferred maintenance. His current tenant has been renting for about 9 years and is currently on a month-to-month lease. The landlord doesn't see a smooth process once he tells the tenant of his plans to sell. I would be looking to wholesale the deal to another investor and make it a quick deal. I don't see how an agent would be able to deal with appointments to show the property and coordinate them with the tenant. Whether it's to an investor who wants a tenant, or someone who would want to rehab the property and sell it, there's plenty of repairs necessary to get a current C of O once the property changes hands. I have read that in NJ, as long as the tenant has not broken any of the rules of the lease, she cannot be asked to vacate just because the house is being sold. She would have the right to re-new her lease indefinitely. Is this correct?

Hey Tony - We were sort of on the same page: I had checked out Podcast 124 which has the same guest, Jered Sturm, as Podcast 205, which you recommended. But neither of your two, 197 or 205 were the ones. Still looking......!! Thanks for the input.

Brandon suggested I put this question in the forum to see who has a better memory than either one of us: Awhile back, probably over 6 months, I listened to a BP Podcast that featured a young guy who spoke with Brandon & Josh about a negotiating tactic when he was dealing with a group of properties. Both Brandon & Josh were impressed with the tactic. I've scrolled through all the BP Podcasts twice and cannot figure out which one it is. Brandon had a vague recollection but couldn't recall the guest. Anyone know?

The following are questions I have in relation to potentially putting a contract on a property to wholesale a deal:

I came across a property the owners of which received a Summons & Complaint for the purpose of foreclosing on a Tax Sale Certificate and they must respond within 35 days of the filed Complaint. Some questions:

1) Foreclosing for a tax sale certificate is different than a lender foreclosing, correct? My understanding is that the lien for a tax sale certificate specifically involves property taxes or water or sewer taxes - or any combination thereof as compared to defaulting on payments to a lender, correct?

2) Once the Complaint is filed (which it has been), is that considered being in pre-foreclosure proceedings or is it considered foreclosure proceedings? (and I'm not sure of the difference, actually). I'm wondering when the legal proceeding of foreclosure will prevent a wholesale deal from happening at all, if at all.

3) Can the owner of the house that has received the Complaint sell their house to a cash buyer - the main question ie. is the Complaint a good indication of a potentially motivated seller, the kind who wholesalers love to find, or is it too late at that point to strike a deal?

Looking for title company in Monmouth County, NJ that will allow the use of transactional funding for double closing wholesale deals.

Count me in. I'm in Middletown now. Love to connect with everybody.