All Forum Posts by: Ibrahim Hughes

Brookdale Avenue, particularly close to the South Orange Avenue, is a rough area. I actually lived at 42 Brookdale Avenue back in the 80s. The block is only slightly better from back then. One of the issues is that you have a few apartment buildings on that end of the block. I'm not too familiar with the exact sales prices and rents in that area but I would have a realtor pull sales and rental comps specifically for that block to find out what's going on. You want to make sure you're going to get a decent hard-working tenant to occupy your property ( you didn't say exactly what your plans were for the property).

also are you familiar with the lead water problem in Newark? It only affects homes within a certain Locale. I'm not sure if yours is affected but you want to make sure that the service line between your house and the main service line in the street has been replaced and it's not an old lead pipe. 

@Jason Cummings

Are they keeping the taxes current? Buy the lien. Also find out who the managing member is & cold call him/her.

@Luiny Tavares

Harold Tullis. Google him or email me for the #.

Let him know I referred him.

Your end buyer would.

Has anyone arranged to get a mortgage released through the MERS system? This was originally a second mortgage before the first mortgage was discharged. I believe the lender meant to discharge this one but didn't for some reason . MERS has it in their system as "receivership non-asset" with the location in Reston VA. I click on the link with that information and an error pops up so I have to call their help desk on Monday.

In the meantime my experience says that receivership means that we can likely get this mortgage discharged. Anyone have any experience with doing this through MERS?

@Pat Brennan

Also this is going to be one of the most nerve-wracking parts right here. The deal either moves forward or falls apart at this point. So you will definitely have to be patient and not let your emotions get the best of you. My feeling is that the contract will come back signed by all parties. You just have to trust the process.

 I followed up for months and years to get certain deals. My average follow-up is probably about 2-3 months before they're ready to pull the trigger. Just be patient and it'll be worth it. Great to hear that things are moving forward.

@Pat Brennan have you called him back and followed up? It sounds like somewhat of a distressed sale in that the property is vacant (not necessarily abandoned if they're still paying taxes on it and maintaining their property) and owned by a couple who are no longer together or on speaking terms (have you even confirmed this? The name of the game in the abandoned/vacant property business is to confirm everything).

With these folks you almost always have to follow up consistently until they are ready to pull the trigger. Never assume they're going to call you back when they say they will. Just keep following up until they're ready. The fortune is in the follow-up and most folks walk away long before then. Don't be one of them.

@Jake Sanders I just read your post again. It looks like you said the property is owned by the city no? In any event have you reached out to the owners to see if they would be interested in selling?

@Malik Gray let me know if you come across one. I'm actually meeting with am attorney tomorrow and will check with him.