All Forum Posts by: Michael Sheridan

Being an NJ native and simply loving the state and the North Eastern parts proximity to NYC, I have started my search with a deal in northern NJ. However as anyone who is from NJ would know it is expensive. Has anyone had success in this area when just getting started? What can you reasonably call your expense on an investment property in this area in your experience? Was it reasonably achievable to gain forced appreciation on a house that needed some TLC in this expensive market? If you are one of those who started with a hard money loan did you find it reasonably achievable to gain good cash flow after some work and a refinance with the BRRRR model?

Would love to get peoples experiences and stories in this market.

Thank you for sharing your story and experience in advance!

Hello,

I have been reading up on some different books and searching g around for properties in certain areas. Started my saving in order to be in a better financial position to do a deal. Was wondering what some people’s first steps are after research and reading and preparation. Where did you start? What’s the first step to you? Is it pre-approval for loans, is it broker/RE Agent relationships? I would love to get a feel for where some of the other successful investors on this forum got their start!

I thank you and appreciate anyone’s time in reading and responding or even just reading this post!

Hi All,

I am trying to take the time to read some books, read the forums and get myself started as a real estate investor!

Foreclosed properties have obviously peaked my interest as they are often a cheaper often. I would assume house flippers seek out those deals.

When it comes to buying a foreclosure, if it’s not an auction, in your experience will the bank take a lower offer? In other words it’s listed for $150k.. will the bank settle for that $150k and only accept that and nothing less? Do you HAVE to have 100% liquid cash when buying a foreclosed property? Is a pre-approval loan acceptable?

Thank you all for your time and answers in advance as they are much appreciated!