All Forum Posts by: Kevin Zimmer

I chase distressed properties in NJ, and I never thought I got current information with Realty Trac.  Others I know like it.  I use 

http://njlispendens.com/    They also have a site for Philly...    https://www.phillylispendens.com.  I'm not sure what counties in PA they cover, the NJ site has all of NJ.  They are always helpful on the phone.  If you decide to pursue make sure you ask them for a discount.   

Daniel, nice to see you on BP.If you have run numbers on tons of deals your gut should start letting you know what is good. No money down, an unsecured note, and $120/ month cash flow?An infinite ROI!I did not see a number for property management, or are capital costs and PM grouped into maintenance?

Are closing costs built into your purchase price, and/or have you accounted for them separately?Is 155k market price or discounted.If market is the area appreciating or at least stable (I’m thinking yes since you said a 7% cap rate is good)

How did you come up with your expenses number? Is there any deferred maintenance? How long have the tenants been there, and can the seller document the payment history?How many months are left on the lease?

I am not suggesting you over analyze this.I think you should pull the trigger.

One way Commercial property is priced is based on a cap rate (capitalization rate) that investors are willing to accept in a given area.  The more reliable the revenue stream, the lower the cap rate.  Cap rate is calculated by dividing the net operating income by the purchase price.

I put together real estate deals for investors.I need to build a rolodexof part time CFO’s, Tax accountants, and Tax/RE attorneys (not attorneys that just do closings…ones that know how to structure and write up deals).I need this list to refer my partners to.I prefer the professionals to be located in Mercer, Burlington, Monmouth or Ocean counties New Jersey. Does anyone have any advice on where to look/advertise for these professionals and typical interview questions?

Thursday Nov 19th in Princeton

http://www.meetup.com/MercerCountyInvestors/events/226756252/?a=md1_grp&rv=md1

I'm not a big fan of spreading negative information, especially since I do not know the other side of the story.  But if you are thinking of going down that path, I advise letting them know that that is what you are going to do.  It gives them one last opportunity to make it right.  Once you start spreading bad news there is no real incentive for them to cooperate with you.  You can't un ring the bell.  

Before you look for them are you knowledgeable about them?  A pretty basic book by Jimmy Napier titled "invest in Debt" is a great start

Run the numbers.  Does the cash flow of 400 cover the heloc payment? have you included all other holding costs?  It is ultimately a personal choice.  When I first started investing I would use my heloc to fund the entire deal, even taking draws on it monthly to cover living expenses AND heloc monthly payments.  but as @corey melkonian said, know your exit strategy

@robert gandy , If you would forgive my ignorance (and Lazyness) do you just put the addresses in the spreadsheet in any order, and then batchgeo.com plots the best route?

Alex, is it your property you are trying to short sell?If so get a competent Realtor that has experience doing short sales and works with attorneys and paralegals.Interview the Realtor like you would any other contractor…how many SS have you done in the last 12 months, what lenders have you worked with , how long does the sale take, what have the price ranges been, what is your pricing strategy, what type of forms will I need to fill out, how long can I expect the process to take, is it possible to SS with some savings, can I ss an investment property, can I ss if I own other investment properties etc. The answers to some of the questions don’tmatter as much as it substantiating that they are knowledgeable about the process. There should be no cost to you, the banks pay the attorneys at closing.

I have experienced all sorts of things.

Good luck