All Forum Posts by: Hasan Hamdan

1) It really depends what hat you're going to wear, and if you're not a realtor it may be tough. The best way could be a friend trying to help.

2) If you have a license, give him your best estimate of what it could really be sold for and let him know you could list it for him. If you're an investor, you could make him a cash offer, but if he's not in distress/highly motivated, it sounds like something to go on the market.

3) You could try to get him a rockstar realtor and try to get some type of a referral fee. In regards to contractors, if there's no serious damage that needs repairing, estimate are not that hard to make on your own. If he's set on fixing and getting a better price, you could meet a few and vet them out to see who is best.

4) Step one identify how you can help him. Ask him if he'd rather sell as-is instead of spending money to rehab and definely have to list on the market after that. If he is not so much in need to sell quickly as you said but get his price, let him know what the price will be after fixing, and be sure to mention that no matter how much he puts in, the resale will be tied to whats going on into the market, not what he's spent, mortgage included.

5) Its fine to get involved as long as you know the best way to approach him and how you can be involved while still helping him reach his best interest. But as a side note, a lot of homeowners are unaware of true market value so the best you could do for him is get him the true value of his home. Even if its less than what he expects, you're giving him facts, and there's nothing more valuable that that.

Wish you the best of luck! And if he decides to fix it up, that will take time, so why not hurry and get your license so you can list it for him when its ready!

@Felix L.

 Property Management companies can also find tenants for you. Their fees are relatively fair if you want to outsource a good amount of tenant related activities. 

@Rich Harris I am from Central as well but I invest mainly in the North Jersey Area. Regardless, I do know people who are landlords in Central and am somewhat familiar. I think a better way to look at it is to see how desirable the area is (i.e, how long the commute will be to NY, school system, etc). The other question is how competitive your rent will be. If you have a good answer to both of those questions, I think you are in good shape.

@Phil Romero Welcome! NJ is a great place to be a flipper with a wealth of resources.

There are 3 great meet-ups/networking events (that also provide great information) that I go to. NJRESN, NJREIA, NJREIC. All can be found in North Jersey.

http://joshwa.com/njresn-membership-2/

http://www.meetup.com/New-Jersey-Real-Estate-Inves...

http://howtobearealestateinvestor.com/investment-c...

It depends whether or not you are trying to hit a margin. Based on those numbers I personally would pass, but it really depends what you want to get out of it. Based on my numbers you would want to get it for around 97k. Have you already submitted an offer?

Also that was assuming your ARV and rehab/cost estimate was correct.

@Moshe Eisenberg @Dave DeLima Here are links to the 3 below. I have been to all of them. 

http://joshwa.com/njresn-membership-2/

http://www.meetup.com/New-Jersey-Real-Estate-Inves...

http://howtobearealestateinvestor.com/investment-c...

@Steve Rozenberg Oh now I know what you're talking about. I would call it virtual wholesaling. Its becoming more and more common all over the country (I actually know that Houston is a point of interest), I used to do it. But for someone outside of NJ to try and invest here would be tough compared to the other markets because of our high costs and the fact that NJ is more of an attorney oriented state (real estate wise), so just a title company is sometimes not enough to close.

Welcome @Dave DeLima !!! There are 3 great meet-ups that I am aware of in NJ. One is NJRESN (the biggest) held once a month in Garwood. Then there is NJREIC run by Chris Goodson and that bounces from Central to North Jersey month to month. Then there is NJREIA by Nick Tang. All very valuable!

Go to any local meet-ups in your area. Try to see recent solds on MLS and find who the buyer is. Also if you are ever driving around and see a house under construction, pull up and ask who is rehabbing the house, you'll either find the crew or the actual investor there. You can also use the internet to search (I recommend craigslist more specifically) and find any we buy houses ads in your area. Those will usually be buyers/wholesalers.

We actually let this one go and I apologize for not responding sooner! It was too complicated aside from the sub-2 situation! Thank you!