Hello BP,
I’m a structural engineer by education but have been in the construction industry since I graduated. I started working on bridges and tunnels and now work as a Project Manager for a company in the commercial side. I think I reached a point where I made sense of the chaos and can find the calm within it. I work in London and NY and deal with multi million dollar projects. I will also be applying for my professional engineering license next year.
Although I love what I do, working for the man was always a path to learn new skills. I think it’s time for me to make a leap and make my first flip. I am looking at properties in New Jersey but am really nervous to take the leap. Although I know construction, I’m not confident I can plan correctly now that it’s my money (I know it’s a mental block). I want to insure I execute correctly without making amateur mistakes. I have a few questions I would appreciate some help with:
1) I do not want to use my money for down payment and renovation so is a hard money loan the best option?
2) At what stage do I go apply for a loan (during my search, after finding a property, after acquiring a property..)?
3) How do I find foreclosed/bank seized properties? I went to my realtor for a short sale property and they told me to contact the agent on a Zillow listing. That agent never gave me any info about the auction (even after calling twice).
4) For a property like the one mentioned above, how do I get comps to see what the ARV is?
Thanks in advance for your help.
