All Forum Posts by: Steven Velez

What areas in northern NJ are you referring to? I have yet to come across any properties that I can be all in for under 100K (with the exception of East Orange and Irvington-- both in Essex county)

What it really boils down to is... Is your end buyer experienced? Has he/she done rehabs before? Have they purchased properties from wholesalers before? 

Hard money lending is a big part of the REI business. Lenders wouldn't last too long in this industry if word got out that they held up transactions and got in the way of deals coming together.

Hope this helps!

I know of several in Northern Jersey. I'll send you a PM.

-Steve

Hi Sheryl,

Where is the property located? Is there an underground oil tank? Are you the owner of the house?

-Steve

**Speak with a investor- friendly Attorney who has experience with these sort of transactions. I am not one.. I can only relay information based on the little experience that I have ;) 

Take a look at the contract. They usually state that the house cannot be resold within that 60 day time-frame for more than X percent of what it is being acquired for. 

If it doesn't state that or if your spread exceeds that threshold... you can get around it by purchasing the property in a Trust or an LLC. If purchased in a trust, you can assign the beneficial interest of the trust to your end buyer without breaking the clause.

If purchased in an LLC, you can simply sell the LLC to your end buyer. Though the LLC changes ownership, technically the property owner remains the same (still owned by the same legal entity; in this case the LLC).

I'm not sure about the double closing. Maybe another investor can chime in on that one.

Best of luck!

-Steve

 Hello Viktoria,

I would like to take a look at the property. Can we coordinate a showing?

-Steve

Hi Larry,

Please send me any deals you have in Essex, Hudson, and Bergen counties. For deals meeting our criteria (60-70% ARV, properties not close to gas stations, properties not close to industrial parks or like, properties outside of flood zones, no properties on streets with double yellow lines (some exceptions), no "unique" properties) we have unlimited funds.

Thank you,

Steven Velez

 What are the details of the deal? Location and property type? Please PM me as I have many buyers in that area.

-Steve

Is the seller of this property the homeowner or a bank? The answer to this question will change the way you would go about the transaction.

-Steve

This is just my humble opinion of course, but all too often with the deals that get circulated, I find the ARV to be grossly inaccurate (sometimes off by 15-20%). I would argue that having "solid numbers" supported by actual comparable sales are just as essential to a wholesaler's reputation as professionalism or any other respectable trait.

-Steve