First time BRRRR, contract assignment
Hello everyone
I am an nyc resident, looking to buy an investment property in South Jersey for the first time for BRRRR.
I have a lead in that area, I got to know him through other guy on BP. He contacted me and offered contract assignment, which I was not aware of its meaning. I read through online and have some basic idea now. But to be honest, there are too many things going over my head, since it is my first deal ever and I don't want to rush and screw it up. I plan to take time and read every piece of paper I am signing.
So the situation is, the property is already inspected and appraised and everything, according to what he says, only thing left for me to do is sign the papers, wire the money to the closing attorney(contract assignment). I have not yet seen the property yet, I think I will have the time to read all the paperwork, city inspection, disclosure form, etc. The numbers add up, even with very conservative numbers plugged in.
My current concerns are
1. lenders
for BRRRR, I wonder if there's local lenders who is willing to do LTV 75% without seasoning periods for a newbie investor. Also, I am a nurse who's worked in a hospital for a while, but I am transitioning to a home visiting care within a few days. I hope it wouldn't damage the chance of getting the loan, since I am gonna get paid less for the new job.
2. contractor
I can't get a referral on contractors, so I will have to rely on online review and search. What I am gonna do is call up a few contractors and show them photos of the house(according to the agent, house needs about 10-12k of work) and make sure they stick to the initial schedule.
Could you give me some advice on my situation? Such as what to do, what not to do, something I might be missing.. etc
As always, I appreciate for all the people who're reading this and advices and knowledge. Thank you all and have a blessed day!