All Forum Posts by: Hasan Hamdan

This is a great place to learn, welcome! That should be fine in NJ. In terms of the actual dynamics of a deal (generally speaking), I believe you are asking about wholesaling. There is a great wholesaling market in NJ but you may have to get creative on some deals depending on the situation. Best thing is to have an experienced lawyer or title company.

NJ has a great investor community! There's 3 meet-ups that you shouldn't miss: NJRESN, NJREIA, and NJREIC.

Good luck!

As @Joe Gore said, you can't really trust the homeowner for repair costs. They never know, and almost 100% of the time they will overvalue their house. I would say that the point of the phone call is mostly to see how motivated they are, you already know the area so you can quickly find if their city/town/neighborhood is desirable. At the end of the day, a deal is a deal, the price and/or terms you can get it for matters most. You definitely need to see the house for repairs, you can only vet so much over the phone. Stick to figuring out motivation on the phone, cause at the end of the day, all you need is a motivated seller :)

The Real Estate business, as those who have posted before me, requires consistence and persistence. There are many sources for motivated sellers, and the harder it is to get the list, the better the leads :) 

My recommendation is to pick a type of lead source and marketing and stick to it (follow the ideology of going deep, not wide). Pick a lead source (probates for example), and marketing (direct mail). The key is to do this in a way that you can systemize and also quantify. That way, you can look back after 3-6 months and see how effective it was by analyzing cost per lead and how many conversions. I would also recommend sticking to one county at first (if we are still using probates as an example).

That way, you can either continue and expand to more areas, or open a new lead source if its not something that works in your area.

The main thing is to just keep marketing, no matter what, but do it in a structured way so that you lead to more of an investment company and not just a mom and pop that does a few deals here and there (unless that is what you want).

Good luck!!

As those who posted before me, there is a wealth of information on this site.

In addition to that, there are 3 NJ investor meet-ups that I know about and attend as well (where you can network with other NJ investors and get NJ specific information).

There is NJRESN that is in Garwood (this is by far the biggest and most well known of the 3). Then there is the NJREIA and NJREIC. All 3 are once a month and very useful. 

What part of New Jersey are you looking to wholesale in?

I would recommend a structured education (as best you can) and just start marketing. When you have the right deal in NJ, everything will come into place, trust me. Don't sit too long trying to learn everything, its impossible. Just get a deal under contract and that is where the fun begins!

Newark is a good area for multifam rentals. So is Hudson county.

Welcome to the Real Estate World!

There should be ready made ones available. Try contacting another investor in your area and they should be able to provide one. They are usually state specific (since the laws are different in each state) so you would not want to get this wrong. An attorney or title company should be able to provide as well. Good luck!

Just be very natural and conversational:

What do you guys like to buy (single fam, multi fam, rehabs, etc), what locations do you like? What type of deals have you done in the past, how do you fund your deals, how quickly can you close?

Usually one or two of those questions will fuel the whole conversation. Savvy buyers will tell you everything you need to know.

Usually the best thing to do when wholesaling is to use a title company that can act as a settlement agent. This way you won't need a lawyer and investor friendly title companies know exactly what to do. 

If you still would like an attorney, join your local REI Club and ask around or call a few title companies for referrals. I am in Jersey and not sure if our attorneys work NY.

First thing to do is check the tax records to see where the owner may be living now. You can check this at njactb.org If the same address is listed then you will have to do some extra digging. Try the tax records before you have to move further.