All Forum Posts by: Amanda Scully

Excellent info, thank you!

I'm a new investor starting out, so I am trying to do as much research as possible to really know my market well. I'm in Essex County, NJ and looking to invest within the state. What kind of research do you suggest? I typically do a Google search and look at market reports, etc. but wondering if there's any other specific and focused information I should be aware of, and where to find it...thanks!

So helpful! Thank you, everyone! 

Thank you. Yes, I do live here in NJ. I know my attorney fees as I've worked with mine before...thank you for the insight in title fees, etc.

I have some questions about what to enter into the calculator specifically when estimating costs in New Jersey. I'm looking to do a flip and I'm wondering what I enter into the calculator for: 

-purchase closing costs (my specific lender has $0 plan, but are there other fees still for title transfer, attorney, etc.?)

-sale closing costs (when I sell the flip, what range might the cost be?)

-realtor commission at resale (is there a standard percentage I should enter? I researched and found it to be about 6%...Accurate?)

-rehab costs (lender advised me that for what I'm looking for, which is 3BR/1.5-2BA single fam to flip, cosmetic repairs only, no major guts, etc. it should generally be about 35-40K but was told to overestimate to be safe to around 60k)

-holding costs (I calculate what I would pay monthly on my HML, I account for insurance, taxes, and utilities...in my specific area of northern NJ, are you entering for these amounts?)

I think that about covers it...but if I missed anything please advise! Thanks everyone!

@Bryan N. Hi, quick question about your response here: so, you have a separate bank account for EACH property that you own? I'm curious how many properties you own each with their own account, and how you keep track of all of that! I'm imagining a very organized record keeping spreadsheet? That's been on my mind as I gear to up get started, wondering what the best way to manage all of the cash flow and money I set aside for repairs, cap ex, vacancies, etc. Thanks in advance for your response!

All great responses, thank you very much for taking the time to answer my questions. 

@Peter LaBreck I have been hearing so much about planning multiple exit strategies, but I'm not quite sure what those would be...can you talk to me about that? TIA!

@Kyle J.Whoops! Some of that was actually meant to respond to someone else....thank you again for your insight. 

@Matthew Paul Thank you for your response. I will have my own money from the capital loan, so I have already spoken to some HML and am able to obtain a loan...I have been listening to the podcast for years, and I've heard so many stories about people starting out with little to no money, and like me, that's why a lot of people get started in this, is to change that situation. I am just curious about how people manage their repayments, etc. while the first deal is still in progress.

@Kyle J. Thank you for your response as well. I have been listening to the podcast for years, and I will check out those other resources you mentioned. Thank you!

Hello! 

Looking to make some connections with other North Jersey investors, specifically in Essex, Bergen, and Passaic county area as that's where I'm located and plan to invest. Would love to just chat and get some information on the market, where I should be looking, running numbers to analyze if a deal is good, determine rehab costs, etc. Would love to know of any upcoming meet up/networking events, also! I plan to go to an upcoming event next Thursday 1/24 in West Orange sponsored by Asset Based Lending. Will I see you there?