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Updated almost 7 years ago, 01/31/2018
Newbie flipper from New Jersey :-)
Hello BP Community!
I recently stumbled upon BiggerPockets and am totally hooked!! The community is filled with people from all walks of life who are involved or want to be involved with real estate in some fashion. Truly a great resource especially for newbies like myself. So, here's my intro:
For the last 20 years or so, I have started multiple businesses - mainly in the information technology space. I also have some investments in the hospitality industry and some multi-family houses in Northern Jersey. I would like to fully concentrate on expanding my real estate portfolio by utilizing the BRRR strategies with both single and multi-family properties. I have my own construction crew and am in the process of getting the Home Repair Contractor License for my LLC. I am looking to purchase REO properties through wholesalers so my team and I can quickly rehab the properties. I will be hopefully closing on my first property next week. Although I am using my own funds, I want to establish relationships with Hard Money Lenders, Banks and Private Lenders to facilitate worthy deals.
I attended a North Jersey REI group meetup in Paramus this past week and look forward to networking with other like-minded individuals in the days, weeks and months ahead. This is an amazing platform where we can share our stories and learn from one another! I'm very excited about this business and look forward to hearing from you guys!
Best of luck to all in this new year!
Thanks,
GC Vaghasia
Welcome to BP @GC Vaghasia!
I have to agree with you that BP is addicting. There's so much information and so many people with varying experience to learn from.
You've stumbled into a great place!
@Patricia McPherron - Addicting is an understatement. So much information, I'm not even sure where to start!! Thanks for your message!
@Ryan Cox - Thank you for your warm greeting! Is FGC a HML?
Welcome to BP!
@GC Vaghasia Welcome, great to see that you are finally taking the step. It is a little late, but better late than never. Where are you looking to purchase? What kind of scale of rehab are you looking for? I have anything from simple rehab to new constructions. Sometimes I don't pick something up that I don't have enough time to manage so I wholesale it.
Additionally, if you are looking for any advice/ partnering / managing, please let me know, I haven't been in the game long but I have an abundance of knowledge that I feel can be of value to most people.
Thanks, I wish you much success.
Welcome to BP!
Are you looking only in the New Jersey market or elsewhere?
There are so many resources here for you VC!
@Bryan Cork - Thank you for the warm welcome!
@Mateusz Prawdzik - what do you mean that it's a little late? Ideally, I would have liked to start 5 years ago, but you know how it is. I have finally managed to free up my time to do this full-time. As you stated, better late than never. Please send me your contact details through a private message, would definitely like to pick your brain :-)
@Yashar E. - do you flip in Gloucester County, NJ? This is where I'm looking for my REO flips due to the price point. Thoughts?
@Dan Barli- Trying to stick to NJ for the time being but would also consider opportunities in Newburgh and Monticello.
Welcome @GC Vaghasia !
Biggerpockets has been a huge influence on the decisions I've made as a new investor. I grew up in Westwood, not too far from you. In fact, I used to work at Ronnies bagels in Norwood before it was sold. I will send you a colleague request and maybe I can attend a meet up with you when I return to the area as that is my long-term goal.
Best of luck,
Eric
Originally posted by @GC Vaghasia:
@Eric G. - Such a small world! Ronnie's was awesome! Truly unfortunate what happened. I look forward to meeting you at a future meet-up. Do you invest in NJ or only in MD?
I am currently in Baltimore working for the City Police. I am able to do very well here so I've been re-investing everything I make in overtime. I currently have a two unit property that i'm house hacking and its working well for me. I'm going to build a small portfolio here but my ultimate goal is to get back to Bergen County. My parents, sister, neice.. etc are still in the are still in Bergen County so I'm always exploring the option to invest there after I have a foundation here.
-Eric
Welcome to BP @GC Vaghasia. This definitely the place to be for REI, and I'm sure you have a lot to offer with all of your experience as well.
Good luck with your venture.
Welcome to BP @GC Vaghasia! BP is a fantastic resource and I'm sure you'll love it here. Can you tell us more about the property you're looking to close on next week? Is it an intended flip? You mentioned it's your first, but you also mentioned you currently own some multis in Northern NJ?
Hey GC,
Awesome meeting you last night. Let’s connect and see what we can do to help each other out.
Thanks for the warm welcome BPers! Indeed, BP is very addicting. It's an amazing resource that allows us to share real estate knowledge with one another. Truly priceless!
My family and I own several two-family houses in Jersey City and an 8 apartment + 2 commercial complexes in Northern Jersey. I was ALWAYS under the impression that significant amounts of capital was required to purchase real estate. It wasn't until I listened to the podcasts and read @Brandon Turner 's books, that I realized otherwise.
So, I decided to move forward and take action! I close on my first property tomorrow. It's located in Gloucester County, NJ. It was an REO that I picked up for about $60,000. It has two bedrooms and one bathroom. The ARV on this property is approximately $160,000. I will need to put in about $50,000 to fix up the place. Hoping to walk away with about $30,000 after expenses and fees.
The second property that I hope to close on is located in Salem County. It was also an REO that will cost me about $50,000. It needs only $25-30k of renovations and the ARV is about $130K. However, I'm going to price both properties to sell. I don't want to get stuck holding the properties for longer than I need to. Another option that I'm currently debating is whether to rent them out. I could probably rent them for about $1,250. However, I need to study the market and decide at a later time. I will surely use the BP calculators to help me weigh my options.
In any case, it's very exciting to say the least! I need to find some reliable contractors in South Jersey who can rehab the properties for me. Please let me know if anyone has contractor referrals for South Jersey.
Thanks! ~GC
GC Vaghasia
Whether you are deciding between flipping the rehabbed property or renting is dependent on your goals. Being able to hold a flip that won’t sell for your desired price is a huge asset as you can let your money sit there but generate income as well (while market rebounds).
If gaining capital is your goal (and you aren’t relying on the income) continue to roll ALL flip profits into more flips. Whether you roll into larger sfh flips or multiple median priced homes. Then eventually take the gained capital and invest it into a larger income producing asset :-)
It’s great to have a forum for like minded individuals. Good luck!!!
GC, welcome to the site. New Jersey is a very competitive market but there are always deals to be found. Sounds like you are not totally new since you already have a few properties. Feel free to reach out if I can ever be of help.