All Forum Posts by: Marty Happle

$400 taxes??? Wow.

Is there any chance of an assessment and the taxes going up?

What Will said is so true.. this is a market so if no one is biting, there is a reason why.

Thanks @Tim M. & @Darren Sager

To commit to a flip just seems risky. I am an hour away, but I have someone close by that can be there daily.

I guess if I'm not sure, it's best to not pull any triggers until I am or leave it.

I have a realtor in my church that knows I'm looking for flips. She took me to a lake house in North West Jersey that is on the largest lake in NJ. It is one of the only lakes in the state that full size motor boats can go on. We don't have a lot of large lakes in the 3rd smallest state.

Now the house is listed as a 4-3 with a dock. It is not a gut job but maybe a 50% change on 2 baths and kitchen. Nice appliances would be in order. It is on a hill so the front of the house can't be seen from the road and there is no driveway. You park up on the street and walk down stairs. A garage may be able to be built but that would require some columns or a 15 ft block foundation to go up to the road. The dock is awesome and can fit like 3 boats with a canopy. Nice area on the bottom by the dock and then 2 big decks on the next 2 levels with a small deck on the master up top. All great views of the lake, actually amazing views. It would need a face lift on the outside with nice pavers for stairs and the front landing.

The realtor gave me like 6 comps and none are on the same street. This is an unlisted foreclosure going on the MLS soon. Bank is saying like $325,000. I'm thinking at least $75,000 in rehab. She's saying it can go for $600,000. There are comps on the lake that say are that high, but not on the same street.

Lake front is very promising of course, especially this lake. Do comps on any part of the lake work since it's not about curb appeal but lake appeal?

This house has TONS of lake appeal potential, but the front is scaring me and the lack of a driveway. I can't imagine bringing in groceries on a weekly basis.

@Amanda T. - my best friend is a broker and he had it as a short sale. Buy and hold will be pricey in West Orange, you need a good deal for sure. East Orange is much easier just not easy there at all.

@Cardwell Thaxton ... thanks. Hopefully we can be beneficial. I am looking for a flip in Perth Amboy but I will look into something in the area if you have anything. I live in Perth Amboy because of my church/job which is in Sayreville.

I know lenders that do a deed in lieu ahead of the deal as a back up to avoid having to take the property via the courts or trustees. Also if the property is bought by an LLC, you can be named on that or they can transfer the LLC to you to also avoid a foreclosure and you can take the property that way.

Not sure if this is a question I can ask here or not. It also may be like asking how many people in the room are hot and how many are cold, but it was suggested to me to read Jack Miller's books. They seem kind of 'guru-ish' and I would like to put my money towards more advantageous endeavors. Any body have a review for me?

Paint first

The note business is easy to learn, yet there is a lot to know. Youtube has a wealth of information.

Dave VanHorn, who was on a recent podcast, is who I learned from. His site is pprnoteco.com. Dave knows notes inside out and I've learned a ton from him. They do have a mentoring course and program which is worth the investment. You have to decide if you want to buy performing for cash flow or non-performing and make a business out of it. Then you have to decide on what type of returns you want and then risk tolerance to decide on buying 1st position or 2nd position notes. I buy non-performing 2nds with a performing first.

Dave's company, PPR, has a bunch of youtube videos that may help.

There may be note meetings in your area too. Check on meetup.com or just google it. I learned a ton going to note groups and it has been free.

I haven't done it but my good friend has done it both directions. It would be like buying a company and then you take control of whatever it owns. It is cheaper in some states because there is no real estate closing. Some hard money people use it as a clause so they don't have to foreclose, they can just take the LLC in a default situation. Consult an attorney that had done this before...many times before.