All Forum Posts by: Bud Evans

@Kam Mill don't worry about it. Get it, close and then you can file a quitclaim deed to transfer it to the LLC

Justin, I use Absolute as well... Any chance you can give me a contact to VIP supply in Philly?

Thanks in advance.

Investment Info:

Single-family residence fix & flip investment in Collingswood.

Purchase price: $215,000
Cash invested: $30,000

This is a single-family home with 3 beds and 2 baths. There is a large addition on the back of the home. I'm going to move the kitchen, open a couple of walls and push the ARV.

How did you find this deal and how did you negotiate it?

This is a wholesale deal in a highly profitable area in South NJ.

How did you finance this deal?

Combination Hard and Private money.

How did you add value to the deal?

Moved the kitchen, opened a couple of walls, rebuilt 2 bathrooms.

@Robert S. J&D Properties Jeff and Donna.

I use the MLS. I've networked to establish contacts with several realtors in different areas. When I'm looking to buy, I get the comps for resale and rental prior to making my decision. A quick way to check - look at (dare I say) Zillow for rentals in the area and recently sold sections as a quick desktop analysis. I'm now going for my REA License in NJ so streamline the process.

Good luck!!

Love this thread! Especially the SJ aspect taxes -v- cash flow. I'm working on doors #6&7 right now.  I've gone to contract on a duplex in Oaklyn.  

To Ethan's Point, finding the "right" price in South Jersey depends a lot on the taxes in the area.  You also have to consider how much work you do on your property affecting the taxes on that property.  

For example, $76000 paid, $50k renovations, ARV $190k when the currently assessed value is 90k. When the township does an assessment, you can probably expect a tax hike.

Thanks all.  Bob - yes all tiled up.  Ladies, thanks for the input.  Marcia, I have another call into the supervisor.  Last time we spoke I ended our conversation with, "I welcome your challenge". She had told me I'd be inspected and that it would be detailed but stated nothing further.

Guys, I've never done a section 8 property but, I couldn't let this one slip by.  Breaking a rule with a labor of love.  

Military here's the BLUF: Homeless OIF vet and kids living in a shelter in Philly; Utilized GroundFloor for Hard Money; PML Gap funding; Set her up with HUD in Burlington County, NJ; I need an extra inspection for approval; Build location: Palmyra, NJ. She's approved for a 3br which covers EVERYTHING I needed and I'm still making $300 NCF.

Question: I need a no bs checklist for things HUD Section 8 inspector will look for in this rental to ensure this woman and her 2 kids have a domicile on 1 May. Build completion in 2 weeks. Upgraded electric, Kitchen, added 2 bedrooms, HVAC replaced, Water Heater was new, Kitchen all new, Bathroom Iron claw foot soaker tub with shower and curtain. 4 Beds, 1 bath.

The last thing - if this works out, I'm going to repeat this process! 

1 Team! 1 Fight! 

Thanks all,

Bud

Investment Info:

Single-family residence buy & hold investment in Palmyra.

Purchase price: $79,000
Cash invested: $40,000

This is a bungalow in Palmyra Township, NJ.

What made you interested in investing in this type of deal?

Passive Income

How did you find this deal and how did you negotiate it?

This was a wholesale purchase from a REI club website.

How did you finance this deal?

Combination of Hard and Private Money.

How did you add value to the deal?

Upgraded kitchen and bath with granite and stainless appliances. Also added a 4th bedroom.

What was the outcome?

Currently in rehab stage to be completed by April.

Lessons learned? Challenges?

Streamlined processes are already in place on this home. However, markings on the heat unit were incorrect - turned out the York Furnace was actually an oil heater. Quickly fixed.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

I’ve worked with GroundFloor Lending - call Nate he’s awesome.

I'm currently in that area working primarily in Palmyra and other Townships and Borough's in the area also.  Cinnaminson is a bit overpriced but if you can find it, it's gold.  There's one currently on Riverton Rd that's been listed for a couple of months.  If you have any questions, let me know.  Check out JKSHomesLLC.com you can also ping me via facebook