All Forum Posts by: Allan Szlafrok

Hey PM me im an experienced investor i may be able to help.

i buy and flip in Orange. You may be priced a bit aggressively for the area. You did a nice job with the reo but most people who can afford to spend 345K can alrealy afford to buy in West or South Orange which is way better. Id consider a a price cut at this point. That will also make the listing pop up on the MLS again and get in front of other agents.

flippers and funders has a great meetup one in West ORange which is happening this tuesday and another one in JC im nto sure when. Check them out on Meetup.com. Kyle Jasey runs it hes a good guy to know

Id love to know where you can sell a property in Newark for that much money. That sounds like a l lot and this is coming from someone who owns several properties over there and has sold in the area. What is your yield going to be after expenses? If its less than 10% walk away especially if its in a rough area. The seller must have a ton of profit baked in if he can offer a 10% concession and he probably has a lender breathing down hos neck to sell it fast. if i were you id negotiate the price down a lot. Unless its a new construction house that seems way overpriced.

Due to the long judicial foreclosure process in NJ its entirely possible that the person lost their house 5 years ago when prices were lower and the economy was weaker. So i don't factor in that argument. I would recommend JC over WNY. Theres a lot more buzz around JC and i think it will see far better price appreciation than WNY and prices are slightyl cheaper in JC i think youll be able to pick up more units in JC than WNY.

I doubt its unavailable the person you spoke to was just lazy. Ask about filing a formal OPRA (Open Public Records Act) request. That usually lights a fire under them because they can get in trouble if they withhold information at that point.

Yeah you are definitly going to have to replace at least the boxes maybe not the wiring behind the walls. Its just another thing to negotiate within the purchase the price. Maybe ask for a seller concession. Since prices have risen so much in that area its quite possible that the seller has room to be nickled and dimed a bit.

Colony American finance who recently changed their name to i dont know what. They will do it but their rates and requirements are steep. I would look into some local community banks who i know in my area are starting to fund some of these kinds of deals. Find a commercial mortgage broker the kind of guy who gets financing on bigger projects and they may be able to help you find a community bank who is looking to put capital to work in your kind of deal.

There are great real estate opportunities in your backyard in Northern NJ. If you could scare up another 50k or so for repairs i think you could wind up with a nice cash flowing rental in some areas like Newark or Orange. Im from NY and i used to own a lot of properties in Atlanta GA and i wouldn't recommend long distance investing.

I like Newark a lot. Ive been investing there for about 5 years and ive seen it get a lot better property wise. Although im happy people keep frowning on it for investment. More for me : )