All Forum Posts by: Allan Szlafrok

IF your looking to start wholesaling real estate agents wont be of much help. You need off market deals so start a mailing campaign or knock on doors. Look for vacant or abandoned properties or houses that are for rent. Often for rent signs are a sign of distress on the part of the homeowner and they may take an offer to get out of the property. Good luck!

Market is red hot right now theres really no where to go in Hudson county. Just keep plugging away and expand your network and eventually youll get a piece. Dont give up!

The city of Newark has a few sales a year from their land bank. They had one last year for Valentines Day where couples could buy their first house i remember. These properties are usually in the absolute worst condition and in the toughest areas but they are cheap. Id contact the cities directly and see when they are holding their next land bank auction. Im not talking about the sheriffs sales mind you. Im talking properties the city took over for back taxes or other violations,

You definitely need to do a sweep and if theres a tank ask if its worth the expense of removing it. Ive bought lots of homes with oil tanks you just need to factor in the expense into your proforma. If you buy an REO as is where is the seller wont remove the tank but when you turn around to sell it retail the buyer will insist on you removing it so you may as well get it over with. If your lucky its not leaking but if it is it can get expensive quickly.

Flipping is getting really tough i agree.

I by and hold and flip both. Its just hard to find qualified buyers in some of these areas i have alot of sale contracts fall out. Its just a  safer strategy i find. There are plenty of discounted properties. Ive flipped SFRs before but dont forget alot of buyers need that rental income form the other unit to make it work for them. Otherwise they cant pay their mortgage.

Ive been doing newark for a while and im happy to discuss. PM me.

Hey im doing a flip in that same zip code myself. Appraisals are nice but expensive. You have try to rely on comps and be conservative at that. Your competing with alot of foreclosures in that area so be careful. As far as finding good contractors its just hit or miss. once you have one just keep feeding him business so he doesn't leave you because those guys are like gold. As far as finding properties there is no magic pill. Just have to compete with everyone else. 

Im an investor you can add me to your buyer list. pm me.

Im an active investor in northern nj and SFRs dont make sense for a buy and hold investor. In fact flipping SFRs is hard too because of the taxes. I would recommend buying and holding duplexes or renting out one unit in a duplex to cover your expenses while you flip the duplex. Otherwise youll drown pretty quick.