All Forum Posts by: Angelo Mart

Trenton is hell! Take if from a real estate appraiser that has worked in that area...Probably better off in Newark/Irvington area for rental property

@Jon Arthur I have been in the business for 9 years. Sure is a different world in NJ lol. The best thing I ever did was get Certified. Best of luck in your journey

welcome to BP....I am a Certified Appraiser in NJ

@Shane Woods 

Exactly I know an investor that purchased a home at $272,000 and is dropping $56,000 into it with a ARV of $415,000 in this market. He is making $87,000 (Estimate) it is all subjective to the market

@Will Barnard @J Scott 

Thanks a lot guys this is probably one of the hottest markets in NJ and is all driven by Wealthy New Yorkers leaving the city for a small city suburb with NY direct train line. The median home is $680,000 and the inventory is low right now with homes going in less than four months. The price on this property was reduced only 3 days ago from $499,000 and I jumped on it. It is an estate sale and they only need the money to pay off a reverse mortgage lien and are dumping it. My repair costs are always difficult as I got one estimate from another investor at $70,000 and another one who is renovating a similar home in the area is same condition is spending $56,000. Therefore, my estimates were based off of the estimates his contractor gave him. The house next door similar in size closed at $650,00, I need this deal to work lol. Thanks for all the help investor bros

@Shane Woods thanks a lot you are the man!

@Account Closed thank you ver much for the help. This area is extremely hot with Buyers coming out of Wall Street,New York. I saw investors paying 80% within this market it's crazy. I am negotiating as we speak with owners if I could lock @ 390,000 I might be able to flip for $410,000. The contractor I am working with said he needs to make an $80-$100K profit for him to be interested. Even if he bought it from me at $450,000 it would still meet his criteria!!! I def think these % needs to be adjusted depending on the market. This area exploded after the towers went down on 911 as People fled NYC. I believe every market in our country is unique and no 2 areas are ever the same. 

Dear forum

I found a property located in a very wealthy area (Red Bank) that is an estate sale with highly motivated sellers that is being sold in "AS IS" condition. The sellers (of estate) need to push this property fast and just reduced the price from $520,000 down to $405,000 and wont really budge as they have to pay a REVERSE mortgage off. I have reviewed and verified three recently closed homes on the same street that were completely renovated but were similar in terms of size (within 200 Sq.Ft.) room count and lot size (as per city assessor) to this property. One sale was at $590,000, $625,000, $700,000 and the house next door sold at $665,000. My estimated cost to cure/repairs is estimated at $60,000. I am going to utilize transactional funding for this deal as it seems the best solution for wholesaling. I offered $360,000 and they laughed at me!!! What is the most I Should pay for this property as I want to make a minimum of $12,000 on the deal??? If I estimated the house at $665,000 (most similar comp) and use the formula of 65% of that would be $432,250 - $60,000 - $12,000 = $360,250. However, an investor (rehabber) friend of mine in the area says that his company does not do a deal unless they make a minimum of $90,000. In this case they could make ALMOST $150,000-$200,000 even it if pay full price of $405,000 as the formula does not appear to be consistent in this high end market. Somebody PLEASE help me to structure this deal, I don't want lose it. If I use the 70% ARV I could pay $390,000 . What would you do ? Thank you

I found a property located in a very wealthy area (Red Bank) that is an estate sale with highly motivated sellers that is being sold in "AS IS" condition. The sellers (of estate) need to push this property fast and just reduced the price from $520,000 down to $405,000 and wont really budge as they have to pay a REVERSE mortgage off. I have reviewed and verified three recently closed homes on the same street that were completely renovated but were similar in terms of size (within 200 Sq.Ft.) room count and lot size (as per city assessor) to this property. One sale was at $590,000, $625,000, $700,000 and the house next door sold at $665,000. My estimated cost to cure/repairs is estimated at $60,000. I am going to utilize transactional funding for this deal as it seems the best solution for wholesaling. I offered $360,000 and they laughed at me!!! What is the most I Should pay for this property as I want to make a minimum of $12,000 on the deal??? If I estimated the house at $665,000 (most similar comp) and use the formula of 65% of that would be $432,250 - $60,000 - $12,000 = $360,250. However, an investor (rehabber) friend of mine in the area says that his company does not do a deal unless they make a minimum of $90,000. In this case they could make ALMOST $150,000-$200,000 even it if pay full price of $405,000 as the formula does not appear to be consistent in this high end market. Somebody PLEASE help me to structure this deal, I don't want lose it. If I use the 70% ARV I could pay $390,000 . What would you do ? Thank you

@Curt Davis how do you know they want a "Cash Buyer" or  "homeowner" you never saw the house or area? My funds are considered Private Financing (No Mortgage Restriction) which they don't have a problem with. They haven't had any offers as retail buyers are very fussy in this wealthy area and want renovated homes. The percentage is tight but equity spread is high.