All Forum Posts by: Jeff Stewart

@Laura Levine So far, I've got the seller down from $190k to $160k, though I think I can still squeeze out a little more. My contractor tells me $85k will get me a full gut: roof, windows, siding, floors, electric, plumbing, kitchen, baths, HVAC, landscaping, etc. Basically, the foundation, studs, and joists stay, and everything else is new. On this house, that's definitely what's needed. The comps give me an ARV of $375-400k, but I'm working from $350k to be safe. My contractor promises 75 days between closing and listing, but I'm planning for a 6-month turnaround. It is definitely worth noting that my contractor specializes in flips.

I hope that info helps!

I'm glad to hear from someone in Maplewood, though!

Thanks, @Ralph Soles .

Craig, it's not on Zillow or MLS. I'll be happy to give the details once it's under contract. I'm well aware that it's not the greatest neighborhood, but I've got several solid comps within three blocks that support the ARV I need.

@Anna Nomys, because that's where the deal was! I had never even heard of Maplewood before Sunday. It's not the greatest neighborhood in the world, but the numbers make sense, and that's all I care about. I'll definitely keep you guys posted on progress. 

I just joined this morning, too. My wife and I are in Bergen County. Good luck to you!

Thanks for the welcome! It's a 4-bed, 1.5-bath, 1900 sf house in Maplewood. The ARV looks like $375k+, but I'm trying to make the numbers work with a conservative $350k ARV. I'm not sure how much to say since I don't have anything under contract. What's prudent to share?

I'm a former realtor turned poker player turned headhunter and a Canadian turned American. I moved from Vancouver to northern New Jersey three years ago after marrying my beautiful Jersey girl (whom I met in a swimming pool in Las Vegas). I got my real estate license in Canada ten years ago because I wanted to get into flipping. I was only 22/23 at the time, and securing investors was a real challenge. Nobody wanted to be my guinea pig. Everyone said they'd love to invest in my second deal, once they had seen me pull it off once. Of course, my first never happened. I was doing okay as a realtor, but it was never what I wanted. Fast forward a decade, and I'm living in NJ, working long hours on top of a long commute to and from Manhattan. I'm making a good income, but it still feels like the rat race, and I've still got that itch. I went and looked at a wreck of a house in a town I don't know at all just two days ago, and I plan on making an offer on it this morning. Am I getting in over my head? Absolutely. That's what happens when you dive in! It's the best way I know to learn to swim, and I don't have the patience to stand around the edge of the pool. I hope BP can help keep me from drowning... Jeff