I went and looked at that house last Thursday and met with the Realtor, Mike. He was a really nice guy and it turns out he had done a some investing when he lived down in Florida about 7 years ago. Sounds like he was down there during the boom. He works with a lot of other investors as well and his broker, Ian is a wholesaler on the side. Mike had Ian call me on Saturday. We discussed what I was trying to do and the conversation went well and I am going to meet up with Ian at his office this coming Friday. He knows I’ll be getting my license this summer so we are gonna talk about hanging my license with him and also about investing. Sounds like a good opportunity, at least good to explore and see what is up.
It was as I expected. Needed lots of work. Here are some pictures to give you an Idea.
As you can see some work needs to be done.
Jarred got back to me and gave me some advice and also sent me some properties he thought were good comps. Those comps priced the house at about 400k, which is about 40k higher then I pegged it. I’ll take the average of the two and work my numbers from there. I know Jarred has had two houses in Whippany over the past 2 months that sold for about 225k, and they were in similar condition although newer houses.
Tomorrow I’ll be sending in my offer with my proof of funds letter I got from CashForMyClosing. It’s a little more specific as it allowed me to put the property address on the prequal letter. Coastal Funding’s prequal letter is very generic. The CashForMyClosing letter says this….
To Whom It May Concern:
This letter is to confirm a positive working relationship between Cash For My Closing, LLC and Scott Costello. Within Cash For My Closing Guidelines, Cash For My Closing, LLC will provide Scott Costello with the amount of funds up to $350000, (private money), to purchase real estate located at 68 Mt Pleasant Ave, Whippany, NJ 08981. Scott Costello has been pre-qualified for a quick cash closing.
On Friday of last week I made it to the courthouse again and started my probate search at the start of the new year. I still found very few asset lists in the files which was discouraging. I however was determined to come home with some names and addresses. What I ended up doing was recording all Executors addresses of files where the deceased had a residing address different from all listed relatives. On a few occasions I noticed different deceased people having the same address. I chalked this up to them living in a nursing home and threw these leads away. In all I got about 40 leads that I will be mailing out this Sunday.
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