All Forum Posts by: Brian Allen

Welcome @Robert Calabrese!  I am here in Rumson, right near the Ocean. The market is very unique here to say the very least. Welcome to BP  -B.A.

Building vs Renovating - considering the crazy market, building new could be cost-prohibitive due to inventory/material shortages.  If you're renovating, usually you are using less materials - also for Mixed use properties, you have to make sure the township/municipality already has it zoned for Mixed use, or else it could be a headache to rezone the property. I am in Monmouth County btw - Welcome!  -B.A.

6 in one hand, half dozen in the other... there are some really great areas of NJ, but you have to know who to connect with and what the $'s are like.  Taxes can be atrocious and some Contractors jack up their prices if they know they are working in relatively wealthy areas.  Stay in AZ for another year! :)  maybe things will be different this time next year but people are overpaying for foreclosures, hoping to ride the renovation wave & lack of good inventory.  Good luck man!  -Brian

@Dalton O'Rourke finally another Real Estate colleague with a passion for flying!  

I pull comps all the time - you have to run the #"s if you want to make an offer on something to prevent Buyer's from overpaying... but in today's market... LOLOL  ... overpaying is an everyday ordeal in order to just secure a property.  I think paying someone 50-100 bucks is great, but they have to make sure the comps are pointed, not just "here is what sold in __ in the past 6 months".  I try to choose finished square footage, +/- 300 square ft, or +/- 1 bedroom/.5 bath, etc. I always use finished square footage vs lot size to get a true comp, then you have your features & amenities (basement, garage, coy pond, etc) LOL  in all honesty, pulling comps is just part of being an Agent, and one shouldn't charge for it, but that's just me.

@Rick Estacio - spot on! I"m an Agent here on the shore and SFH are flying off the shelves, more so now than even 4 months ago. Buyer's Agents are putting in OT writing up multiple offers on various properties, overlooking contingencies, etc, while people are coming in with cash and overpaying for a marginal home which needs 40-50k worth of updates from Day 1. Listings are where it's at, but you have to drop your pants and reduce your commission to even win the business to list someone's house. Commercial properties are definitely on the market much longer down here - higher taxes, holding/vacancy costs, higher cost of living, etc

I have someone here in the Red Bank area, who also is a Commercial Investor - let me know if you still need someone. Happy Sunday!  -Brian

Depends on who you ask!  The easiest answer is, it's not really legal.  But the longer answer is, there are loopholes which allow you to close these types of transactions if you are clever enough and tenacious.

Hi Nick, I'm an Agent here in Rumson - yes the market is a little insane right now.  But if you ever want to chat, let's connect for a bite or drink (coffee, libation, etc) - have a great day!  -Brian

I'm an Agent here along the shore and I've done 3 Fix & Flips in the past 2 years - the market is crazy, but sometimes you have to overpay to win the property... there is just THAT much competition at the moment.  Even Foreclosures are sometimes going over asking price - if you want to chat, let's connect!  I'm also a Pilot, remember me as "Flyin' Brian :)