Buy or Sell this Foreclosure, earn 2.5%

By
Real Estate Sales Representative

POSITIVE CASH FLOW MULTI-FAMILY 15 MINUTES FROM NEW YORK CITY 

 

As most of you on Active Rain know, helping families out of a foreclosure situation is one of my favorite things to do.In most cases we help them stay in the home, but sometimes they want to walk away from it owing nothing. Like this case:

My latest client is foreclosing on this Multi-Family investment opportunity in Bayonne, NJ (15 minutes from New York City). She bought the house for $560,000 last year and after months of negotiation with the bank, they settled on $450,000 (commission included)!!!!

That's all fine and dandy but I am not a real estate agent and need to find a buyer for this home! PLEASE HELP.

 

 

PROPERTY DETAILS

3 Family (3 bedrooms 2 bath, 3 bedrooms 2 bath, top floor is mid construction 2 bedroom)

RENT INCOME: $1,350 + $1,350 + $1,000 (top floor when finished)= $3,700 Monthly Income

MORTGAGE PAYMENTS (standard 20% down) @6.25% = $2,950 (Taxes and Ins. INCLUDED)

Positive Cash Flow of $750/month! 

Waiting list of pre-qualified tenants for the 2nd unit

Rents can be raised. 

Section 8 Approved, checks come every month from the state.

 CONTACT ME FOR MORE PICTURES/INFO

Bayonne, NJ, Foreclosure, NYC

 

 

 

 

My problem is, I AM NOT A REAL ESTATE AGENT. Please tell your clients, family, friends about this opportunity 

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Tags:
new jersey
bayonne
hudson county
investment
positive cashflow
rehab
tri state
nyc
flip
section 8

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Anonymous
Anonymous

Great property! Hope it sells quickly for you!

Mar 20, 2008 02:55 PM #1
Rainmaker
251,842
Robert Machado
HomePointe Property Management, CRMC - Sacramento, CA
CPM MPM - Property Manager and Property Management - Sacramento Area
Good luck!  The cash flow model should address vacancies, utilities, repairs, and collection issues.  Hope you  sell it.
Mar 21, 2008 12:34 AM #2
Rainer
6,747
Anthony Fico
White Plains, NY

Robert,

 

Thanks for the advice! All utilities are paid separately by tenants, The top floor is the one I mentioned was vacant (with a waiting list of qualified tenants) because it needs about $4,000 worth of repairs to finish the project (new construction).  There are no collection issues. Building is section 8 approved and receives checks on the same day every month. Tenant on first floor has lived there for many years with no issues, family on 2nd floor is very polite and punctual with his pay. Call me with any other questions!

 

 

Anthony

licensed mortgage banker in all 50 states 

Mar 21, 2008 09:44 AM #3
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Rainer
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Anthony Fico

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