All Forum Posts by: Jordan H.

Hey @Johnathan Boyle I'm dealing directly with sellers of houses...so no daisy chaining going on here! ha

I'm a fix-and-flipper at heart but have a bunch of deals working that I'd like to wholesale out.  Being new to that side of the business, I've got a few logistic related questions for people currently wholesaling in NJ on best practices for closing:

-- are you creating an LLC in the property's name that you're then selling to the end buyer?

-- are you assigning the purchase agreement for a fee to the end buyer that shows exactly what you're making on the deal?  

-- double closing so end buyer doesn't see what you're making? 

Any advice you can share on the best way to get this done legally, quickly and with the least amount of people seeing what you're making and asking questions would be ideal. 

Thanks!
Jordan

Thanks for the advice @Anthony Dooley, very helpful.  My only concern about letting it get to foreclosure would be someone who can buy it for a lot more as I"m sure it will receive a lot of offers. The location and size of the house is amazing.  (I actually just built a similar home...though a little bigger...a few streets away and it was recently appraised at $850K+).   Wouldn't mind getting it a higher price directly from the lender as long as we were able to definitely get it

I live in a town in Northern NJ right outside of NYC.  Within that town is an even smaller neighborhood...basically a larger cul de sac with about 50 houses...where everyone knows everyone.  There's a new construction house in the center of the neighborhood, right next to the park where all the children and parents hang out, that's been sitting at about 60-70% completed for probably the last 18 months.  I'd love to buy it as once its finished it could probably sell for around $700k.  It probably needs another $150k worth of work at most.  

After doing some digging, I was able to find out that the construction stopped because the owners are going through a divorce.  Last week, as I was walking my dogs I noticed workers boarding the place up.  After talking with them I learned that the building was about to go into foreclosure.  The double whammy. 

Any advice on how best to approach the owner to see how I could help his situation and ease the burden of it all by buying his house?  Knowing its a small neighborhood with no secrets, its definitely a touchy subject and I want to make him feel comfortable enough to chat to figure it out.  

Thanks in advance!

Hi @Rez Cury - was wondering if you ever found a reliable contractor in Newark?  Looking at a property in the area and want to get a few good guys out for an estimate.

Any help you can provide would be great. 

thanks,
Jordan

Hi All - new to the real estate business and first time posting...excited to be a part of it and start investing! My business partner and I recently finished our first project...bought a house in Weehawken, razed it to the ground and completely rebuilt a 2-family 4/4. Just this morning closed on a HELOC and we're ready to get going on our 2nd project - ideally a flip.

Not sure if this is normal protocol for BP, but it would be great if anyone in the Weehawken, Hoboken or JC area would want to grab a beer and talk strategy.  We have some experience but we're definitely new to the game and would love to hear how other locals are making it work in this market. 

Cheers - Jordan