All Forum Posts by: Peter Vander Valk

@Daniel Rossi @Tania Dumont @Vidyadhar R.@Christopher Scaffa @William Kwong @Pete Pisano @Jack Murphy

Hi everyone,

I'm a mortgage loan originator/investor in Bloomfield, but I'm originally from Ocean County. My wife and I house hack a duplex and are looking to buy and hold more multifamily long term. Would love to connect with you all!

-Pete Vander Valk

Hi @Raymond Temprano,

I'm a lender in Bloomfield, but am always looking to connect with RE professionals in the area if you would like to chat. Also, a fellow BP member and I are hosting monthly meetups, so if you'd like to come to the next one, feel free to shoot me a message and I'll add you to the email list. You should be able to make some good contacts there.

Best regards,

Pete

@Dennis Yosco that's awesome. I would definitely be interested to learn more about how you set up your direct mail next time we talk. I've been thinking about doing that myself.

@Dennis Yosco this is awesome, how did you find this lady? Sounds like you had quite the productive day yesterday!

Hey @Dennis Yosco,

My long term strategy is buy and hold, so if the flip winds up being a BRRRR, that's fine with me. I will do what the market dictates I do at that time. Deals are tough all over right now because of supply shortage and high demand (Millennials saving up for down payments during COVID, people moving out of cities, etc). It seems to be especially tough in our area.

The market is already beginning to shift with construction up 15% this year and buyer sentiment down. Also my company has seen, and other RE folks I talk to have noticed as well, that homes aren't appraising like they were a few months ago. I definitely agree there will be a correction, and I also agree that 5-7 years we'll be trending upward again. What kind of correction, who knows. COVID created a lot of uncertainty and we have been seeing a ton of inflation recently (5.4% in June). There have been a lot of factors affecting the housing prices.

There's still a lot of uncertainty with people leaving their jobs in droves, borrowers coming out of forbearance, etc. The next few years are going to be interesting.

@Jeffrey Donis what do you mean by extension on the property?

The loan we will likely be using is a fix & flip product that has a 1 year term with an optional 6 month extension. Is that what you're referring to?

I just read an interesting article about home flipping statistics: https://nationalmortgageprofes...

It seems that the rate of home flips as a percentage of all home sales, as well as the profit margin for flips, have both have decreased in Q1 this year, with the exception of a few metro areas. I would be interested to hear about the experience of any active flippers here who have noticed this trend in their own businesses, and if you have done anything to pivot your business. How are you finding deals, and what are you doing to extract the maximum profit from your flips?

My wife and I have set a goal to buy our first flip by 6/22/23, so we are still in the early stages of looking. We are looking to invest in Northern NJ. What recent lessons have you learned that would benefit someone who is looking to get into their first flip?

Thank you for taking the time to read and engage!

@Cassandra Alessio people are doing crazy things in this market, just stick to your numbers and you will find something! I am also interested in what will happen in the fall. Buyer sentiment is on the decline, so I think the demand will continue to come down gradually. New construction is up 15% this year too, so hopefully that means more inventory coming on the market soon.

We bought our house in 2018 off the MLS with an awesome realtor. It was still a seller's market at that time, although not what it is today, so we put the offer in the day it was listed while I was at work and only my wife had seen it. We had actually tried driving around and putting together a spreadsheet of all the houses that were in need of TLC that we were going to try to buy off market, but then ours wound up working out. We haven't really been in the position to buy anything else since then, but we are working on it now.

@Rom Smith-McCloud you bet! I'm happy to connect too if you ever want to shoot me a message.

@Rom Smith-McCloud one thing to realize with NJ, and especially North Jersey, is that the high taxes are going to throw off the numbers, so most deals aren't going to work 100% in the calculators. Also there are a lot of properties that just aren't appraising. If you're not comfortable coming out of pocket with extra cash, then don't waive your appraisal contingency. If you don't get the deal, there will be another one. Sellers have the power right now. It's not easy, and you will have to make a lot of offers, but just stick to your guns and don't accept a mediocre deal out of desperation.

Best of luck in your search. You will find something eventually, just keep it up!