All Forum Posts by: Brian Loper

@Robert Motch - I have not but honestly I have not found many properties which decreased my need to keep searching.

I personally like the idea of being free and clear but I also believe in hedging my bets. Folks have talked about ways to make yourself and/or property look unappealing if it is paid off which could help. At some point with 100 properties I would assume you would have to begin to leverage your money or opm a bit. Ultimately when I finally get in the game my goal will be to have a purpose for each asset and group those assets class. Solid performers would go towards retirement, while other riskier assets might be there to fund the more of the stable ones. Sounds good in my head at least. 

Hi Marie,

It's great to see someone else thinking about multi-families in the red bank area. Recently I come across a fair number of these popping up on the mls. Although I am trying to stay away from mls properties I would definitely like to hear your findings on the area. Please feel free to message me if and when you are available. 

Thanks,

Brian 

Hey Guys,

Great to see some new folks in the area joining BP and the REI Club. I'll hopefully see you all at the next meetup.

@Yin Choi Thanks, I'll look at the square footage and see if it makes sense that way. Forgot about that! 

Hi All,

I'm having some newbie issues and wanting to know if I still need to work on changing my thinking as an investor.

I found a house on the mls (trying to find off market properties but it's been a slow proces) that is in a good area, the bones of the house are solid with mostly cosmetic updates needed but I can't find any good comps. My agent advised there is not much in that neighborhood like this home. It's a 3/3 split level on a great lot, 2200sq ft. An elderly person was living there so although the kids kept the essentials very nice the rest is a time capsule. It's listed at $345k. It needs about $80k for the big ticket items, kitchen, 3 full baths, siding and central air! The agent said fixed up should be good in the low $500k range. Based on the BP Calc, I can make $40k with nearly all holding costs factored in if I buy at $330k.

The comps on the high side are $600k and up and all have 4-6 bds. I can create a single additional bd but no more. The comps on the low end are in the mid to upper $300k range but they are 1000sq ft smaller, less a bathroom or two. To top it off I really like the house. I'm trying to be objective here and rational oh and did I mention it would be my first flip. Property is in central nj. 

Any ideas or comments are welcome. I know I have a lot to learn. Thanks!

@JasonHirko do you have any more detail on buying just before the auction date or can you refer me to any blog posts that provide that detail?

I'm by no means an authority on the topic but I agree with @Jim Keller, if the comps in the area don't have central air then I don't think it would be expected. If you think it will reduce your days on market which may save you on holding costs then I guess that could be a benefit. 

How is the market in that area in general? Will be interested in seeing which way you go and how it all works out in the end. Enjoy the flip!

Thanks for the wakeup call. I'm a newbie and may be guilty of posting and not responding to posts as much. That changes with the this post. 

Hi All,

Looking to see if anyone can recommend any property management companies in the area or best tips on finding some. Through BP and another site I was able to find a great thread with a list of questions to ask. Now i just need someone to ask.

Any ideas would be great!!

Thanks,

Brian