I am from New York looking to do my first fix & flip in north NJ or even suburbs of New York.
I have 40K In capital, 800 credit , I'm trying to find a way to get my first deal with those numbers (If I am too optimistic let me know in the comments) .
I'm at the point where I'm looking for areas and neighborhoods that I can make the most of with the tools I currently have, but I don't even know what to look for.
I think I'm on the right track but any suggestions or advice would be super beneficial.
You should attend this meetup. https://www.biggerpockets.com/... It's in NJ. These guys have experience flipping in NJ and organize this monthly meetup. I think it's doable in your circumstances and this would be a good first step.
Next meetup is Feb. 1, 2020
@Eli Aviel . Hi I’m new here and I’m learning. I live in Bloomfield NJ. I’m interested in flipping houses in this area.
@Michael Montesino . Thanks for posting
@Michael Montesano thanks for the tip.
I will definitely go ahead and join this meet up.
Also, would you suggest to try and partner up for my first deal?
What kind of deal do you want to do? House hack, straight investment, single-family, multi? 40k may sound like a lot, but if you are buying a straight investment property in Northern NJ you will need 20 percent down, closing costs, and reserves of at least 10-15k. You definitely have the ability to make a deal, but you don't want to rush it because as you said, "I don't even know what to look for."
If you don't know what to look for, you have to learn more by going to meetups and reading the forums and seeing properties. You need to see 25-50 properties in person before you should make an offer and be comfortable with understanding what the costs on the calculators look like in real life. You need to build a relationship with an agent who is willing to show you properties and help you learn the values and spreads in the areas you are interested in.
You need to know your why and your goals before you put down the cash. There is also a good meetup in Montclair twice a month called Brick x Brick. You can find it on Meetup.
@Jonathan Greene Thank you very much for your detailed response.
This information will be very helpful to me.
@Eli Aviel I think partnering would be good. It will help you avoid costly mistakes if you partner with someone that has more experience. Or maybe also find someone who would be willing to invest in your deal that can also function as some sort of advisor (an experienced lender that would be willing).
I know the organizers of that meetup are good people. They will be very helpful.
Thank you for the meetup info. I am in the process of educating myself to the fullest in order to make strategic acquisitions in the NJ market, and also Network. I have invested in the past and some were successful and some were not, but that was with little knowledge. This time I'm doing it the right way.