Hi everyone - I'm wondering if fix and flip is still a profitable business in the areas within Essex, Morris, Union and Hudson counties (or close to these areas).
Any inputs are welcome! I'm looking to start investing in Real Estate through fix and flip in the area, buying a property of around 100k to 120k for my first deal.
Appreciate any comments from flippers in the area! Thanks!
I am not a wholesaler but if you have good deals secured you'll make money as a wholesaler.
Reason being that in all the counties you have cited are hot markets. So there is plenty of buyers looking around to get deals.
The challenge for you would be to secure those deals at a price that leaves enough meat on the bone for someone's else to buy it from you and make money.
Hi @Stefano Grottoli , Yes it is still profitable, I work with many people who are flipping in the counties you've mentioned and are very successful. The harder part is getting to deals at a good price. As @Patrice Penda mentioned, since the areas listed are hot markets, you're competing with a lot of other investors who are also looking for great deals. Anything that comes up on the MLS, you can almost guarantee there are multiple investors eyeing it.
It all comes down to getting the deal at the right price! Best of Luck!
@Stefano Grottoli , Direct Mail can be useful to find the deals.
There are 7,240 Absentee Owners in the 4 counties fitting the following
- home value $50,000 - $350,000
- LTV 0-59% (at least 41% equity)
- single and multifamily
You might also consider SENIORS with 20+ year ownership who might be ready to downsize. There are more than 7500 with the same high equity and home value.
You are all accurate. I've been watching all these counties, plus Passaic County like a hawk for the last couple of months... and it's super competitive out there. You literally have to get to the property within 3 days MAX to get a shot at these entry level properties. That being said, if anyone has any contacts with a reliable wholesaler or an individual with an off-market deal available, please keep me posted! Good luck everyone!
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