All Forum Posts by: Gary Harris

Hi Sol,

Welcome to BP!  You will find this site very useful and informative.  If there is anything I can assist you with please let me know.

Gary

Hi Chad,

Expenses

1.) Closing to buy 4% of ARV

2.) Closing to sell     3%

3.)  Holding               10%

4.) Marketing             3%

5.) My Profit              15%

TOTAL                      35%

100% - 35% = 65% What's left over to buy house and repair house

$250,000 ARV x 65% = $162,500 - $15,000 (Repairs) = $147,500 MAX OFFER

Hello @Derek Lamonde and @Account Closed .... I'm a Wholesaler and Flipper in New Jersey.  Please let me know if I can be of any assistance to you.

Gary

@Ruth Lyons I'm glad you enjoyed the thread.

@Christian Sifuentes I would love to discuss NJ Real Estate

Hi Brian,

Welcome to BP!  This site is an excellent resource that you will find very valuable.  I'm a veteran also (Go Army Beat Navy)!  

Gary

Thanks Brian I appreciate your thoughts and opinions.  I'm just trying to give the biggest benefit to the mentee possible with a guaranteed outcome of some sort.

Gary

Brian Pulaski - I don't take it as arguing at all, but rather just good discussion.  The number of markets I would have to learn is 10 ( as that would be the maximum number of students I would take per year).  As to how would I go about learning the markets....research listed properties and those sold, population growth or decline, job increases or decreases and types of jobs, capital improvements by city/town, how are the schools, what's the typical sales price , what does the typical sales price house look like, what are typical rehab costs for that area, and the specifics from good neighborhoods and bad, etc etc.

Do the items listed above change, of course but they don't tend to change overnight and the mentee would be shown how to get all of this information. 

All of these items I can find in a matter of a week or two in which the mentee would be getting LLC set up and meeting with local CPA.

Another item I happen to bring to the table is that I have a hard money lender agreeing to give whomever I work with the lower hard money rate they offer at the time (currently 10%).  

If there is a 15-20k swing being from one block over I will become aware of that in my initial one or two week research phase.  If your in that market you need to find out why that is....taking into account the size of lot, house, bedrooms and baths, and quality of fixtures are identical.  Is one house considered to be on a main road or not etc etc? 

As for making decisions within a short time frame.... that's one of the reasons I'm doing this is to help people get over the hump and complete their first flip.  Most people need the support to make the leap... I will be that support.  

Thank you for your comments.

Dean....Michael is in New Jersey and isn't going to get any property for 70k that is unless he has a bulletproof vest and firearm at the ready.

Charles...Michael might need a hard money lender (I know three very reputable companies) because he isn't talking about wholesaling property, he is talking g about actually taking ownership while he fixes it up and then lists it to sell for a profit.  So unless Michael has a few hundred thousand laying around or knows people privately to give him the money a hard money lender is a very good option.

Hi Michael,

I flip in central and northern NJ and I know a few good hard money lender that I could turn you into.  Send me an email if you want their contact info as Im unable to send via BP.  I look forward to hearing from you.

Gary

I wholeheartedly agree with Shirley Yim.  Finding the right mentor is very valuable.

Gary