All Forum Posts by: Mark Houghton

@Rocco L. - What area of NJ are you looking to invest in?

Hi @Ben Wakefield

@Ben Wakefield This is a great question that I quite often ask myself, as I'm sure many new investors do as well. From the countless blogs and forum posts I've read on BiggerPockets it seems as though a lot of investors choose to stick with neighborhoods/municipalities they currently live in, or are already familiar with (it cuts out the step of learning a whole new market).

I'm not sure if there is a correct answer to your question. It is most likely what you feel comfortable with and you can assume your net will grow over time. Granted I'm a new "investor" my self as I haven't made and deals just yet but am getting closer and closer as the days go on. I'll be interested to hear what other experienced investors have to say.

Best of luck on your new journey

@Will Barnard , @Logan Zanki , @Aaron Montague Thanks for all of your input it certainly helps.

I've been following this property fairly closely since August of 2013. It was originally listed for $225,000 which was grossly overpriced as it was independently assessed at $200,000 even. It has steadily decreased month by month to where it sits now at $169,000. After speaking with the selling broker it doesnt seem like they're willing to go any lower than $145k or so. I still think it has some potential as it is currently occupied and after walking through is in rent ready condition needing nothing more than some fresh paint and cleaning.

Just looked over your entire thread and great job. Looks like you received an awesome education from this flip. Congrats on getting under contract! Good luck on this project and future

Removal of a UST (underground storage tank) in NJ ranges generally from $3,000 - 5,000+.

@Tyler Hunter has a good point, if that tank leaked and seller is required to do soil removal/remediation he's looking at an additional $7,000 - 12,000. Worst case scenario tank leaked into ground water (ultimately the state handles) which in some cases can be as much as $30,000. I would be sure to come up with a plan B and communicate that with the seller.

thanks for all the great info guy

@Bryan L. I agree I will not regret becoming an agent from everything I've been reading. I have a meeting with my broker on 12/31 to register with HUD. Looking forward to opening up another avenue of listings. I seem to be struggling with finding the killer deals and still learning how to create the killer deals. Certainly looking forward to the ride though

@Andres Piedra sounds like you have a solid system in place. Have you closed on any homes through HUD? For yourself or others? And is so what did you wind up doing with them (flip, hold, ect)?

Thanks @Will Barnard

I believe apartment number one can be increased approximately $150-200 max. Downstairs, may be able to get another $105 or so. Either way, as is, I know this deal is a no go.

In search of my first multi family I came across a two unit (2 beds 1 bath per)

Current List price: $185000

Current rents upstairs apartment number one is $650

**Rent comes from an agency not the tenant

Apartment number two is currently $1145

**The Housing Authority pays the rent for apartment two ($829.00) with the exception of $316.00.

Those rents have not been raised in the last 10 years according to listing agent

Taxes $4430.21

Sewer $140.00/per quarter

Insurance $1200.00. All other utilities are paid by the tenants.

New heating system and copper pipes installed last year

Current tenants are on a month to month lease

This property is located in a well known blue collar area. What purchase price would make this a sweet deal? There may be wiggle room there as I believe this property to be an estate . Property was listed in August north of $215,000

@Darren Sager very good points and something to seriously consider. I'm fortunate enough to have personal connections to an excellent licensed contractor, fellow realtors and a few lenders which I believe will be a huge advantage starting out. I wish flipping was as easy as the television shows. Make 80 grand profit by the end of a 30 minute program! My only issue is that I'm not sure I would want to live in the same building as my tenants. Only time will tell thanks for your insight it definitely gets me thinking.

@Justin Fraser I'm going to pm you, I would like to discuss this further

@Brandon Turner trust me I haven't missed the podcasts! I think I've listened to almost all 40 in the past two or three weeks. I think I've learned more through the podcasts than I did in four years of college (sad, but true).

@Justin Fraser

@Justin Fraser good luck !

@Darren Sager I'm also a Keller Williams agent! Why do you think buy and hold on a multi would be the way to go for the first deal? I was thinking a long the lines of fix and flip as a way to raise capital for future endeavors.

@David T yes, definitely. It seems like there are a few of us on this thread alone willing to meet up. It looks like we all live an hour or so apart, not bad. Let's make it happen. I'm sure we can utilize a local library or other municipal setting

@Cardwell Thaxton I have seen a few reia groups myself in nj but nothing any where near Jackson (six flags) which is as central jersey as it gets. I'm looking into a venue. I will provide an update by the end of this week.