All Forum Posts by: Michael Rubino

Me :) JMC Contracting Corp. Send me a PM and I can come take a look.

Thanks for the input guys. I find the market in NJ to be very interesting. You have areas like Trenton NJ or Salem NJ where houses are going for 0-50k but are renting for 1k per month. Then you have areas where you can't find a home for less than 300k and those are renting for $1500 per month. They cost 6x more but only rent for half more. 

From a buy and hold standpoint, you get a better return on areas like Trenton (if you find good tenants). From the flipping aspect it seems you have to find something for around 250k that needs 50k in rehabs with an ARV of 350k.

I was curious if people were really having a lot of success flipping here or if it's just a much better deal in this area to buy and hold. 

Hello fellow rehabbers, I am just starting out and wanted to know if anyone's having success in this area, if so:

What are your favorite markets for flipping in New Jersey and New York?

Are you focusing on lipstick deals or major rehab deals?

What's the average purchase price you go after?

Hello all,

This is actually my second introduction.  I made my first one a few weeks ago after first discovering BP.  The reason I am making a second introduction is because after listening to over 25 hours of the PodCasts, I am understanding a little more about why I'm here in the first place and think it's best to find people to connect with based upon my new outlook.

I'd like to start off by saying I'm a contractor by trade licensed in both New York including Suffoulk County, and New Jersey.  Why am I getting into Real Estate Investing? Because I am 26 years old with a newborn baby coming in August and I believe if I can get the hang of this early on in my life, it could pay off big time later in life for me and my family.  

Let me tell you a bit about what I have and my plan to get started. Currently, I have an offer out on a 3/2.5 townhome which I plan to live in. I'm getting it about 55k cheaper than it's ARV and the cost of repair is about 10k. It's already turnkey and the repairs are just to upgrade kitchens, bathrooms, and 2nd floor flooring. I'm planning to live here while I get this journey going and then eventually flip or rent out depending on the market at the time I'm ready.

Next I'd like to talk more about what I plan to do next.  In Northern NJ, there is a lot of distressed properties.  I really want to purchase them, get them fixed up and section 8 approved, and get them rented out.  This way I don't have to chase anyone for money every month as the checks will come directly from the government annd I can focus on keeping them section 8 approved.  The neighborhoods aren't the best and that's why I think this would be the most profitable long term option.  Along the way, I would also like to  link up with other wholesalers in the area to find some other properties to flip to increase capital to increase the amount of properties I can buy.

In partnering with other investors, if I am bringing the rehab aspect to the table (both keeping rehab costs down and financing the rehab) is that enough to bring to the table to start to find partnerships? Also, does anyone know of the best REIA groups in Central/North NJ or NYC?

Last but not least is there anything else I should be doing to learn besides listen to the podcasts, reading real estate books, and taking guru courses?  (I'm doing all 3 because I really feel that investing in education is the best investment in any industry).  Thanks in aadvance for your time in reading and responding to this post.

Thanks a lot @Paul Timmins

@Gilbert Ross Jr - Well, I would assume that any property you purchase tax liens on in the hopes of acquiring the property, are going to be costly in regards to the property value (assuming that we're talking about property that has a single family home built on it). With slim profit margins you really have to be accurate in estimating what the costs would be to flip it or rent it out, etc. I would also assume any tax lien you purchase in hopes of high ROI, that many that still have high interest rates (haven't been bidded down) are worthless and most likely won't be redeemed. From what I understand on either side it's numbers game and you have to be persistent, quick, and efficient.

Hello,

My name is Michael and I'm a contractor licensed in New York and New Jersey.  Currently I reside in Central NJ.  I'm looking to diversify my porftolio and get into Real Estate Investing.  This past weekend, I signed up for "Tax Lien Vault" and a "3-Day Training Course with Success Path".  Now I understand their sales pitch is to play on your emotions and any seminar will neglect to tell you that no matter how much money you pay for a course, it isn't going to be easy.  I wasn't looking for "a way out" or a "get rich quick scheme" and I want to point that out right now.  My expectations are that this is going to be a long and tedious plunge into what could be a fruitful relationship.  Given the fact I am a contractor, it's much easier to assess rehab budgets on the fly but still there will be unknowns.  It seems the tax lien investing will take much of a learning curve.