The second property I looked at was a comparable building in Hoboken on Monroe Street.  Great area, super convenient, reputable tenant class, but a bit pricey.  Based on the numbers, this building offered a 5.4% Cap Rate.  Why the difference?  Well first, Hoboken is in a different class geographically.  Hoboken is the anchor of the Gold Coast and historically commands higher rents, higher quality everything, and sellers who base their asking prices on that.

The connection between buyers and sellers is different in each submarket.  The building in Jersey City has a market value of about 8-9% Cap Rate.  The building in Hoboken has a market value of around a 6% Cap Rate at most.  If you are looking to get a 8-9% Cap Rate in Hoboken, you will have a severe disconnect from sellers.  It just won’t happen.   Knowledge in the submarkets and how each area is local in nature is the first thing you should take into account.

So getting back to offsetting my risk as mentioned in the first paragraph…… Do you take a 9.2% Cap Rate in West Bergen Jersey City, or do you take a 5.4% Cap Rate in Hoboken.  Well Hoboken has an overall better Occupancy Rate than West Bergen JC.  Evictions are also far greater in West Bergen JC.  Just because you have a higher Cap Rate, doesn’t mean that will stay consistent.  It could, and in fact very well may improve.  But the risk is in the historic statistics of renter performance.  Hoboken has a far better eviction history and is arguably in one of the best NY Metro markets around.  If you are going with the lower Cap Rate in Hoboken, you are likely hedging your investment on long term potential.  If you are a believer in history, it is Hoboken that has greater value improvements than West Bergen JC so the speculative investor could do better in Hoboken if you are ok with the lower Cap Rate, ROI, whatever you want to call it.

If you go with the higher Cap Rate in West Bergen JC, if for some reason the area deteriorates for whatever reason, value may not go up, but at least you have a good positive cash flow.  Some investors are fundamentally old-school.  That is 0% Speculative, and all Cash Flow driven.  Put yourself in between, and you could find yourself in a lucrative situation.

There has been a lot of ink on rental properties.  They are HOT with a capital H.  Rental rates are increasing like crazy and vacancy rates are dropping like its hot.

If you are looking to learn more about investing in Commercial or Multi-unit buildings, give me a call.  We are one of Northern NJ’s leading real estate investment specialists.  We represent you so that you can get the best deal and the greatest peace of mind.  Call me, Scott Allan, at 877-688-7582 or e-mail me here.  Make an appointment and stop by our office in Hoboken next to the PATH station.  Happy Investing!

In the most recent report of the S&P / Case-Shiller Index, it shows that only 2 metro areas in the country showed gains.  Washington D.C area homes and New York area condos. New York area condos values rose almost 2% month over month. Values are rising at a speed last witnessed in late 2005.  New York area condos values stand 12% below the 2006 peak, however seemed to have leveled off.

Here is how the other major metro areas fared:  This is based off the S&P/Case-Schiller Home price Indices that have been calculated monthly using a three month moving average and published with a 2 month lag.

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For what it’s worth, we feel that the NY metro condo market is showing signs of improvement which is great for the local real estate and housing consumer confidence.  Indicative of the Case-Shiller report, condo prices are going up, and in our analysis of the Hudson County market, rents are going up as well.  This report keeps us cautiously optimistic, but those who feel Hudson County condos need to be slashed may need to reconsider their theory.  It’s all about confidence right now and many are waiting for a speculated government incentive.  Reports like this Case Shiller help confidence levels of consumers.  We’ll see where it goes.

On another note, as we continue to monitor sales volume, Quarterly volume is down for Hoboken condo sales.  Below is a chart showing quarterly sales volume for Hoboken.  In comparison with the 2% increase in condos that the Case Shiller report suggests, please share your thoughts on the contradiction.  We will update next week with our opinion. 

Updated on 4/21/2011: (Watch our video below for some Q1 2011 Apartment news)

Our current inventory includes a Class C multifamily residential fractured complex in Ft. Lauderdale, Florida.  This complex consists of 255 total units where 241 are available for the bulk purchase.  The complex is currently achieving good effective rents and is 82% Occupied.  Current Net Operating Income appears to be $1,060,000, however a change in NOI is possible during our audits during Due Diligence. We have a good amount of Due Diligence on this from the lender but will need additional info during Due Diligence.

