All Forum Posts by: Rafael Floresta

What areas or South Jersey do you wholesale? 

Yeah, it is hard to find wholesallers in NJ for me too. 

Well, it is complicated. I would look at the rest of the credit report. If they were squeaky clean after that, I personally would. My best tenants are the ones that had issues but have turned their life back around. I've had some misses too, but I was on it to get them started on eviction as soon as they relapsed, so they knew I was all business. 

You will have the most leverage against them, because it is hard for them to find somewhere else to live. 

Maybe charge a premium on the rent for the first year? In NJ your secuity deposit is very limited (1.5x rent amount) so I would go the route of extra payments to build a extra layer of protection for you. It looks like income but you need to save that for court fees and unpaid rent. If Texas has looser rules for security deposit, I would go with 2 months and last payment. If they can come up with that sum, they are most likely good people. 

I usually see a lot of homeowners in areas with such high property tax. 

Homeowners shop on a monthly expense, not on property value or return. 

You can invest in high property tax areas, but usually your house will need to be the smallest and in a area that the houses are big. I usually look for small homes with unfinished basements and attic that can be made to add a bedroom to boost on livable space, while preseving the property tax. It is a risky game, because if you finish the basement with permits it will make the tax go up... 

@Krishna D., do you have an idea on what you want to do? I am sure if you post some details we can stir you on the right way to go about it.

Thank you. That link is awesome. I wish I could vote five times on your post.

And just to be clear, I am talking about foreclosure auction.

I am trying to figure out if I need to pay the property tax that is owed by the previous owner when I buy a mortgage foreclosure in Philadelphia. 

The current owners owe about 6k in property tax, so not the end of the world, but it that could make or break my bid being the best one out there. 

I tried to read as much as possible, but I can't find an answer for it. If you know the answer, and if you can get a link or a source, it would be great too. 

Just to be extra clear, any loans after 2013 will have a life of the loan PMI (or MIP), because FHA will insure that loan for the life of the loan. Prior to that it was the 5 years and 78% LTV.

That makes the FHA way less interesting to a buyer in my opinion.

Well, that sucks! It looks like you are correct. I had to go google it. After 2013, FHA PMI is for the life of the loan.

Refinance that!