Diving right in here in northern NJ

Diving right in here in northern NJ

Woodcliff Lake, NJ · Member since 2014 · 37 posts · 28 votes
I'm a former realtor turned poker player turned headhunter and a Canadian turned American. I moved from Vancouver to northern New Jersey three years ago after marrying my beautiful Jersey girl (whom I met in a swimming pool in Las Vegas). I got my real estate license in Canada ten years ago because I wanted to get into flipping. I was only 22/23 at the time, and securing investors was a real challenge. Nobody wanted to be my guinea pig. Everyone said they'd love to invest in my second deal, once they had seen me pull it off once. Of course, my first never happened. I was doing okay as a realtor, but it was never what I wanted. Fast forward a decade, and I'm living in NJ, working long hours on top of a long commute to and from Manhattan. I'm making a good income, but it still feels like the rat race, and I've still got that itch. I went and looked at a wreck of a house in a town I don't know at all just two days ago, and I plan on making an offer on it this morning. Am I getting in over my head? Absolutely. That's what happens when you dive in! It's the best way I know to learn to swim, and I don't have the patience to stand around the edge of the pool. I hope BP can help keep me from drowning... Jeff
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Real Estate Agent · Hackensack, NJ · Member since 2014 · 321 posts · 412 votes
12y

That's great you are jumping right in! Many wannabe real estate investors never pull the trigger! Maplewood is a desirable town for buyers. Keep us updated on your progress!

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  • Morristown, NJ · Member since 2014 · 24 posts · 5 votes
    12y
    Congratulations and good luck on your venture, I commend you for jumping in and going for it. There are a lot of resources here and I'm sure a lot of people will help you in all aspects of your investment. Would you be able to give us some basic statistics on the property bedrooms, bathrooms, square feet zipcode?
  • Flipper/Rehabber · North, NJ · Member since 2014 · 91 posts · 23 votes
    12y

    Good luck @Jeff Stewart . Which town are you looking in for these properties? I'm a little bit south of you in Passaic County. Hope you do well on this one. Come back to the forums often and you will surely receive some sound advice to help guide you along. 

  • Woodcliff Lake, NJ · Member since 2014 · 37 posts · 28 votes
    12y
    Thanks for the welcome! It's a 4-bed, 1.5-bath, 1900 sf house in Maplewood. The ARV looks like $375k+, but I'm trying to make the numbers work with a conservative $350k ARV. I'm not sure how much to say since I don't have anything under contract. What's prudent to share?
  • Real Estate Agent · Hackensack, NJ · Member since 2014 · 321 posts · 412 votes
    12y

    That's great you are jumping right in! Many wannabe real estate investors never pull the trigger! Maplewood is a desirable town for buyers. Keep us updated on your progress!

  • Brandon TurnerPro Member
    Investor · Maui, HI · Member since 2009 · 13k+ posts · 3k+ votes
    12y

    Hey @Jeff Stewart  welcome! You've definitely come to the right place to learn more about investing. If you haven't yet, be sure to check out the The Ultimate Beginner's Guide to Real Estate Investing and The BiggerPockets Podcast. They are both great at learning the fundamentals.

    Oh - and don't forget to set up your Keyword Alerts!

    See you around the site!

  • Investor · Hawthorne, NJ · Member since 2014 · 57 posts · 13 votes
    12y

    Hi Jeff.  Congrats and good luck.  At lot of the time people will share the purchase price (or what you're hoping to purchase it for), how much you plan to spend on renos, what type of renos you think it will need, and your timeline for flipping it.  Plus any other details you want to share...people tend to get pretty detailed on this site as it elitists a lot of great feedback from the BP community!

  • Chester, NJ · Member since 2013 · 150 posts · 30 votes
    12y

    Hello Jeff, I love reading about the first deal. Looking forward to hearing all about yours! See you around the site

  • Wholesaler · Whippany, NJ · Member since 2009 · 412 posts · 183 votes
    12y

    Good to have another Northern NJ investor on the boards.  Keep diving in and make sure to take a step back once in a while to learn from your mistakes.    Plus read all you can on this site to help you take educated risks

  • Allenwood, NJ · Member since 2014 · 92 posts · 17 votes
    12y

    Know the area well..... Not all peaches and cream in Maplewood but there are a lot of +'s. Keep us informed with numbers and pics so we can all learn together. One question I do have is why Maplewood?

  • Summit, NJ · Member since 2014 · 32 posts · 9 votes
    12y

    @Jeff Stewart you are a brave man. Good luck on your venture. You have deffinetely come to te right place for help. 

    Regards,

    Felix

  • Woodcliff Lake, NJ · Member since 2014 · 37 posts · 28 votes
    12y

    @Anna Nomys, because that's where the deal was! I had never even heard of Maplewood before Sunday. It's not the greatest neighborhood in the world, but the numbers make sense, and that's all I care about. I'll definitely keep you guys posted on progress. 