Suggested Strategy: Non-Binding Letter of Intent for $10.3 mm.  45 Days Due Diligence to begin once bank supplies all appropriate Due Diligence material.  This complex is not publicly marketed, however our First Right of Refusal ends on 5/1/2011.  Call Scott at 877-688-7582 or e-mail here

See why Real Estate Investors are acquiring Residential MultiFamily:  Wall Street Journal Link
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SOLD

The current apartment complex we are working on is located in Jacksonville, Florida.  It is a distressed asset and the bank is looking to get off their books.  As all of our complexes, this is currently unlisted and not public.  We have received all of the Due Diligence material on it including Receivership reports, P & L Statements for the last quarter, Survey, Tax Bills, and Rent Rolls.  This is for a cash buyer only at this time.  UPDATE:  This complex is sold.  Please contact us for our current inventory.

I am very familiar with this area of Jacksonville.  The complex is located only 2 miles to the downtown water district and in a great location.  This property represents a tremendous opportunity to reposition a unique, distressed asset, with rare and spectacular waterfront views.  This gated garden-style apartment community consists of one and two bedroom apartment units on 19 two and three-story buildings, with over 40% of the units offering river views.  The property was built in the 1970′s and units average 882 square feet comprising a total of 181,900 square feet.  Below are some highlights.  Please CONTACT US if you are interested in additional information on this complex.

• 205 Total Apartments
• Asking approximately $19,000 per door or $4,000,000 total.  Market Value comparisons show a per unit value of $30,000 to $35,000.
• Amenities include Clubhouse, Swimming Pool, Fitness Center, Laundry facility, and a Fishing Pier.
• Value Add Rehab opportunity that can be purchased well below replacement cost.  Approximately $350,000 to $500,000 in improvements needed on a high estimate.
• Gated Entrance
• Area Occupancy Rate of over 93%
• Located 2 miles from downtown Jacksonville and located off Arlington Expressway, a very popular area of town.  67,000 cars pass daily.
• Total of about 11.5 Acres
• Most recent Comparable Sale sold for $31,000 per door.
• Roofs replaced in 2004.
• Currently 70% Occupied.

Please call 877.688.7582 or e-mail us with any inquiries or questions.  Ask for Scott Allan

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As many of our clients know, we are very active in the Florida real estate market.  Our Florida firm is based in Ft. Myers and we have been utilizing our asset management, Receivership, and Special Servicer contacts to find inventory for real estate investors.  None of our properties are publicly listed and acting quickly is important.  Year to Date we have sold over $15 million in distressed multi-family assets in Florida.  After spending a significant amount of due diligence time on an apartment complex, we are ready to make it available to the right investor.  We cannot go into to much detail right now as this is not a publicly listed asset.  We are arranging for a private sale on this as we feel we have negotiated the price to where this will sell quickly.  We have this negotiated at $3 million from the lender.  This is a “Value Add” complex with a ton of positive upside.

• Located in Orlando, FL
• C-Class complex consisting of 340 Apartments – Studio, 1, 2, and 3 bedroom units.
• 16% Occupied – Due to 3 years neglect by current owner.
• Current owner is executing a Deed in Lieu of foreclosure which will be complete in 45-60 days.  This complex is being sold as the “asset”, not the note.
• Current note in the amount of over $17 million.
• Capital Improvements needed in the amount of +/- $2.5 million.
• Area occupancy rate of 94%
• 15 Days Due Diligence will be allowed.  Non-negotiable
• After Capital Improvements, cost per unit will be about $16,000, approximately 40% under market value.
• We have a 2 year pro forma for this asset.  If rented to 70% occupancy, complex will have a 9.5% Capitalization Rate at $11 million, making this ideal for re-sale once stabilized.
• Current Net Operating Income covers most current expenses based on most current Receiver Report.
• Investor will need approximately $4 million for purchase and Phase 1 Improvements.  Beyond that, rental income will take care of Capital Expenditures.

