All Forum Posts by: Kunal Mishra

@Orlando Munoz Glad you are planning to get started. 

I am not aware of your market as you are way south, I am in Northern NJ. But what I can say is that its not about whether the market is doing well or bad.

If you want to flip you need to find the house at the right price, its that simple and also the hard part. 

You need to master the skill of valuating the house when you see it while you see it. 

The best way I would say is go out there and start looking at homes, lots of homes ( I didn't mean 50 or 100 before you grab your first :-) ) , that will help you to start seeing the gold behind. 

PM me if you need any help. 

@Lisa Weiner I am in , keep me posted.

Hi Kevin,

What's on your mind?? I'd you can elaborate other BPers can be of more help.

Which part of Jersey do you live?

@Alex Carestia

I agree with others, you are on the right track to start with the FHA, don't let anyone back you down on the fact that FHA loan is expensive and you pay upfront fees and monthly PMI's, it's definitely the right thing to do.

You have questions then come to BP and search the forums for answers or start a discussion and you will get some great advice. 

Make sure you ask a lot of questions to your lender when it comes to FHA financing, in my view eyeing a property is one thing and raising capital or financing that house is another, they both are two different battles to be fought before you close on the house.

Good Luck to you. 

Cheers, 

Kunal M.

Hello, 

I have seen Jason Dubnik in NJ recommended by 3 nj investors here on BP, their office is in Freehold down south.

I am going to call them pretty soon, but just wanted to share that info. 

I am following a good MF home very close from the Brick Church stop. Does anyone think this is a good place for positive cash flow. 

@Alex T. First off congratulations on your first purchase. Its the right step towards gaining success in RE. 

To begin with, BE READY FOR BAD DAYS, DIFFICULT DAYS, DAYS WHEN THINGS MIGHT NOT GO YOUR WAY, and tell yourself that's fine, that's your learning curve and you will get through this. 

Now the rehab:

Start with checking the plumbing for the house, electrical work and also your HVAC/heating systems. 

Fixing or upgrading these things mean breaking walls and you don't want to do that later. You cannot live in a house if the above three things are not working but you can live in an un-painted house with broken walls if the above three are working. 

Make sure you give enough closet space, that is the most important piece in any bedroom. 

Roof - you didnt mention how much repairs are needed. 

most important, decisions about paint color, granite top, kitchen cabinets  tiles in bathroom, don't kill yourself in making those choices, be smart and quick, don't look at 100 designs to make a choice. 

Associate with a few realtors in the neighborhood to get an idea of what other buyers look for in that town.

Thanks

Kunal M.

@Liz Faircloth I will definitely reach out to Jason Dubnik, I am a growing RE Investor in Northern NJ. 

Do you think he thinks from a lenders perspective as well and has the vision of knowing upfront how to frame the returns as per our goals for the next year. 

Thanks

Kunal M. 

@Dennis Pressey Jr I agree with you and having done three flips I do understand that there will not be a set $$ amount that you can always use a rule of thumb to jump into any deal. 

I agree that profit is proportional to most imp factor that is time and then any cost of capital. 

Thank you all for your input

Hello All, 

I have flipped 3 homes in the last 18 months, 1st one was in Hudson County, NJ, second in North Brunswick, NJ and third in Wayne, Passaic County.

I just wanted to get a sense from other fellow investors in NJ and out-of-state that what minimum profit margin do savvy flippers work on and get into the deal. 

Do I just focus on volume (off course if I can handle) and even settle with 20-25k net profit if can be in and out in 3-4 months?

I know there is not a straight reply to this, but the prices of REO properties are going up in NJ and I am sure the margins are narrowing down.

Thanks

Kunal M.