  • Real Estate Professional · Maplewood, NJ · Member since 2014 · 38 posts · 10 votes
    12y

    @Jeff Stewart

    I live in Maplewood. Been here since 2001 and love it, but you need to be careful about which neighborhood you're buying in. Somehow, I feel like the house you speak of I've seen on Zillow. ;-)

  • Real Estate Investor · Newark, NJ · Member since 2013 · 73 posts · 9 votes
    12y

    HI @Jeff Stewart Welcome to BP

  • Woodcliff Lake, NJ · Member since 2014 · 37 posts · 28 votes
    12y

    Thanks, @Ralph Soles .

    Craig, it's not on Zillow or MLS. I'll be happy to give the details once it's under contract. I'm well aware that it's not the greatest neighborhood, but I've got several solid comps within three blocks that support the ARV I need.

  • Woodcliff Lake, NJ · Member since 2014 · 37 posts · 28 votes
    12y

    I'm glad to hear from someone in Maplewood, though!

  • Woodcliff Lake, NJ · Member since 2014 · 37 posts · 28 votes
    12y

    @Laura Levine So far, I've got the seller down from $190k to $160k, though I think I can still squeeze out a little more. My contractor tells me $85k will get me a full gut: roof, windows, siding, floors, electric, plumbing, kitchen, baths, HVAC, landscaping, etc. Basically, the foundation, studs, and joists stay, and everything else is new. On this house, that's definitely what's needed. The comps give me an ARV of $375-400k, but I'm working from $350k to be safe. My contractor promises 75 days between closing and listing, but I'm planning for a 6-month turnaround. It is definitely worth noting that my contractor specializes in flips.

    I hope that info helps!

  • Morristown, NJ · Member since 2014 · 24 posts · 5 votes
    12y

    @Jeff Stewart i'd love to get your contractor contact if you don't mind and if you do decide to use them a review of what you thought of them. did you get multiple contractor estimates on the property or just this one?

    it looks like your basic numbers look good to me (but then again I'm just a beginner)

    if you can get them to 150k and factor 95k for construction overages and sell between 350-400k your at 60-70 percent.

  • Solo 401k Expert · Anaheim Hills, CA · Member since 2012 · 18k+ posts · 6k+ votes
    12y

    Welcome to BP community @Jeff Stewart  It is a great place to meet new friends and learn about various aspects of real estate and more. 

    Wishing you the best! 

  • House Flipper · East Stroudsburg, PA · Member since 2013 · 1k+ posts · 205 votes
    12y

    Welcome to the BP universe.  Go to see you getting your feet wet.  As mentioned, don't forget the keyword tool.  There are meeting held in Summit, NJ which is not to far from you that you might want to attend and meet like minded people.  Review the dashboard their is a wealth of information available.  Again, welcome aboard.

  • Investor-Realtor · Union, NJ · Member since 2013 · 48 posts · 4 votes
    12y

    From what you are saying this deal seems like a no brainer. Good luck!

  • Investor · Hawthorne, NJ · Member since 2014 · 57 posts · 13 votes
    12y

    @Jeff Stewart The number sound pretty good to me too! I'm under contract on a 2 family house in Hawthorne and will be doing something similar with our house (total gut of of one unit, and some updates in flooring and the kitchen on the second unit). I'm in the process of looking for contractors..can you tell me where you found one who specializes in flips? We plan to live in this house for a few years, but I'd like to start with some single family flips after this project. Maybe once our respective projects get started we can compare notes and/or check out each other's properties? I'd love to collaborate more hands on with people doing similar REI's!

  • Woodcliff Lake, NJ · Member since 2014 · 37 posts · 28 votes
    12y

    @Laura Levine You're a step ahead of me. I'm trying to get my project under contract tomorrow. I'd have to check with my contractor to see if he's okay with me sharing his contact info, though I'm sure he'd be glad for the referral! Forgive me for waiting until I get my own deal underway first. :) I can tell you that I found him by asking my hard money lender for a recommendation of someone he had seen complete many successful flips, and he raved about this guy. Five days ago, I didn't have anyone on my team at all. Now I've got a lender, a contractor, a realtor, a lawyer... We're making progress!

  • Investor · Little Ferry, NJ · Member since 2014 · 45 posts · 6 votes
    12y

    @Jeff Stewart How's your project going? I'm not a flipper but interested in how your project is going since I'm looking for a duplex in Northern NJ. Would like to network with local investors to learn more neighborhoods and find my team members too. 

  • Dave VisayaPro Member
    Moderator
    Audio Engineer and Investor · Cebu City, Cebu · Member since 2013 · 7k+ posts · 881 votes
    12y

    Hey @Jeff Stewart welcome to BiggerPockets! It's great to have you!

    BiggerPockets
  • Wholesaler · Edison, NJ · Member since 2014 · 92 posts · 28 votes
    12y

    Welcome! I am in North Jersey as well although I originally am from Middlesex county and still live there. There's three great NJ meet-ups! NJRESN, NJREIC, and NJREIA.

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