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All Forum Posts by: Brian Caulfield

Brian Caulfield has started 12 posts and replied 21 times.

I'm a local investor in NJ, relatively new (1 SFH currently). I've been trying to buy another property for months now, and really struggling finding something that makes sense. I'm looking for a mentor and/or someone to partner with. I have capital and drive. Thanks in advance!

It seems like even properties (in parts of central NJ) are priced too high for BRRR to make sense. I'm sure theres folks out there finding deals, but how??

Go through insurance and have him pay the deductible out of pocket. If he doesn't pay up, take it out of deposit. But honestly if he doesn't pay up I wouldn't want to keep a tenant who is both irresponsible with the property, and you can't trust when he tells you something. 

Investor out of NJ. Looking to connect and learn from investors with experience finding off market deals, and potentially invest with. 

Quote from @Jason Wray:

Ajay,

Do not waste your money you can get all of that free advice on here with seasoned professionals. You want to know about BRRRR just ask if it's financing ask a banker, available rentals ask an agent, cost to renovate ask a GC. The only thing you need to get into REI and BRRR is a great Network of the right people.

Need a good starter loan use FHA 3.5% down on any 2-4 Unit multifamily use as a primary for 6-12 months. You have to occupy the home but you can refinance into a conventional loan in as little as 6 months if the equity is there to meet the LTV required. You can also take out a "unsecured" loan of up to $50K if you have decent credit. Do renovations and possibly pull cash out on the new ARV in as little as 6 months.

Finding the right property does take work but if you stay glued to the laptop/computer constantly checking all of the homes for sale websites. You will find one and make an offer ASAP but also use agents or home flippers. Get to know more people your on BP and in your local area such as other investors by networking. You can even post a "Meet-up" or a REI get together on here or on your social media page.

Want some other advice stay out of NY, CT, NJ if at possible because the taxes and home prices will hinder your price range/cash flow. Try looking at Indiana, Ohio, TN, GA, FL in places where the gentrification has already begun. If you have 15% down you can still buy a 2-4 unit multifamily rental. There are a lot of loopholes in banking that let you buy with less down or afford a bigger loan with other unit rents.

Have these conversations they are free!


 This very logical advice. Do you recommend OOS investing at all? And if so how do you go about analyzing deals? (Both physically inspecting, checking up on renos, etc, but also if an area is a good area to invest in to begin with)  

Quote from @John Chong:

Yes, you'll want to focus on off market properties. If it's listed on the MLS, they're excepting top dollar.


 This is what I assumed. How do you find your off market properties?

Quote from @Nicholas L.:

off market


 How do you find your off market deals?

I have been looking to BRRRR in NJ. It seems like prices are so high, even distressed properties do not have enough room to make the strategy work. Im looking mainly on the MLS, is this the issue? How are people finding deals?

Looking for general advice, and any input on people still doing BRRR

Newbie here trying to learn as much as I can.

How do you project what your FMV will be after a rehab/renovation?

Example, say a property is on the market for $100k. You look at it and estimate repairs to be $50k but you know after this it will be worth $200k. Obviously you can compare to the near by market to estimate, but can you get to a more accurate number? And if so, how do you get an accurate number?

Hey guys, there's a house listed on my local market for $223k and described by the realtor as having 'severe water and mold damage, broken pipes, freeze damage and missing carpet/flooring/sheetrock. Seller will not negotiate offers with home sale contingencies.'. The property sold in 2005 for $345k and its a good neighborhood/area. Property tax is $6,500.

Wondering what people's opinions are that have dealt with something like this. How costly can issues like this run up and is this something I should avoid like the plague? (Looking for rental properties). 

For reference its 1,800 sq. ft. 4 bed, 2.5 bath. Unclear in photos, but mold appears to be bad/in multiple areas of the house.