All Forum Posts by: Jason Timmerman

Eric,

I am part of a wholesaling group that operates in Monmouth and Ocean County.  Send me a private message to discuss.

Mark,

I look forward to attending.

Hello,

I am currently looking to begin some buy and hold investing in Monmouth and Ocean Counties, New Jersey.  I was hoping to find a group of experienced buy and holders in my area to network with in order to get some mentorship and discuss strategies specific to the area. 

Sion,

It depends on the scope like everyone has said.  If the home is in need of updating and your end buyer wants to make it a real nice flip, and everything else is sound (foundation/roof/structure/etc.), look to around $40/sq ft.  That would include flooring, full kitchen reno, full bathroom reno, siding and paint.  If you want to just clean it up a bit, more like $20/sq ft.  If the property is a tear down you're going to be way over those numbers.  If it needs some foundation work or a roof, add $5/sq ft at least.  Usually, a good cash buyer is going to have a good relationship with GC's so you should be ok.

Fred,

I have to second what most other people are saying.  There is no market to wholesale listed homes.  Investors see those homes already because they are listed publicly.  If an investor wanted a property, they would've gotten it already.  In order to wholesale you need to focus on unlisted property.  Wholesaling isn't as easy as seeing a property listed, buying it and reselling it for more.  Wholesaling is ALL about marketing.  My group spends $5,000-$10,000 a month on marketing alone in two counties in NJ and that's WAY lower than a lot of other groups.  We have specifically targeted lists so the cost is lower.  If you don't have the money to market effectively, you are going to have to hustle.  Hard.  You should be spending your days at County Sheriff's Offices and County Halls of Records in order to create lists of potential motivated sellers.  Spend only a few hundred dollars on stamps, envelopes and notepads and handwrite the letters yourself.  You can save a lot and hopefully find a deal.  It's a lot of work when you're doing everything manually though.

If you have an end buyer lined up it shouldn't be hard to do a double close.  Just make sure that you have a firm agreement with the end buyer.  Because if you close, the house is yours and if the buyer backs out, you're stuck with it and the holding costs including mortgage payments. 

That's tough area to begin new home construction.  A lot of competition.  If you are new to the game you'll see much more inventory and better profit margins in northern Ocean County.  There are a lot of teardowns and abandoned lots from the Sandy devastation. 

Rinzin,

It sounds like you want to take very little risk and reap all the rewards.  It is going to be very difficult for you to find an investor with that sort of mindset.  In order to buy and hold rental properties you need to have a good amount of startup capital.  Why not start with wholesaling or flipping in order to build some experience and capital?  Buy and holding rental properties is really the end game strategy. 

Just as important as the right tenants is the right area.  In Jersey, stay way from the poor areas if you're going to actively seek tenants for a rental.  It's that simple.  

The only way is through an OPRA request to the Sheriff's Office or the Court.