All Forum Posts by: Martin Sterling

Greetings All,

I wanted to know if anyone has a Title search company in North Jersey that can complete a title search in less than 5 days? If so, I'd love to get their information.

Thanks Michael. I wanted to give my callers the benefit of a live person no matter when they call. 

Do you think that's a necessary consideration or am I over thinking it?

Greetings

Does anyone on here know of a more cost effective dependable call answering service other than PatLive? 

They're at $150/mo. I'm looking for a better deal. 

Thanks in advance 

Based on your provided info the deal looks solid to me.

I get my leads from listsource.

Hey All.

I wanted to get some feedback from those doing yellow letter campaigns on conversion rates. 

How many leads are you mailing?

How often are you mailing to them?

What's the max amount of times you send a lead a mailer?

What's your conversion rate?

I'm focused on properties going to sheriff auction right now. I have about 100 leads who I'm mailing to weekly. I was hoping to get at least one property under contract at maybe a few loan modifications. I kept the leads low because I figured on mailing them 6-7 times and I didn't want to spend more.

What are your thoughts?

Hey guys, is there a site to get taxes and unpaid water for properties in New Jersey? Any recommendations?

Thanks in Advance

We have private lenders that let you cash/refi out as soon as property is stabilized for up to 70%.

What tools do you guys use to research your markets?

neighborhood scout seems good, but in some areas that are changing, the data is off.

In New Jersey also use otteau services too. Great stuff.

Anything you guys recommend for data like employment and income trends?

Thanks in advance

Flip vs BRRR

Greetings,

I wanted to know what you guys think about the differences in these two strategies when it comes to building up capital reserves.

Please correct me if these projections are inaccurate.

Situation A

If I buy a property for 80k, put in about 60k worth of work, and the ARV is 240k, that's a pretty decent deal. That's a 100k spread (240k minus 140k), out of that let's say you net 50k conservatively. If your project is under 12 months, short term capital gains is about 15k, so you pocket a 35k profit.

Situation B (a friend's deal)

You paid 88k for the property, you put in 37k, ARV is 270k. That's a 145k spread.

Instead of flipping for cash, you did a cash out/rate and term refi out of his hard money loan after 2 months. You pocketed 44k. No taxes due. And still had a single family home he rents for $2000. His PITI is $1600. He cash flows $400/mo. Not sure if that includes his down payment. His down payment was, 13.2k. He's still pocketing 30k in two months tax free from forced appreciation. He's not dealing with buyers negotiations and a second RE agent commission, buy it's still a second closing expense.

My question, what's a rule of thumb to use for deciding whether a property should be flipped or short term BRRR cash out?

Deals that fit this short term BRRR criteria seem to have larger spreads and high rents.

So when and why would you short term BRRR and not Flipping?

Any rules of thumb for deciding?

Thanks in Advance