Wholesaling in Essex County NJ

[Priscilla Heffernan]

Hi all

This is my first time posting in BP. I have been looking to wholesale in NJ, mainly Essex County because this is my comfort zone. As a new investor looking for my first deal, I have come across a home in a very desirable neighborhood (Caldwell, NJ). It is 4BR/2 Bath, 3 story home. Homes are selling in this area in 400K range and up to 800K or more. This home is in a great location, HUGE corner lot. It is being used as a multi family but it can be converted back to a single family if desired. The outside of the house is in pretty good shape but the inside needs a ton of work. It is not as bad as an abandoned home would be, but it is definitely a home that has been trashed and not looked after. There is a current tenant on the 2nd floor but he will leave as soon as sold (tenant is there on month-to-month basis). If I can lock it up, I am looking to wholesale it for $350K. Of note, there is a similar house right next door on the market for $525K. I'm guessing the rehab work needed can be anywhere from 50-100 K depending on what an interested investor desires to do. In my eyes, it seems like A LOT of cosmetics is needed. Roof is good and exterior of house is good. But I'm obviously not a GC. Minimum ARV is $470K. Because I know this area so well, I know an investor can get more. This is also a good buy and hold if anybody is interested in renting out. Caldwell is a very popular area for multi family homes as well.

These forums are so helpful...I thought I would try my own luck to see what your thoughts and interests are.

Thanks for reading!  I am excited to delve into this world of real estate and I hope that I can also contribute to these forums as an experienced investor one hopeful day:)