New Jersey House Flipping

[Zachary Olley]

New Jersey house flippers. How did you get started? Where did you buy your first flip? (Foreclosure, MLS, off market, ect.) did you wait to buy all cash or did you finance (or seller finance)?

[Jonathan Greene]

You will need to find your first deal on the MLS, which is not nearly as hard as everyone makes it out to be, even in NJ. We've had several deals off the MLS that ended in good flips and good spreads. If you met with a flipper who only buys at auction dot com you can walk away from that right now. Auctions in NJ are always selling for way overvalue because new investors are overbidding and clouding the waters. If you don't have cash, you can't buy foreclosures and you want a safe transaction for your first investment, meaning you want to do all inspections and know everything, which you can not do on properties like that. You DO NOT want to JV into a deal on your first one unless you have a long-standing relationship with the partner. That deal with the local flipper is a complete lose-lose for you. Stay away.