All Forum Posts by: Patrick Martone
Patrick Martone has started 37 posts and replied 125 times.
Post: Use capital as downpayment instead of be a cashbuyer
- Engineer
- Monmouth Beach, NJ
- Posts 132
- Votes 25
I have a combination of 2 HELOCs and cash totaling $375 (75k cash, 100k Heloc 1 200k Heloc 2). Instead of purchasing a duplex rental and do single family flips, I have considered looking for a 6-10 unit building and using my capital as down payment.
The two HELOCs are in my partner's name. The cash is mine.
I am not working right now as I am trying to put together a deal and plan to PM renovations. Though it is the last thing I want to do, I have considered returning to a W2 job just for the sake of being able to pass approval for a loan.
Besides Hard-money Lending, what are my other options for financing? Lets assume I would be spending 700k-1.3 Mil on the 10 unit.
Post: Free method for doing title search and checking liens/back taxes?
- Engineer
- Monmouth Beach, NJ
- Posts 132
- Votes 25
Originally posted by @Corey Scott:
@patrick martone
Are you going to the auction in Freehold?
Yes Sir, this will be a mock trial of sorts
Post: Free method for doing title search and checking liens/back taxes?
- Engineer
- Monmouth Beach, NJ
- Posts 132
- Votes 25
Originally posted by @David Weintraub:
I’ll be at freehold auction Monday
Interesting thread
See you there
Post: Free method for doing title search and checking liens/back taxes?
- Engineer
- Monmouth Beach, NJ
- Posts 132
- Votes 25
Originally posted by @Patrice Penda:
Originally posted by @Patrick Martone:
Originally posted by @Patrice Penda:
Just like you, I had the same need for a website where I could do title research and check liens and records of properties.
While there are several paying website where you can get that info, it can very expensive very quickly to do get full property records.
Now here is the thing, liens, mortgage documents and deed are recorded by the clerk of the county where the property is located. Those properties records are public records you can have access if you go the County clerk's office. By law ( I believe), they have to make those records accessible to the public.
The good news is that some counties make those records freely available to any one over the Internet to take a look at.
Many counties still don't (which is very surprising in today's age).
So depending on the county you are interested, it might be a matter of just checking the county clerk's website.
The county of Monmouth in NJ for example has a website.
http://oprs.co.monmouth.nj.us/Oprs/clerk/ClerkHome...
With regards to property taxes, this is handled by municipalities.
To check the status of property taxes, you have to go to the website of the municipality.
Again, some towns have the information freely available for anyone to access on their website.
Let me know if you need further info.
Patrice
Patrice is my mothers name, great name.
So I have been using the consolidated records section of this site for searching.I can't find any leins, mortgage info, or back tax info on these foreclosed properties. It just has assesed value and ownership info.
What do I use for instrument number, book number and page number? How would you utilize this site effectively?
Thanks,
Pat
Hey Pat,
Which website link are you looking at precisely?
And I'll tell what key to use.
http://oprs.co.monmouth.nj.us/Oprs/index.aspx
I entered the address on the consolidated record search on the home page to find the owner. Then entered the owner's name in the property records link (which you sent me).
Lets use 306 Deal Ave in Neptune, New Jersey as a sample. The owner name PLUMMER, CHRISTOPHER N SR
Upon entering it in the property records, there are documents of mortgages aggreement and pending foreclosure (LIS PEDENS).
I found this property on the sheriff site. I will be attending an auction Monday for practice. How would you use the info provided form the record search?
Post: Free method for doing title search and checking liens/back taxes?
- Engineer
- Monmouth Beach, NJ
- Posts 132
- Votes 25
Originally posted by @Patrice Penda:
Just like you, I had the same need for a website where I could do title research and check liens and records of properties.
While there are several paying website where you can get that info, it can very expensive very quickly to do get full property records.
Now here is the thing, liens, mortgage documents and deed are recorded by the clerk of the county where the property is located. Those properties records are public records you can have access if you go the County clerk's office. By law ( I believe), they have to make those records accessible to the public.
The good news is that some counties make those records freely available to any one over the Internet to take a look at.
Many counties still don't (which is very surprising in today's age).
So depending on the county you are interested, it might be a matter of just checking the county clerk's website.
The county of Monmouth in NJ for example has a website.
http://oprs.co.monmouth.nj.us/Oprs/clerk/ClerkHome...
With regards to property taxes, this is handled by municipalities.
To check the status of property taxes, you have to go to the website of the municipality.
Again, some towns have the information freely available for anyone to access on their website.
Let me know if you need further info.
Patrice
Patrice is my mothers name, great name.
So I have been using the consolidated records section of this site for searching.I can't find any leins, mortgage info, or back tax info on these foreclosed properties. It just has assesed value and ownership info.
What do I use for instrument number, book number and page number? How would you utilize this site effectively?
Thanks,
Pat
Post: Free method for doing title search and checking liens/back taxes?
- Engineer
- Monmouth Beach, NJ
- Posts 132
- Votes 25
Free method for doing title search and checking liens/back taxes?
Post: Are there any foreclosure auctions in the Detroit area?
- Engineer
- Monmouth Beach, NJ
- Posts 132
- Votes 25
Are there any foreclosure auctions in the Detroit area?
Post: Looking for Reputable Contractors in Detroit
- Engineer
- Monmouth Beach, NJ
- Posts 132
- Votes 25
A lot of Detroit contractors flake out, or refuse to come into the metro area. You can try to poach some from the suburbs.
Post: City of Detroit Fix and Flips
- Engineer
- Monmouth Beach, NJ
- Posts 132
- Votes 25
How do you guys feel about Hamtramck?
Post: Considering Commercial Flips & Commercial Rehab Contractor
- Engineer
- Monmouth Beach, NJ
- Posts 132
- Votes 25
Does anybody here do commercial flips or renovations? I believe it may be a good niche for myself. I would consider doing my own renovations, and potentially get licensed as a contractor and find my own clients.
I want to take distressed industrial/commercial spaces, and convert them into storefronts or creative spaces for small businesses, cowering spaces, artists, musicians.
I have worked in construction, civil engineering, and interior design so I can value-engineer the property to maximize the profits through flips. If I decided to hold onto it then I have considered opening my own retail business, renting the remaining space as storefronts, renting parking spaces etc. (I am envisioning converting an auto-garage with 4 bay doors into 4 stores with a new facade)
During the rehab I would be using the space for my own personal projects so the holding costs would not be a total waste. I pay rent for a personal workshop which I want to leave.
Please let me know your thoughts and any information to get me started. This is probably a high risk and specific niche for a beginner like myself.