If you are interested in any additional information, please contact Scott Allan @ (877) 688-7582 or e-mail here.

The new proposed tunnel to Manhattan from NJ was intially estimated at an $8.7 billion dollar project.  The federal government was going to contribute $3 billion, Port Authority of New York was going to propose $3 billion, and NJ was left with the balance of $2.7 billion or whatever that balance turned out to be.  Once analysts put the cost estimate at about $12 billion minimum, the $8.7 billion initial proposal was thrown away.  In the budget deficit that NJ is in, why would we pay so much?  What about New York City and New York State?  Where are their contributions??  Last I checked, they would be benefitting greatly from ARC as well.

Originally, when Christie balked, Ray LaHood, the head of the Federal Transportation Dept. offered $358 million in federal aid.  Really?  That’s like saying I’ll make a $200 contribution to the purchase of your new Cadillac Escalade. 

Speaking of Escalades, a couple of cost savings proposals were discussed which are interesting.  How about increasing the state motor fuel taxes, which for years has been 14.5 cents per gallon, the third lowest rate in the country.  Ever wonder why NJ gas is so cheap to other areas?  This is why.  How about slightly increasing the tax by 10 cents.  This would produce more than $500 million a year.  So those of you with a Nissan Altima, your gas tank would need another $1.50 or so every time you fill.  Consider that your contribution to making public transportation more efficient!  Those of you in an Escalade, it would increase your gas tab by about $2.50.  If you are driving an Escalade, you can afford it. 

Another thing that ARC will help is real estate values.  Real estate values are expected to go up over $30,000 if you are within 1 mile of a station and about $20,000 if you live within 2 miles from a station in NJ.  Property values go up and so do property taxes. 

If the motor fuel tax rate was increased from 14.5 cents to 24.5 cents, we would still have lower gas prices than New York by 20 cents and Pennsylvania by 8 cents, keeping NJ competetive with our neighbors. 

Is the ARC necessary?  Have you ridden rush our rail from NJ to NY and vice versa?  You know you are subject to delays, over-crowding, etc.  Ridership has more than quadrupled over the last 20 years, rising from 10 million annual trips to 46 million.  In the next 20 years, ridership is expected to double again.  So if you think NJ Transit sucks now, wait another 5-10 years when you will really start noticing.  I don’t want to be riding the system in 20 years if it doubles and no new plans are launched to mitigate the ridership.

The ARC project would make the Main, Bergen, Pascack Valley, and Port Jervis line a one-seat ride to Manhattan.  No more connections in Secaucus or Hoboken. 

So eventually the ARC has to happen.  Question is, who will pay for it.  We need neighboring NY to step up and clear some cap space so they can make this happen in a joint effort to not only make public transportation safer and more efficient, but also will take thousands of cars off of the roads, something Al Gore would LOVE!  Buck up New York.  Time for some teamwork.  I suppost Christie’s stance on his decision for now until alternative financial decisions are made.

Do you know that in the state of Florida, of all of the foreclosures, nearly 60% of them are due to strategic walkaways?  This is going to be the hottest thing since Gisele Bundchen.  Homeowners in local markets that have seen a substantial drop in their home value are opting to just ignore the mortgage statements, save some cash and walk away from the house.  The concept is the result of not wanting to throw good money after bad.  Can you blame them?  Well….  Is it fundamentally or ethically the right thing to do?  If you asked me 5 years ago, I would say no.

Regardless of my opinion, this is going to happen in droves.  Ok, so two wrongs don’t make a right, right?  Voluntarily walk away from your home and now you can’t get a mortgage for 7 years.  Due to the massive amount of foreclosures that have hindered this economy, do you think it is time to change the guidelines to ownership following a foreclosure?  The fundamentals of underwriting a mortgage is going to have to change if we are going to help this crisis.  So I have the following suggestions:  FYI, I don’t see this happening for 2-3 years if something like this happens at all.

