Been taking it steady with investing, buying a property every few years and learning as much as I am able. Recently I have been presented with an opportunity to buy a house three blocks from the shore in Belmar New Jersey. The lady is interested in seller financing and the house a 5 bed 5 bath that is split up into four different units. Majority of the homes in the area are being sold as "single family", and this type of multi family house seems to be going out of style.
What im thinking about doing is offering her seller financing, wait for the leases to end on the tenants and then renovate and sell. But Im not sure where to start since this is a out of state investment.
Or maybe I should wholesale it?
Anyone done any out of state flips?
First thing I'd ask is what brought this opportunity to you? Were you actively seeking multifamily rentals in NJ? If so then so long as the numbers work out it sounds like a potential opportunity, but if it's something that stumbled onto your plate you're probably best of finding a buyer and wholesaling it. Without knowing you, your experience, and your interests in real estate I would say make sure it's a deal and make sure it's in line with your goals before you decide what to do with it going forward.
Definitely fell in my lap, came up in a conversation with someone who just moved to Florida from New Jersey.
Trying to find comps in the area but the houses can vary greatly in Belmar, and the values are very high.
Based on the experience you alluded to in your first post and the fact that it's out of your local area, I would say the wholesale it. To buy this at the right price and get it renovated efficiently and effectively, you will need a team on the ground with whom you can trust. Really doesn't sound like you have that in place.
@Joesph Holloway Good day Joseph, I used to work at the premier club in Belmar, D’Jais, and know the area quite well. I am interested in hearing more about this property. Please send me a pm if you would like to discuss this privately. Thank you.
If this property is in the right area you can rent it out during the summer months and make a fortune. Enough to prob cover the bills for 12 months. Belmar is good area
Is it even legal?