We need help.
We are looking to do fix and flip deal and diligently looking for properties that fit that kind of criteria. We know that the location is the most important. We’ve been search hi and low and our realtor says that everyone wants to do fix and flip. Properties in our area in Monmouth county are selling between 80-100% to list price. If we do come accross something interesting and give an offer, he says that our offers are unrealistic and that other realtor do not want to present our offers or present them in a different light. Can someone recommend a good area to search for fix and flip properties in Monmouth county, New Jersey area. Where are the hot spots where investors buying and selling? Also do you guys use a particular formula to offer certain price. Thanks to everyone.
I guess it depends on what capital you are working with. I've seen cheap properties flipped in port monmouth or keansburg area. I've also seen more expensive properties flipped in downtown red bank. People are doing it around here. Maybe you need a different realtor.
also, the typical formula used here on bp is: (arv * 70%)-repairs= max offer
As far as realtors, yes, we need a good realtor that has experience working with investors. it has been nothing but a frustrating experience for us for the last 5 months. They take every offer personally, get offended, or they just do not submit or never get back to you. My own realtor said that "he understand my frustration" that's why instead of fighting the system I have to gigure out how tomake it work for me" - does it make sence to you????
I also use (arv 70%) on all my offers.
After speaking with some investors I have been told that keansburg is tricky, after the storm not many people want to have the hassle of renovating those properties, cause no one is buying in keansburg, its only good for rental. we saw couple of properties in red bank but there was no deal.
Currently we have been looking in perth amboy, i believer we found a good multi (2 family) it needs rehabbing but after it will be done it will give us 10% cap rate.
any suggesions how to find a good realor(s) are greatly appreciated.
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you say it will give you a 10 cap. Are you looking to flip or be a landlord?
Keansburg does seem to be a tricky market. I would not suggest landlording there. I have heard nothing but bad experiences. Lots of bureaucracy, terrible tenant class, etc. A recent flip I saw in Keansburg was purchased for 40 K and sold for 135k. The guy who flipped it took over a year to rehab it so I don't know what kind of redtape he was dealing with. He was sort of on the outskirts of town.
How are the property taxes in perth amboy?
Def get a new Realtor. Heck do not even use one... Do drive arounds and inquire about properties that look distressed. They can be found in almost any town. Yes in Monmouth flipping has caught on but in my honest opinion everyone wants just tired not ones that really need additional work beyond cosmetic. Because of that a lot of properties are being left on the table. You might also look at Middlesex county and North Ocean.
Sounds like you need a good wholesaler to me ;)
Call, call, call find someone who understands what you want!
Don't settle for mediocrity!
Ana, unfortunaley driving is not possible, I have a very demanding job in NY, i can only do real estate after, before and on the weekends. But when we can, we always drive by and searching.
What do you mean call, call, call?
Call different realtors? You are from NJ how did you start your re investing? any help is appreciated.
I think you basically have three options.
1) find a young realtor. An experienced realtor isn't going to want to deal with the headaches of a low priced property. It's not worth their commission when they could focus on higher dollar "retail" deals.
2) use a wholesaler
3) get your own license and submit your own offers.
Keep an eye on the properties that your realtor was hesitant to submit your offers on. If they sell at 80-100% of asking, he is right and you need to be looking at different properties. There are still opportunities to flip around here.
1. we are looking for a new realtors
2. we have to find a wholesaler
3. my husband is currently in a process of getting one
@Helen Kolton I started by wholesaling with my brother been doing it for 2 years and nobody beats what we offer. Just saying...
Anyway what I mean is call signs on the poles that say we buy houses for cash or $56k MUST SELL! These are wholesalers some are good some are not... call every realtor you possibly can and tell them what you want! If they can't/won't, move on till you find one that will.
I've learned that if you want something you gotta go make it happen. Put the hard work in now by connecting with as many people as you can, this way they know who to call when they need/want something. Vice versa.
If you wanted you could go to my site and see what I'm talking about. Then look at others. You'll know what I'm talking about.
Ps. this isn't a solicitation just demonstrating.
@Nathan Paisley has it right. You have to work work work to find the deals. You just can't give up and keep trying. Its frustrating but it will come. Keep networking.
Hello @helen kolton,
Do you have a few more moments to connect on the phone today? Would like to ask some additional questions regarding what you're looking for. I can let you know if anything comes up on my radar.
@Nathan Paisley. I am moving to New Jersey and am considering Essex, Union, or Monmouth county to begin marketing. Just curious, which county to you think is better for deals?
Hi @Helen Kolton
Welcome to BP!
Let me know if I can assist in referring any professional services or questions.
I would attend one of the local REI clubs, there are usually several people there who are looking to wholesale. If you have certain criteria that you want to work with they can help. You want to have a good idea of the kind of rehab you are willing to do and the numbers you want, purchase price, rehab costs and profit. That will screen out a lot of offers being presented to you that you don't want to look at. There are some good wholesalers out there who will do quite a bit of due diligence before presenting a property, but you are still going to have to do your own, just like you do with the realtor.
I know this is an older post , however i am curious to see what the outcome was.. were you able to start flipping here, or did you give up..I would be more than happy to source properties for you, it has been a while for me but am looking to get back into it. I am in Red Bank and am all over the area everyday . I see abandoned/distressed properties all the time , but I have no buyers anymore nor the captial to do the deals myself. If you are interested please let me know. I also have a line to a great contractor who has been doing tear downs or lot purchases and putting up beautiful modulars doing quite well..
I would like to help if your still interested pm me
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