All Forum Posts by: Josh Thompson

Does anyone have any advice for finding and funding my first deal in central NJ? I am currently using Redfin and realtor.com as my main resource but am struggling, mainly because I don’t see any comps on those sites. I am looking for properties on the smaller side that I can do most or all of the work myself. I’m looking into using hard money to fund the majority of the deal so any advice with that is helpful. I do work full time, can save 200-300 per week, and have a small savings of 5000. Does this make me eligible to do a flip using only hard money combined with my own money?

Sounds good. I guess it’s time to start looking into other properties

let’s say I were to put it under contract (which I’m not). Is it hard to get out of the contract if I decide the property is not worth it? I know their are inspection contingencies, but does there have to be serious issues to get out of the contract?

Correct me if I’m wrong, it looks like it sold in 2001 for 74000 and sold in Judy 2017 for $10? 

it is now listed for sale at 109,900. Maybe a wholesaler put it under contract? I’m not sure why someone would pay 90k for a property that was struggling to sell at lower prices and then list it for 20k more without doing anything to it.

Interesting, an agent was contacting me yesterday about the property

How challenging is it to be approved a hard money loan? My credit is in the low 700s and work full time making 60-70k per year currently. Is this sufficient without having prior real estate experience? 

Also, does using cheap IKEA materials really add value to a home? 

Thanks, that’s all good information. Do you mostly get your leads from agents or can they be just as easily found on public websites? It seems in my area that potential flips are sold before they make it to the public. This has been the only property in the area with room to increase the value that I have seen so far.

Do you recommend I sit down with an agent and discuss what I am looking for to have them send me leads? Keep in mind I plan to use hard money to cover nearly all of the deal, so I am not sure how that effects the process.

Yeah maybe it could be an opportunity at a lower offer but seems too risky and challenging for my first flip.

Thanks everyone. Yeah I was also worried about the age of the home. I don’t have much experience working on old homes but am familiar with their issues. I suppose it’s hard to make a decision on this one without going to see the property and really running the numbers. Do you guys typically find your leads from agents? because I found that there isn’t much opportunity in my area listed on public sources such as realtor.com