All Forum Posts by: Ana Nomys

@Ralph Soles

Thanks I have actually been lurking on and off for years. Just started to share recently and hopefully I can give back a little.

Be well my friend

Yep, I worked this holiday week-end and in doing so I observed a long awaited phenomena. There was a noticeably large increase of properties for sale. In my opinion there were a huge number of FSBO's out there (more than I have seen in 30years), Signs for new real estate companies I never heard of and even an increase of signs from the biggie r/e firms.

Is this finally a release of the large number of homes that have been backlogged in New Jerseys long bankruptcy process or is it a large number of homes being put up for sale by those underwater that are just trying to move on or is there another reason?

I reached out to a couple of FSBO's and they seemed to be priced high but then again are they going to come back down to reality in a couple of weeks when they find out there are very few people truly qualified to buy there homes at the price they are asking?

I think the slight up-tick in prices really was a false increase in price by hungry zealous wanna be investors over bidding the last 6 months. Most of the owners of the homes for sale indicated there homes were very dated but again the price did not reflect that. Of course I will monitor the FSBO's and investigate the reasons they are up for sale to see if I can swoop in.

How about your neck of the woods? Cities that were heated the last 12 months are there prices cooling or still rising? Cities comparable to the Suburbs of NYC and Philly that is...

Great true story that just happened today... I went to look at a home (5 all together for different investors) today to evaluate it as a possible investment (flip). I was accompanied by a new investor for this one particular evaluation whom heard of me through the grapevine of professionals that I have invested with in the past.

After the evaluation we started talking about the needed repairs and very rough guesstimates. He then said.. I hear you are a very good "General Contractor" I then snickered a bit and said I believe I am good, not perfect but good.

He then proceeded to tell me he visited Bigger Pockets and read an article by a Pro and regular contributor of BP named J Scott. Whom described the differences in contractors and that according to his professional friends I fit in the "General Contractor" category and explained to me what that was.

I am not going to go into what he said the quoted "General Contractor" is but it did make me feel pretty good (For having to work on Memorial Day). That said after some snooping I found the article this gentleman was talking about in JScott's blog.

Thanks JScott and thanks BP. The new investor and I shook hands and he already gave me a large deposit check to start to "Manage" the renovation fix and flip project based just on a handshake (for now). As a side note I have not refined my numbers on this project yet and if it is not where I and He need the numbers to be I will graciously return his money and seek another deal with him as he indicated he has real estate investing fever.

OK OK OK we give up what was the cause of the noise?

Great info. Even though 16+ years out it is information I will I will be aware of in my continued pursuit of a healthy and financially secure retirement. Which is 16+ years from now.

@johh

This home serves many purposes for me so to sell it right now is not an option. "Mixed use" lot to which I use part of the land for my business. I am looking to sell it in 3-5 years. I have an in-law coming that would use the Bsmt if I finished it or another bedroom if I should build garage with suite above. The property is currently rented by family (that are truly treated like tenants, except Sunday between 1-3 dinners). The property is in an area that has about 30% with garages and the homes now that are being purchased are having garages installed almost immediately.

@Mark Langdon

As a contractor I have priced out doing both jobs to include the headache part and because of that I am leaning towards the garage. All my mechanicals are adjacent to where the garage would go so again ease and non aggravation is a factor. With the in-law moving in the extra income ($900) will in 2-3 years cover the cost of either project.

Thanks everyone.

Can anyone suggest a good Title company in Central NJ

Nice!

Thanks Chris,

I just reached out to the tax assessors office this morning and I should be getting a call back later today. I agree adding a bedroom and 3rd bath is not a bad idea. But I am just getting this gut feeling that a garage is the better choice... ugh I am going to see what my additional cost would be for a two story garage (same dimensions as above maybe a little shorter) with addl MBR and on suite bath at the second floor. There is so much work that would have to be done in the basement (moving and framing for so much mechanicals, reworking plumbing and etc) it just might be easier to add 2 story garage. All the mechanicals electrical box, sewer lines, water lines and gas lines are right next to where the garage would go.