All Forum Posts by: Solomon F.

Just starting out I used homeadvisor.com

short and sweet! got it

Try the best bank I know.... Daddy's or mom's piggybank. Seriously if u can show them how it makes sense and that your up to it, give it a try.

I am in contract to buy a house from the bank [in ocean county NJ] . There is a tenant in the house that has been there since the original landlord put them in [before subsequently forclosing]. As I am getting close to closing i went down to the township to order the resale CO and filled it out as "buyer" instead of owner. The inspection failed for missing  smoke detectors [the tenant took it down when it started beeping] no fire extinguisher and carbon monoxide detectors missing batteries. The problem is the bank won't do anything to correct the problem as it is being sold "as is" and I am not allowed to do any repairs before closing. I was told in other circumstances the buyer would sign an affidavit stating that they are buying  the house "as is" and will make all necessary repairs within 30 days of taking title. When I asked the clerk at the township however she told me they are not familiar with any such form and being that there is a tenant in the property and the inspection failed on safety issues an affidavit would anyways not be acceptable. When i asked her what to do she just shrugged her shoulders. 

Has anyone had a similar experience and what should I do?

Is it really necessary to pass the resale CO before taking title to the house? What would happen if I closed and then did the repairs and then ordered the inspection?      

Any help greatly appreciated!

Hi Marco will the refinance be at the appraised value right away or does the property first need to be seasoned for the bank to recognize a higher value than the purchase price?

I was wondering if I should consider purchasing homes built before 1950. I have seen some nice deals on older homes but was scared off by my electrician. He told me many of these homes used an outdated wiring and I may need to rewire the entire house to bring it up to code. I was also wondering if these houses have lead pipes and paint. Pls advise me if you've had experience with these homes. Thanks

Thanks for the replies! As Lenzy pointed out in general if it's on the MLS the investors have seen it. But it's not an absolute rule. In my area there are MLS overlaps between numerous MLS's [which has been the subject of a lawsuit] as such you can occasionally find a prop. listed on the "wrong" MLS which are listed on public sites such as Zillow etc. but not on the common MLS for that area. I have found that realtors rely on the MLS to a fault and that they will miss deals not listed on their commonly used MLS.

I will take your advice and reach out to some hard money lenders I know and see if they will provide my with POF for wholesaling deals. Would that POF state is was for a specific prop or can it be general?

As Rod states the banks are like the mafia. But they do allow an inspection period within which you can back out usually 7 days [in my limited exp.], although the prop is sold as is and they will make no repairs. You say you haven't bought from the bank in yrs, so where should I try to get deals from if not REO? How can I get in touch with wholesalers in my area who have deals?

Adrien mentioned a JV, would I need my attorney to draw that up or is there a template? How much can I expect in legal costs to create one?

Thanks for the help!

I found a couple of deals that look pretty good to me but they are bank owned and will only take cash offers. To do so i would need to show proof of funds. I want to "wholesale" or refer these deals to cash buyers since I don't have the funds now. How can I present the deal to a cash buyer if I don't have it under contract and still guarantee my getting a cut?

thanks for the great replies!

I am a real estate investor (starting out) and I am considering very seriously getting a real estate agents license to benefit from full mls access and to save myself from paying the buyers agent commission on deals I find myself. Can anyone advise me if being a licensed real estate agent can limit me in any way from purchasing certain deals or frustrate me in any other way?