All Forum Posts by: Steven McCutcheon

@Alejandro Tirso

Going local is usually a great bet as the insurance agents there usually know the area well enough to explain what coverage you should need. I’m located in central Jersey and you should be able to find better deals that do cash flow for MF. Let me know if you’re interested!

Best,

Steve

@Sami Gren

Sorry Sami just saw this MLS is multiple listing service. What realtors use to list their homes for sale and others can view for buyers.

75 hours

@Devinte Simms

Check with some local brokers to see if they allow this, and then find someone who runs a team. They will want members to join them, and even if you wanna be solo, you could pick up some good info if they run it the right way! Best of luck out there!

@Eli Mills

Kind of difficult to do. Best bet, house-hack a multifamily home. Rent out one side and live in the other. You can put 3.5% down, but if you don’t have the money to make certain renovations you have to find one in good shape. House-hacking would be your best bet and hopefully all the rent from the other unit can cover all your costs. You live for free, build equity, and can do it again. Hope this helps!

Best,

Steve

@Matt I.

AC is a tricky market. I think the same thing every time I visit. Maybe it’s more of my optimism seeing what should happen to this town, but I’m not the one running it. I have noticed some pretty successful AirBnBs around the area and talked to their owners. The cash flow for them can be great, but I question it if we hit a crash like everyone is predicting, than their economy suffers even worse. Less people will be going down to gamble, the clubs, the shows, etc. If tourism drops so could business!

@Jhon Restrepo

Short answer: war zones. They are constantly in the top crime rates across the country every year. The tenant pool in that area won’t be great, so you’ll be dealing with a ton of crap that a B class neighborhood you would not have to. Your cash flow might be high, and if somehow those towns ever turned, they would be an insane thing to get in on early. Hard to imagine it happening anytime soon.

@Andrey Budu

Don’t trust Zillow for correct estimates or pricing of a home. They are better at lead gen for agents than estimating home prices. Also, just by what you gave us, I’m not sure why you have to pay for proof of funds. I would avoid this deal, doesn’t seem like you have the financial capability for it, or if there is even enough to be profitable. Don’t forget about the holding costs of properties during a flip too!

@Sami Gren

In NJ you can’t do it online unless it changed recently. It takes as long as the course takes plus the test afterwards. If you are only doing weeknights or weekends it might last 2 months until the right amount of hours are completed. The cost varies per school, then you have the test fee, mls dues, your brokerage might require you pay desk fees or printer use, etc. the startup can easily be in the 1-2k range with monthly payments.

Hi all,

Have a client of mine that is in need of some estimates for a potential small rehab. We are available to see the property this weekend, and would love to know about how much so we can make an offer and move forward. We are looking in the keansburg/keyport area. If you know of any reliable contractors around nj let me know. Thanks!

@Amanda Scully

Definitely go to any REI meetups they could help you narrow which towns to stay away from or jump on board. Also, create your own set of rules. For instance: B class neighborhood, value-add property, low crime area, 1 mile from a school, etc. Stick to what you think is the best and broaden if needed. I have a few areas in Monmouth/Ocean/Middlesex counties if you're interest down here!

Best,

Steve