• Previous foreclosed homeowners are allowed to apply for a mortgage 2 years after the foreclosure execution IF that foreclosed home was their primary residence only.
• The standard 45% back end debt to income ratio remains.
• No late payments on any active tradelines for the last 24 months.
• Must have 2 years employment.
• …….and all the other current guidelines

Primary Home Ownership is what will help this recession.  Yes, we need a job surge, but if we can take all of the former homeowners that are still employed and put them into a new home within 2-3 years as opposed to 7 years, it will do its fair share of help.  The Catch 22 of this will probably be that this will act as an open invitation for anyone to just walk away if they are deep underwater.  What are your thoughts?  Is it even worth it to do something like this or would it effectively and negatively alter the historic fundamentals of home ownership?

At least in the state of Florida, buying a distressed condo building that is FRACTURED has huge potential for a Value Add investment.  In short, a Fractured Condo Building for example is a 50 unit building where currently 10 are owned by individual owners that may or may not be current on their mortgage and condo association dues.

I LOVE THESE DEALS.  When you have an opportunity to purchase a Fractured Condo Building, put some wheels in motion with an experienced person in the niche and look to purchase the note or the asset.  You won’t believe how clueless lenders are on Condo Laws.  This is your leverage to get a building at pennies on the dollar.  First off, banks normally won’t do a condition update.  They also don’t know the condo statutes regarding delinquent Condo Association dues.  Here’s a secret.  If you purchase a fractured building, there is a way where you can get the bank to pay you for all the back log of delinquent Assocation dues, your first part in stabilizing the asset.

Second, know everything about Developer Successor Liability.  Typically, we can get the bank to release all pertinent information on the property that they know of so we can perform some due diligence, including walking the property.  Walking the property is essential to do with a professional inspector.  It’s worth the $350 to have them handy.  This isn’t a FULL inspection, but certified inspectors can typically locate a BIG problem.  The little problems can wait until our due diligence starts in the contract for purchase.  Something to look for that could be BIG problems:  Sinkholes (just had a deal fall through because of it), Dry-Rot on wood frame construction, such as hardy board siding.  Look for roof issues, most noticeably any “waviness” in the shingles and structure.  Look at parking.  Are there enough spaces without making it look very crammed?

Fractured Condo Buildings are a HUGE headached with HUGE potential.  Knowing Condo Statutes is a MUST and being direct with banks is also very important.  We can help in both categories.  Price ranges for our projects typically run from $3 million to $20 million, depending on size and location.  But the long term benefits of taking a fractured building and stabilizing it is worth the headaches.  Value Add opportunities are my favorite and something I would recommend looking into.

Lastly, there is no financing available for fractured condo buildings UNTIL they are stabilized.  New legislation is likely being put in place to allow favorable financing for fractured buildings, however they aren’t available as of this minute.  Cash buyers are best for purchasing this type of asset or note, however once you stabilize the asset with occupancy, condo association stability, etc..  Once you have a stable asset, lenders will allow you to refinance and during the time of stabilization, you added a lot of value to the real estate, thus a 70% Loan to Value could conceivably get you all of your invested cash back out of the deal.  Playing with house money is always most fun!

If you are interested in hearing more about Fractured Condo buildings in Florida for sale or any other investment opportunities in real estate, Contact Us today for a free consultation.

New Jersey Real Estate Guys also owns a very popular real estate firm in Ft. Myers, FL.  Aside from general real estate, we pride ourselves on diversification in our customers portfolios by becoming diverse property owners.  In a lot of areas today, buying real estate is favorable given the market conditions regarding pricepoints and rental rates.  Today offers unprecedented pricepoints and the time where most millionaires are made. 

