All Forum Posts by: Jennifer Hollstein

"If you want to go fast, go alone. If you want to go far, go together" African Proverb

Because you can not take it with you

Hello and Welcome. I am in Rockaway, NJ and I am new to investing also. I just purchased a house in Boonton Twp that I am doing a new septic and well for it. Once those are done I will be working on reinforcing the existing 840sqft home and doing an add a level.

I am also working on acquiring some homes for repair and then use as rentals.

I attend some really great meetings my favorite of which is NJRESN. It is great networking event with an educational portion and a dinner. First meeting you pay for dinner $25 and if you wish to attend again there is a membership fee. It is so worth it and I have met some really great people and resources. The next meeting is in September and here is the link to the meeting.

http://www.meetup.com/network20/?scroll=true

Please let me know if there is anything I can help you with.

Please help. about 2 weeks ago I was watching a house on an online auction and it went up over $150,000 and auction ended. I noticed today it was back on the site and I started bidding on it. I was up to $115,000 and I left my office. I later received an email notification that I won the bid. Now what do I do??? I submitted some paperwork and tomorrow have to give a deposit with POF. I went to the town hall and there are no tax, water, or other leans on the house with the town. The house is occupied. What do I do. Wait until it closes to send notification to leave or do that now. Can I do a tank sweep since the house is occupied? I took pictures of the exterior of the house today as to show the state of the house when I put the bid in. Am I still responsible if the person living in the house trashes it between now and the close- breaks all windows, burns it down. Do I get insurance now on the house? I have not evaluated the inside of the house since I can not get in. Do I approach the owner for any reason- try to see the inside?

This is my first auction and my intention would be to renovate it and rent it out, refinance out to get money back out.

The house is in Morris County, NJ

Thank you for your help and guidance

AWESOME. Congratulations on your first flip. I wish you much success. I love seeing women on here.

Welcome Emily. I am from Morris County as well, trying to break into real estate and do some flips. I would recommend looking into the Real Estate clubs and meetings.  Go to meetup.com and put in investing. It will lead you to a lot of meetings. At those meetings they have hard money lenders, mortgage brokers and others with non traditional solutions to financing. It is amazing the people you meet and how much they are there to help you.

Good luck

I am hoping someone can help me with a recommendation. In my past job I used 20/20 on a regular basis to draw up and layout kitchens, baths and any other room or even whole floor plans. I no longer have access to that program and do not have the thousands of dollars to buy it for myself. 

I am looking for an easy to use software that will allow me to walk into a home and draw it out and put dimensions in to give me that layout. 

Ideally it will also have flexibility to layer other walls so a new floor plan can be sketched over the original plan. If it worked on an iPad with a finger or computer pen that would be perfect. 

Does anyone have a recommendation for a free or Low cost software program that will allow this?

Thank you in advance.

Hello Jon. I am from Rockaway, Denville, NJ. 

Try Meet- up for some REIA meetings. Unfortunately I have not found any that are in Morris County. A few that I attend are as follows. There are people from all over at these meetings- NJ, PA, NY.

This is in Newark and meets 1st Tuesday of the month: http://www.meetup.com/NJREIGroup/

This group meeting is tonight if you want to brave the weather. I usually attend but not tonight because of the snow:  http://www.meetup.com/NJ-Flippers-and-Funders-Meet...

This one next Tuesday, I will be attending:  http://www.meetup.com/New-Jersey-Real-Estate-Inves...

You will get to meet great people who are willing to help at these meetings. good luck and maybe we will meet at one.

 Ibrahim

I am not sure why you have to get approval for a contractor in Newark? Are you doing 203k loan fixes or other method that require you to have the contractor named from the beginning? I am asking because I am in NJ and wondering where that issue is coming from?

Thanks

I am interested in this option, but I have read that it can cost upwards of $5,000 just to organize it so you can access your money to purchase a rental. Can you explain a little more about this process.