All Forum Posts by: John Paul

Is this property still available? I am an end buyer in nj.

I apologize I was at work and wrote this without proof reading it . I should have put not put ARV . The house is listed at 450k on Zillow . My agent also represents the seller . He contacted me to let me know that the seller of the house would accept an offer from me for 350k because he would like to get rid of it quickly . I apologize for the confusion

Hey guys I need some advice about a potential deal my realtor brought me . I put deal in “quotations “ because the realtor I have been dealing with has been sending me everything but deals . I kind of have an idea about this deal but I just want some confirmation.

Arv 450k

Purchase price : 350k ( seller just wants to get rid of it )

Rental income : 3500 (till September ) lease is up 

Mortgage rate : quoted at 6.75

Rehab: 0 fully  renovated 

Mortgage payment including taxes : estimated 2500

My thought process with this, in the area of nj that it is in  there is only one other rental near by that’s listed.  It’s a rural area more for , hiking , water sports , outdoor activities .The house is listed currently for 450k and has been sitting for 64 days another red flag to me  . I would love to keep it because it would currently cash flow a 1000 a month but it doesn’t look like there’s a strong rental market . My 2nd problem is if I go to sell it at the end of the tenants lease I would trigger a prepayment penalty upon sale of roughly 5 percent . So I mentioned all the negatives can anyone come up with positives for me ? lol 

Hey guys I have a quick question , I recently formed an LLC in New Jersey for real estate investment transactions.I currently have an equity deal in play where for a 30k investment I'm receiving half the equity in the property . The property is to be sold after repairs and we will split the profits . My question is I'm funding it either with a heloc I have or I was gonna use my 401k . Do I need to transfer the funds into the LLC business account first and then send my partner the money ? The profits will be deposited into the LLC account and I'm confused on how the government will know what's profit

In need of GC’s for areas in and around Middlesex , Essex, Union , Monmouth counties .

Hi guys so I have a question ? I currently inherited a property in downtown bk. I refinanced it for 420k. I rent the one duplex for 10k a month . My net is 6 k all

In . So I’ve read all the books flipping / brrr. W.e u ask I read it . My problem i is my market is super expensive if I stay in the nyc area and I don’t have the confidence since I don’t have any actual experience to invest out of state do you guys think paying off my mortgage would be more beneficial than looking for more rentals . With rental increases I could prob pay off my mortgage in 5/6 years which would net me 4K. Month . I took a heloc with the intention of investing currently at 1 million and the rates at 9 percent . What’s the best way to move forward

Long term goals is to hold rentals but with the heloc and high interest rate my goal was to save all profits and buy my ltr with that 

I’m starting out locally because I understand my market and that was my main goal was to eventually hold properties for rentals . What my plan was is to finance my deals through my heloc which the property I secured it under is also a rental so i would take just enough out to where I could pay it back with the rental income , eventually I would like to move away from the heloc by saving all profits from the flips to have a nice bankroll where I could self fund … I appreciate all the responses 

They had seminars at this convention and one guy started to talk about starting out and what he would do over . He said he started flipping and the responsibility of a flip is too large of a responsibility for a newbie and he would have started out wholesaling properties . He also started to mention the tax disadvantages with holding a property under one year and how it eats up alot of your profits . Team wise for me I have a partner who is very handy  and knows his material prices  and rough rehab costs but that’s about it . I just started really attending these real estate meetups in hopes of networking  

Been posting quite a lot here lately and I'm more confused than ever , I have access to a large sum of money through HELOC and was ready to start fixing and flipping but recently went to a real estate convention and was kind of talked out of it . I've read every book under the sun from investing in foreclosures to a pace morbys book and this is 5 years in the making . I'm ready to take the leap but really don't know where to start