In my opinion, leading the nation in appeal for second home buyers or investors is Southwest Florida.  Naples and Ft. Myers seem to be absolutely on an aggressive rebound.  The median home values are up nearly 20% since February 2009.  At its peak the median home price in Lee County (Ft. Myers / Cape Coral) was ~$345,000.  In February 2009, the market hit its bottom at settling on a median of $84,000.  Today, we are at $101,000.  Additionally, unemployment has dropped 1.4% over the last 2 months respectively.  Homes below the conforming loan limits of $417,000 are selling very quick and you can now buy a respectable house in a great area for less than $250,000.  In the past when investors and second home buyers thought they were priced out of Paradise, today offers historically low prices.  Compounded by low mortgage rates, homes are flying off the shelves.  I invite you to come down and see us.  I always fly in and out of Ft. Myers Int’l Airport.  Come down and see for yourself!

Another great area for opportunity is the Smoky Mountains region of Tennessee.  Purchasing a resort cabin and applying it to their rental program could be very lucrative to your portfolio.  The “Save Our Mountains Act” has applied a construction moratorium in the Smokies in order to preserve the environment and protect views of current development.  Recently, we assisted in restructuring the debt of a large resort.  Our intentions was to bring developer land price payoff down to favorably combine with the cost of construction of an unbelievable cabin.  If you are interested in looking into Tennessee, CLICK HERE to see the article and executive summary to one of the most favorable investment opportunities we have seen in a while.  Because of its severe lack of cabins, and Wahoo Zipline which attracts 100,000 visitors annually, the developer is putting his money where his mouth is and offering a developer guarantee of 15% ROI for each of the first 3 years based off the purchase price.  Our FL brokerage, who is also a licensed brokerage in Tennessee is acting as the exclusive sales and marketing firm for this resort.  We are reimbursing travel expenses with all deals closed.

As for New Jersey income property, Section 8 compliant multi-family homes are becoming very popular especially with the Housing Authority alleviating their waiting list by handing out an additional $10 million in rental vouchers.  Section 8 in Newark is most popular, followed by pockets of Passaic County.  CLICK HERE to see our article on Section 8.  Morris County has been a hot pocket for multi-family home investing.  Although most are not favorable for Section 8, higher rental rates are being realized as supply is lower than most areas of the county, and much less than Essex County.

If you are interested in discussing different real estate investment possibilities, call Scott at 877-688-7582 or Contact Us by e-mail.  Ask us about investing using your current or a future IRA account.  The benefits are unbelievable.

It’s been less than 24 hours since I wrote this article.  Early this morning the new PNC Financial projections came out, strengthening my opinion for a strong rebound over the next 12 months.  Let me retract “strong” and replace it with words like “satisfying”, “better than nothing”, or “shit, I’ll take anything”. Here’s some captions….Continue below to read our article.  Keep in mind, this report is for NORTHERN NEW JERSEY.  Other supporting article

Jobs

* PNC predicts northern New Jersey’s 2010 and 2011 unemployment rate will be 9.6 percent and 8.7 percent, respectively, amid increasing stability in the financial services sector.

* The region’s annual jobs growth rate was negative 4.6 percent last year and PNC forecasts a negative 1.5 percent pace for 2010. The trend is slowly turning and jobs will expand at a 1.3 percent rate in 2011, the economists predict.

Housing

* Northern New Jersey home prices fell 10.4 percent last year, according to the S&P/Case-Shiller index, and PNC forecasts prices will decline another 1.6 percent this year and rise 1.5 percent in 2011.

* Meanwhile, U.S. home prices dropped 11.5 percent last year. PNC predicts they will advance 2.1 percent this year and 2.6 percent in 2011.

Income

* The median northern New Jersey household income, which was $76,900 in 2009, will increase to $78,200 this year and $80,400 in 2011.

* PNC predicts northern New Jersey personal incomes, which fell 2.1 percent in 2009, will rise 2.2 percent this year and 3.8 percent in 2011.

* U.S. personal incomes slid 1.7 percent last year. PNC predicts they will gain 2.9 percent this year and 4.4 percent in 2011.

New Jersey Real Estate Guys Article

I speak to dozens of people per week that are browsing homes for sale and try to answer questions on when and why to buy real estate. Most noticeably is the skepticism that everyone has because although they WANT to buy, they are unsure and scared if this is the right time to buy real estate. My first response is that the worst is over. The subprime mess is almost history and even though sellers/homeowners may be under water, the short sale process has become a more condusive approach since last year.

