All Forum Posts by: Nicole Glass

Hey All,

I am looking to purchase a multi-family in 2021 and I live in NJ so everything is very pricey up here. So I want to start looking on a national level. Which states do you think I’ll get the most bang for my buck ? I want as many units as I can get for $1,000,000 MAX. Look forward to the discussion :)

@Jonathan Greene Hi, thanks for replying . I wouldn’t say I am downgrading my profession since the only reason I got my real estate license and became a realtor was to flip houses and represent myself. I just want to get my bottom line down at this point and this seems like a great option. The only main concern I had was potential liability but your response was very helpful. Thank you

Hi All, 

I am at the tail end of my 7th flip here in New Jersey and a friend of mine recently shared with me that she listed her multi-family on Zillow without using a realtor and immediately saw a wave of interested buyers with no representing agents . My friend wanted to test the market to see if they could sell the house on their own to avoid paying realtor fees. Turns out the real estate market is so hot right now that they received multi offers in a matter of 48 hours directly from multiple buyers. This moved saved them $18,000 + in real estate fees. 

Typically I represent myself on my flips but I always end up paying the standard 3% for the buyer's realtors fee. Now I would like to use this strategy of "for sale by owner" to skip out on buying agent fees and just use a transaction agent to generate all the paperwork of just $500-$1,000 but a small part of me wonders if this could potentially be a liability as I am a real estate agent and I also own the LLC of a flip where we will turn a profit over $100,000 in a matter of 4 months .

What should I do ? Continue to list my property with the MLS and use buyer agents or sell the property on my own and save $9,000 ?! Any suggestions/words of advice would be helpful. Thanks in advanced :)

@Jacob Pereira so I used forbearance for two months on a multi family and was still able to do a heloc with a credit union for my primary residence. The lender noted they saw that I was in forbearance but did not use that against me to disqualify me for my heloc. That’s been my recent personal experience with it.

Investment Info:

Single-family residence fix & flip investment in Winslow Township.

Purchase price: $51,000
Cash invested: $23,000
Sale price: $124,000

This was the house that torpedoed myself and my business partner into flipping!

What made you interested in investing in this type of deal?

I had been developing a rental portfolio in the same neighborhood for over 5 years. I bought, rented and sold houses in this area before along with one other family member. That provided me with a sense of understanding how much the homes are worth and a level of comfort.

How did you find this deal and how did you negotiate it?

I found this deal on my Country Sheriff's website for Sheriff Sales.

How did you finance this deal?

I sold one of my rentals a couple months prior and was actively searching for good deals to grab up and this one seemed to just fall on my lap! There was no competition at all. I was the only bidder.

How did you add value to the deal?

I added value with some drywall work, a good paint job and all new flooring. We kept the same countertop in the kitchen and this seating area that was there prior. We try to maintain the character of the home as best we can. Everything we added was to bring out the beauty that was already there. New Backsplash, new flooring, and a custom barn door we made ourselves.

What was the outcome?

The outcome was extremely positive ! We made what we thought was a lot of money at the time.

Lessons learned? Challenges?

There were a lot of positive aspects to that property. Everything went really well, but I would say the one lessons we learned that is extremely valuable to have you're own 3rd party inspector go inspect the home and tell you everything the buyer's inspector will in order to save time during the closing process.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

E Realty Advisors Inc. ! They give realtors 100% of their commission for $99/month. Since I am a licensed agent, I retain all of my commission.