Finding a first deal (flip) in central NJ

[Josh Thompson]

Does anyone have any advice for finding and funding my first deal in central NJ? I am currently using Redfin and realtor.com as my main resource but am struggling, mainly because I don’t see any comps on those sites. I am looking for properties on the smaller side that I can do most or all of the work myself. I’m looking into using hard money to fund the majority of the deal so any advice with that is helpful. I do work full time, can save 200-300 per week, and have a small savings of 5000. Does this make me eligible to do a flip using only hard money combined with my own money?

[Jason D.]

I have a BRRR going in Burlington right now, there are deals out there, but they sometimes not easy to find. I'm not sure why you are having trouble finding comps, unless you are looking at unusual properties. Are you using a realtor? He/she should be able to get a reasonable ARV. $5000 in cash is not going to be enough, on it's own, to do a rehab project with hard money. Most HML are going to require At least 10% of purchase price down, and they do rehab draws, so you have to put the money out up front. You will probably have to find a way to come up with more cash before moving forward.