That said, real estate is still moving at competetive prices, indicative from our charts that we update every month in our updates. I recommend that with the inventory out there, it is smart to be picky. You have every right to be so. Low mortgage rates is one reason that you should buy. Mortgage rates should stay low well into 2011. I refuse to speculate beyond a year, but after 2011, who knows what happens. What I do know is that the job reports are coming back positive and economic growth should continue. The housing market leans almost entirely on job growth.

Right now, there is a lot of pent up demand. Buyers on the fence waiting are joined by millions of others. As long as job growth continues, real estate demand will continue to climb. Don’t forget about the baby boomer era we are in. The baby boomers children are now entering the age of home ownership. This will add on to the demand that is out there.  This pent up demand will explode in 2011.

One factor that most people are not aware of is the “shadow inventory” of homes that banks are either holding or the number of delinquent mortgages. In NJ at the moment, almost 10% of mortgages are in some type of default stages. Of that 10%, it is likely that not even half of those people lose their homes. Lenders today are more inclined to work with these homeowners to make their payments easier, whether that is a principal, payment, and/or interest rate reduction.  It’s inevitable that this happens.  It is far cheaper for a lender to do this than to foreclose on the home.  Believe me, the LAST thing a lender wants to do today is foreclose.  It is also cheaper to offer a short sale on a home.  A short sale is an agreed upon sales price less than the amount of the current payoff amount.

A perfect example I can make for an improving housing market is a recent experience.  I have access to a couple of lenders and asset managers that I buy REO’s from.  I either buy REO’s personally for investment or I offer them to my network of investors.  I was getting homes at about 25% discounts from current appraised values.  I barely get a call from those lenders and asset managers anymore.  My most recent conversation with a local asset manager was why should they sell to me anymore at 25% discount when they can list their homes on the retail market and get 20% more for their homes within 90 days.  Too bad for me, good for them.  Ultimately, its a good sign that real estate is moving quicker today when priced competetively.

I whole heartedly believe that 2011 is going to be a mini-boom for real estate, especially in areas like Hoboken, where we are directly impacted by the financial market in NYC that continues to improve every month.  Hiring freezes are being lifted as more and more investors play the different markets.  Although real estate prices may not skyrocket, prices will not free-fall and homeowners will be enticed by a “missing the boat” feeling, low rates, and more favorable financing options.

So for Northern New Jersey real estate, my suggestion is this:  If you find a home you LOVE, buy it today.  Love it though.  Don’t THINK you love it.  If the housing market drops another 5% for instance, your longer term gains combined with today’s low interest rates should negate that loss in a short amount of time.  Most importantly, you still have the home you love.  If you don’t buy it, you will be in competition with many more people next year and your opportunity cost is not having the “home of your dreams”.   You heard it hear first.

Imagine this:  Xanadu finally opens in mid 2011 and draws in record crowds.  Tailgating and football Sundays is entirely recreated on this site as the biggest “fun day” in New Jersey.  Revenues would soar and thousands of jobs would be created.  No retail open on Sundays?  That will change with all of this.  I guarantee it.

Say hello to Paul Sarlo. He’s a state senator who represents the Meadowlands region. He also happens to be the mayor of a nearby town, Wood-Ridge.  He is also admittedly not a casino guy.  But he understands the gigantic benefits that NJ could inherit by legalizing gambling at the New Meadowlands.  New Jersey’s $39 million deficit would be much easier to remediate as a result.  Additionally, re-doing the economics on how the Giants/Jets pay revenues to NJ would do the same.  If you don’t know the story behind it, let’s just say that they should have forked over boatloads of cash to the state over the last few years.

Legalizing casinos would make the New Meadowlands one of the most visited destinations in the country, if not the world.  Imagine the travel packages you could put together if casinos were built.  Vegas would seem like a 2 star vacation destination.  Imagine the New Meadowlands amenitized with Xanadu, a couple casionos, Sports, Concerts, Race track betting, etc, all with Midtown Manhattan within a 15 minute bus/train tride…Hoboken within 10 minutes.  Yes I said Hoboken, rated by CNN as the number one area in the country for single men over 30.   No need for rental cars or cabs.  Now slowly bring in sports betting.  LOL!  If that happened, everyone that voted YES to legalize sports gambling at Meadowlands would get whacked within weeks!  For the sake of surviving, sports gambling will never ever happen.

