All Forum Posts by: Account Closed

Hi, Darryl.....awesome!!

Hi, JJ. I don't have anything at the moment, but will definitely keep you posted.

Hi, Fred. Not yet, but these are areas that I'm interested in focusing on. I'll most likely put some offers in with my agent in these areas over the weekend. I'll send you a message so that we can talk more about this.

Is anyone investing in NE Philadelphia, particularly the Somerton and Burholme sections?

Hey, Rob, thanks for your input. I was thinking about something along the same line as yours in regards to paying the seller monthly until I own it free and clear. I'm getting it for such an incredible value, that I cannot possibly let this pass me by.

Hey, Aly! I received the PM and PM'd you back. I look forward to speaking with you soon. Do you attend any of the SJREIA meetings in your area?

Hello, everyone. I've been having quite some difficulty flipping a property in Trenton, NJ. I'm beginning to feel as if I should keep the place as a rental as I'm truly getting this for an awesome value, and the seller's willing to work with me in every way imaginable to make this deal work. I might add that he has other folks wanting to buy this property directly from him. If I only could have found these folks first, lol. I'm thinking of approaching some individuals who are private money lenders in order to get the funds to secure this place and to do the minor remodeling tasks - under $1K. Outside of seeking private money, what are some creative ways that I can acquire this property as a rental? I'm not well versed in lease options and such, so educate me!!! The property is free and clear.

Here are some of the specifics below:

3 bedroom/ 1 bathroom brick end row unit
Fully finished attic
Fully carpeted
Updated heating system
Interior Square Feet: 1,296
Year Built: 1920
Annual taxes (2011): $2,130.41
Repair work needed: less than $1000
Rental rates: $850-$900
This home has been well maintained and is move-in ready

Thanks, gentlemen (Jason and Will)!

Thank you for the thorough feedback, everyone. I'm learning quite alot from these replies. I will consult a few mortgage brokers in the near future.

Hello, Amber. Thank you for your response. I actually have decided to hold on to this house and rehab it next year.

Hey, thanks for the replies. Hello, Ibrahim. This particular property is in Pennsylvania. There's a legal issue attached to the estate that has to be resolved now. It's due to go to tax sale next Tuesday (9/20/11), and since this is my relative's property, I have to find a way to put up the money to cover the back taxes, then enter a payment arrangement with the tax claim bureau. This legal issue (a lis pendens dilemma) must be sorted out before I can proceed. It's quite a challenging issue at this time. I'm thinking of holding onto to this one and rehabbing it next year.