Investor · Iselin, NJ · Member since 2015 · 11 posts · 6 votes
I want to make a group that would put into 5-10k each and we could start investing in New Jersey using a LLC.
Contact me further info, I am still fleshing this out, but would like to get about 50k total and use Bigger Pockets ideas to flip distressed properties using 1031 exchanges.
Investor · Iselin, NJ · Member since 2015 · 11 posts · 6 votes
11y
After going through each flip which is a little higher than the one before
Goals/Steps:
1. Get to 200k equity/sales from 50k
the 200k equity will give better leverage when doing deals
2. More flips, Move onto 1MM in after tax equity on sale, this can be any real estate
at this point if there are 5 members each would get 200k and can vote to dissolve or move on to next stage. again 200k means more leverage, an individual can do flips on there own
3. More Flips, the next stage if 5 out of 5 agree to stay, is to get to equity levels of 1MM each after tax using commercial real estate
We would then see who wants to stick around and refinance out people who want to leave.
This is not a sit back and get rich scheme, would expect each individual to do 20-30 hours of analysis on properties. Each member should understand that no money from this will feed them until we get into commercial properties that would give lease amounts.
Developer · San Diego, CA · Member since 2014 · 294 posts · 70 votes
11y
I'm interested and I guess depending on who ends up in the group we'd divide the work according to skill sets. I like the ideas though of forming a group to spread out the risk and starting small while working our way up.
Developer · San Diego, CA · Member since 2014 · 294 posts · 70 votes
11y
We'd certainly need a lot more information. The first thing that comes to mind is, "is it occupied?" If so, how will the repairs be done? If not, then there's no income and because it's a commercial property getting financing will be difficult.
Somerset, NJ · Member since 2015 · 7 posts · 1 vote
11y
I may be too new to the REI world and not have enough knowledge/skills to contribute as much as most other members of BP, but I am interested nonetheless.
I want to make a group that would put into 5-10k each and we could start investing in New Jersey using a LLC.
Contact me further info, I am still fleshing this out, but would like to get about 50k total and use Bigger Pockets ideas to flip distressed properties using 1031 exchanges.
I would have skin in the game as well.
thanks
Jay
I am interested in exploring. I shall also skin in the game