Sarlo says a Meadowlands casino-hotel would help New Jersey compete with casinos in Pennsylvania and Connecticut – and bring in huge profits. Maybe so. But what about draining away customers from Atlantic City? And what about the idea of using public land in the Meadowlands for gambling?

“We’re not talking a row of casinos here,” Sarlo says. “This would be a high-end revenue generator, with high-end restaurants. This is where people would come from all over the country.”

It’s a win-win situation and New Jersey Sports Authority and the political figures need to make this happen.  Oh, and real estate values?

Legalize Casino gambling in Northern NJ?  I’m all for it.  I would be a big contributor to consumer spending, that’s for sure!!  We’d love to hear your thoughts good or bad.

As many of our readers know, NJREG has a reknown real estate investment firm in Southwest Florida.  Our primary focus, currently, is buying REO and distressed assets for ours and our investors real estate holdings portfolio in New Jersey and the tri-state area.  Located in the Florida market for nearly 10 years, we have made huge strides and adjustments.

As of recent, and after months of efforts, we have launched Cheeves Financial Services (CFS) to NJ, extending the success of our Florida program. CFS is a limited liability company whose primary business is offering a seemless short sale process and solution to homeowners either under water on their mortgage or delinquent to Lis Pendens status.

We assist homeowners in getting immediate answers and solutions from the lender(s).  Our immediate actions quickly trigger the lender into negotiations that provide a far less confusing solution with far less repercussions to your personal financials and credit score.  Ourselves and our attorneys assist in this process WITH you, not necessarily FOR you, something we insist on to achieve comfort level with homeowners and the entire process.  While this process could be time consuming, we take the burden and stress off of you and work together with an attorney (of your choice or ours) to make sure all ends are covered.  Time constraints are far less in 2010 than they were in 2009, a good thing!

An “under-water” mortgage or delinquency can be stressful to you and/or your family.  Give us an opportunity to meet and discuss this seemless process.  There are no listing agreements involved, only quick solutions, favorable to your personal situations.  We have already achieved success with this program at a rate of over 90% in Florida and are now prepared to bring the success to NJ.

Why work with us regarding your Short Sale?

• Definition of SHORT SALE:  An agreed upon purchase price between homeowner and Lender less the amount of the current principal payoff amount.  Short sales have become the most EFFECTIVE and economical way to sell your home in today’s adjusted housing market.
• A short sale is far less damaging than a foreclosure.  Short sales could take as little as 1 year to rectify on your credit, where foreclosures can take as long as 7 years.
• If done correctly, a short sale allows you “Debt Forgiveness”. You may have heard of lenders issuing a 1099 of the difference between your sale amount and your actual payoff amount.  This is simple to take care of.  Primary Homeowners are protected by Debt Forgiveness today.
• Investor Property?  Ok, so you are not a primary homeowner.  You are subject to the 1099 from the bank.  The good thing about an “Investment Property”?  You have write-offs that primary borrowers do not have.  The 1099 could be tax deductable as a LOSS.
• We are licensed by the New Jersey and Florida Real Estate Commissions.  We know the laws and in combination with our legal experts, we make this a seemless process for you.
• We meet personally or have conference calls weekly on an individual basis to discuss progress or problems.

We offer this service in New Jersey and Florida only as those are the markets that we know better than anyone.  We cater more toward the entry level home prices.  Higher Priced homes will be in the near future.

Please contact Scott Allan at (877) 688-7582 for further details.

All information herein is deemed accurate, but not guaranteed.  New Jersey Real Estate Guys are licensed by the New Jersey and Florida Real Estate Commissions.  We are not tax professionals.  For any and all information regarding personal taxes or IRS questions, please consult with your tax professional.