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Updated over 8 years ago, 03/30/2016
How to find properties in decent areas in NJ
Hi everyone, I currently started buying properties in the union conty NJ area. I had always wanted to start in real estate but after watching 100s of webinar could not find the entry into this industry. I run my own collision repair shop but have no major knowledge about real estate beisides buying my own house in 2011 which I now rent and pays my current rent where I currently live. Luckly I have a friend that has lots of experience flipping, owns 7 rental 2 and 3 family houses in Newark NJ and is showing me how to start this business. Right now I'm almost finish with my 2 flip in Hillside NJ zip code 07205, I will post pictures once is fully finished. I ran into a problem in this one because the contractor built a second bathroom and is not up to code so we are going have to demolish it and list it as a 4 bedroom one bathroom which will eat into my profit about $20,000. I bought another property abouth a month ago in Linden NJ zip code 07036 and will begin construction by next week. Right now I'm depending on the guidence of my mentor and some of my basic knowledge but I have a problem determining the ARV on an property and how much to pay when you look at properties.
What tools can I use to determine the ARV on a property?
How Can I find these distressed properties in decent neighborhoods?
How do I find decent contractors? I used Angies list to do my Linden property but I feel is a big expensive.
Any guidence will be greatly appreciated!!