Wholesaling in Essex County NJ
Hi all
This is my first time posting in BP. I have been looking to wholesale in NJ, mainly Essex County because this is my comfort zone. As a new investor looking for my first deal, I have come across a home in a very desirable neighborhood (Caldwell, NJ). It is 4BR/2 Bath, 3 story home. Homes are selling in this area in 400K range and up to 800K or more. This home is in a great location, HUGE corner lot. It is being used as a multi family but it can be converted back to a single family if desired. The outside of the house is in pretty good shape but the inside needs a ton of work. It is not as bad as an abandoned home would be, but it is definitely a home that has been trashed and not looked after. There is a current tenant on the 2nd floor but he will leave as soon as sold (tenant is there on month-to-month basis). If I can lock it up, I am looking to wholesale it for $350K. Of note, there is a similar house right next door on the market for $525K. I'm guessing the rehab work needed can be anywhere from 50-100 K depending on what an interested investor desires to do. In my eyes, it seems like A LOT of cosmetics is needed. Roof is good and exterior of house is good. But I'm obviously not a GC. Minimum ARV is $470K. Because I know this area so well, I know an investor can get more. This is also a good buy and hold if anybody is interested in renting out. Caldwell is a very popular area for multi family homes as well.
These forums are so helpful...I thought I would try my own luck to see what your thoughts and interests are.
Thanks for reading! I am excited to delve into this world of real estate and I hope that I can also contribute to these forums as an experienced investor one hopeful day:)
Hello and welcome to BP! you will have many competitors in New Jersey because i have noticed on the Newbie mail list from new investors seems that New Jersey has the most Newbie investors than any other state in the United States. That being said and your timing of the real estate cycle being more favorable to the sellers take your time into as much learning the most you can before you start making offers. Since there seems to be many investors in New Jersey you will need to have a good reputation to succeed there. The more you sound that you know what you are talking about will get you to be a bit closer to making a sale. Also be a good problem solver for homeowners. the price might not not be number one. If you can find out what the homeowner's biggest problem is you might be able to help them out by solving that and getting your offer accepted. your knowledge of a particular neighborhood will help you too. Any amenities it can have can help you too. So know about it the best you can.
Good luck to you!