All Forum Posts by: Tara S.

@Miguel Bautista

We also flip in jersey and just recently collected our first 4 unit buy and hold. What everyone is saying is true about jersey real estate. Taxes are the highest in the entire country. Do a google search to see. This doesn’t mean that you can’t find cash flowing deals tho. Do your homework and you’ll find good deals. Just research the tenant laws. NJ sucks for landlords. We are struggling right now to get a houseguest out of our personal home simply because they are refusing to leave. And by jersey law they have residence here if the sleep on the couch for more than a day. So I would make sure you look at that. We are cashflow into $2,000 off a quad after everything including C.V.R. So that is pure cash flow. We also got that property off the mls. Made a lowball offer but still there is deals out here. It’s not the beat place for investing but if you have to come here for work or something else then you can make it work. I wouldn’t suggest moving here strictly looking to invest. There is plenty of other more Suitable places for that.

So please connect with us so we can help each other out with the née areas. We are looking to live in Mesa Gilbert or chandler and invest in the entire valley!!

Best of luck to you!!

@Miguel Bautista

Me and my husband live in south jersey outside of Philadelphia and are moving to the Phoenix area in the next few months. If you would like to trade information on jersey vs Arizona we would love to connect.

We are in Apache junction from NJ. We are here until the 13th, we’re moving here in the next few months so we would like to get an idea of the local meet ups around here and hopefully go to one while we’re here. I am also a NJ realtor so I would like to find an investor friendly broker as well (not a franchise brokerage I prefer the smaller mom & pop ones) I appreciate any info you guys have!! Ty!!

@Jake Kain

Hey my husband and I are here from NJ until the 13th are there any meetups going on while we’re here? We’d love to network with other investors while we’re here. We’re moving here from NJ in the next few months.

@James Lauer I am primarily in Gloucester and Camden country area. I will message you and we can chat 

Yw! what we do is we call as many lenders as we can find and see who is the best fit for that property. Lenders are all so different so just start calling and talking with as many as you can. Hard money also seems scary but it’s not we have used it almost every time.

I usually go further back in time first then I go further out to other towns. If I STILL cant find anything similar then I average out the closest properties I can find. Find some that are either a little larger or smaller and average the prices to get a close number. You can also pay for a "desk appraisal" which I have done if I feel the property is really worth investing in.

So a "renovation loan" aka 203k is for a fixer upper you want to live in for at lease 1 year. Is that what you plan on doing? If not you are going to want either conventional or hard money. Not sure what area your in but we are in south jersey and happy to help with any questions as well.

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $90,000
Cash invested: $40,000

Contributors:
Justin Sullivan

This property is 4 units. We inherited a (paying) tenant in 1 unit, 2 units are just about rent ready, but the 4th unit is a doozy! The previous owner got in over his head when he reached the 4th unit because it needs a large amount of work. Justin being a contractor our renovation costs are slightly different then others and we are not afraid to take on large projects. This property is not a "perfect BRRRR" but we are okay with that.Cash Flow (After ALL Expenses): $2000(well have back in 5mths)

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

We are all around real estate investors not specifically "Flippers" or "buy & hold" we take the property and run the numbers on what it would work better as, if we keep it, if we flip it, if we flip it as a turn key we run all our options. That being said the cashflow on this property is so good that to us it was a no brainer to keep it.

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

The house was listed for $114,000 on the MLS we originally offered $80,000 they declined & we moved on. After a few weeks they came back to renegotiate we came up to $90,000 and still couldn't come to an agreement, so again we moved on. A few weeks after that the seller called and agreed to take the $90,000.

How did you finance this deal?

We used private money. We actually we working with our usual lender and this property didn't meet their criteria, we could have gave up rite then and there but we didn't. Instead we called my broker, friends, google, bigger pockets you name it. We called and called until we had 3 lenders willing to lend on this property. We were honest with them all about whoever can close 1st well go with. So that's what we did this way if 1 had to back out we had other options.

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

Tara Sullivan - Realtor
Justin Sullivan - Contractor

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $90,000
Cash invested: $40,000

Contributors:
Justin Sullivan

This property is 4 units. We inherited a (paying) tenant in 1 unit, 2 units are just about rent ready, but the 4th unit is a doozy! The previous owner got in over his head when he reached the 4th unit because it needs a large amount of work. Justin being a contractor our renovation costs are slightly different then others and we are not afraid to take on large projects. This property is not a "perfect BRRRR" but we are okay with that. To us the money we left in the deal is worth it because it cash flows so well.

Purchase Price: $90,000
Renovation: $40,000
ARV: $152,000
How we financed it: Private money
Cash Flow (After ALL Expenses): $2000
How we found it: MLS
The house was listed for $114,000 on the MLS we originally offered $80,000 they declined & we moved on. After a few weeks they came back to renegotiate we came up to $90,000 and still couldn’t come to an agreement, so again we moved on. A few weeks after that the seller called and agreed to take the $90,000.
Closing costs: $2900 (Tara being an agent we also got a commission check for $1820 so actual out of pocket cost was $1,080)
Money left in the deal after refi (estimated): $10,000
Time it will take to make back all our money left in the deal: Approx. 5 months

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

We are all around real estate investors not specifically "Flippers" or "buy & hold" we take the property and run the numbers on what it would work better as, if we keep it, if we flip it, if we flip it as a turn key we run all our options. That being said the cashflow on this property is so good that to us it was a no brainer to keep it.

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

The house was listed for $114,000 on the MLS we originally offered $80,000 they declined & we moved on. After a few weeks they came back to renegotiate we came up to $90,000 and still couldn't come to an agreement, so again we moved on. A few weeks after that the seller called and agreed to take the $90,000.

How did you finance this deal?

We used private money. We actually we working with our usual lender and this property didn't meet their criteria, we could have gave up rite then and there but we didn't. Instead we called my broker, friends, google, bigger pockets you name it. We called and called until we had 3 lenders willing to lend on this property. We were honest with them all about whoever can close 1st well go with. So that's what we did this way if 1 had to back out we had other options.

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

Tara Sullivan - Realtor
Justin Sullivan - Contractor