My husband and I just went house hunting in Long island and New Jersey over the weekend. It was full-time driving all day looking at houses town to town. It was exhausting but we felt like we learned a lot.
We are very interested in developing a fixer upper business. It is going to be a part-time job in the beginning but hopefully can be our full time job in near future. We are planning to move in to the first home that has a fixer upper value and fix it while we are living there and sell it possible within 6 months. My husband enjoys fixing things and wood working and I have design back ground. we are not expecting a huge return on the first house but would like to really get our feet wet and learn the whole process.
I would like to study and get the RE license in the mean time.
if anyone has good any suggestions or insights I would really appreciate it!. I am excited to connect whoever has same interests!
Welcome! Where in NJ are you looking? My best advice is to get with a realtor who knows the local market very well. I invest in Union and somerset county in NJ. I am more of a buy and hold for long term appreciation and cashflow.
I like your idea of living in your first property and renovating and then selling. Good idea. DO you currently rent? Have you considered a 2 family to occupy and fix up while renting out and generating income?
best of luck.
Thanks for your reply. We went to see Edison, Metuchen (our favorite), Bloomfield, Nutley, Bergenfield, and Dumont.. many towns in one day. We are not familiar with NJ so didn't know about Union and somerset county.
yes, We are currently renting and saving as much as we can so we can have some cash to spend when we buy the first home. I think that will be a good idea to buy two family home to rent it out. Is renting market in NJ going well as NY?
Thanks for your comment again.
Start by picking the state first. Go with what you know best. I'm a licensed agent in NJ and you can feel free to ask me questions anytime
@Chris Masons what are your numbers in Nj
Eddie I look for a minimum. Of around 12% cash on cash return.