All Forum Posts by: Yechezkel B.

Hi all - I would like to hear your opinion as per where is (still) a great state or/and town to flip houses and make solid good returns.

I live in Rockland County NY and doing business all over northern jersey, I'm attending all the live sheriff sales, I'm on top of all the online auction platforms (Hubzu, Xome, Aucion.com), as well as any deal hitting the MLS, I've got relationships with many top agents (who did bring me some deals in the past). I'm buying with hard money.

I'm starting to realize in NJ you can't really find the solid 50% below market deals like it used to be 2 years ago and all foreclosure deals are selling literally for retail prices and some stupid people buying them... 

I know the market is pretty dry but this is not and will not stop me from finding and buying below market deals, I know if ill work hard I will eventually find the deals.

I do have a nice amount of open projects at any given time, but I find it very hard to find solid good deals, I would say 80% of my time is going into finding and searching for deals.

When I'm going to auction I see with my own eyes people (ether newbies or stupid's..) are buying deals that I know for a fact they will go away with a 20-40k loss... 

I feel that the north jersey area is becoming almost to impossible to flip, especially with hard money, and I'm looking into other markets where I can buy at least 50% below market and sell fast with solid returns.

If anyone can advise which states and/or towns it's easily doable and in a large scale ide appreciates it.   

Thanks in advance 

@AlexDeacon

Thanks much, Yea figured so - the rehab needs to be well planned and estimated.

Hey guys,

I'm looking at a Victorian home built in 1880, would anyone have any experience good or bad with such old home?

I'm just afraid and to buy something that's so old.

Thanks 

The best coverage you can get for a vacant home in such a condition would be a DP1 policy which provides you with the most basic form of insurance coverage. Have a talk with you insurance agent about this property, some companies inspect the property while some don't, you might choose to work with those that dont inspect as from your post it does not appear that you are looking to put any money in repairs...

The main reason i like condos over SFR is in therms of flipping and rehabbing. Your not dealing with major renovations like roof, major electric plumbing - its all the HOA ( most of the time)

Homeowners can 

1-sell their house

2-List with an agent

3-Bring the loan current

4-Make a plan with the bank

5-Talk to an investor.. 

Thanks Trevor!

Thank you! this happens to be an REO so I dont think the wholesaler can eat this cost, and am wondering what the bank would do in such a case.

Very well answered,!!

Hi,

I'm deep in review on a SFH in NJ, we already determined the SOW, all fits the formula. Our contractor noted a crack along the main beam of the house (in basement) I ordered a structural engineer today who determined that the beam needs to be reinforced and columns added to support them beam. The engineers estimate for repair is like 16,000 which I believe is totally overpriced. Based on what he put in will cost for the other minor repairs (add railing for front steps = 6,000 ! ) Here are my questions, I hope you guys can enlighten me:

1. when it comes to fix and flip, if a house requires work involving structure, do we walk away? or is it something that many fix and flippers need and 'would' handle with.

2. specific on this repair of a structure main beam (wood) can anyone share their experience on this, is this something that's easy to repair, my concerns are if this is a long drawn out expensive process that can become very complicated.

3.Regarding how I should deal with the wholesaler- I need to decide if I should give in an offer as priced, then once I confirm that exact cost of repair, I can reverse my offer and give in a lower offer. Or i dont go into contract with the wholesaler until I get the exact cost and extent of work and then I give in a more accurate offer. like will the wholesaler rather adjust his price to someone who has an offer in already?

Thank you all!

Thanks Stone Teran.