Newbie from North Jersey - First Purchase

[Andrew B.]

Hello everyone. Beginner from North Jersey checkin in. Im 24 and made my first home purchase last year, and have been obsessed with real estate investing ever since. Main interests are flips and buy and holds. Ive been lurking her for awhile, and planned on lurking for another year while I saved up but I found 2 deals that really interest me, so I' m considering taking the plunge now.

I am hoping for guidance in the purchase process. I found a condo in the same condo complex I live in now. Asking price is $106k, but im hoping to negotiate that down a nice chunk by offering all cash. Fully remodeled units have been selling around $160-$180. Its really only a deal if I can get tbe lrice down around $85-$90. With that being said, can anyone offer guidance? I planned on making an all cash offer with no inspection contigency, and two weeks due diligence period so I can get a contractor in there and then a quick close. I am hoping thats enough, any comments?

What do I need to know or be concerned about going into this? Any key dofferences between purchasing a personal residence and an all cash investment I should consider? I know an inspection and appraisal is unnecessary because no bank is involved, but what else? Thank you all for your time.