All Forum Posts by: Melody Kushi

Hi BP Mates!

I've been searching a property lead list regarding Pre-foreclosure properties in NJ.

Here's my very Newbie questions:

1. The Pre-foreclosure amount is larger than what the property's estimated worth w/ comps to backup. Is this a very bad deal?

Ex: Property's estimated worth is $300k. Owners owe $225k on the loan but have a total pre-foreclosure unpaid balance of $350k.

2. The properties have a positive equity (20% or higher). Is this enough equity on a house to refinance later...is that is the strategy of choice?

3. If I choose to wholesale a pre-foreclosure property, I would have to pay the foreclosure amount plus any liens associated to the property, correct?

I'm targeting pre-foreclosures since the NJ market is not the cheapest to start a Real Estate Investing business...or would you recommend I look at cheaper markets in the country?

Any advice is appreciated.  

@Shane Elias-Calles

I don’t think there’s anything wrong with having a mentor in the field. You will get to learn first hand on things you may not even know exists out there.

I agree, BP and other forums, or even YouTube has an entire library of curriculum that you can learn for free, but what he can offer are things or ways you wouldn’t even have imagined. You can take parts of his ways and mix them with yours...don’t lose yourself in this, for sure.

Just mix it up and take yourself to the next step.

Why do you think NBA players still have coaches? Because they still need guidance in some ways. So, I don’t think anyone should turn down advice (even paid ones).

Hi BP Mates,

I'm looking to network and meet Realtors/Brokers who are REI friendly. I'm new to this career path and am looking to network with as many knowledgeable people who are already experienced. I'm currently looking to invest in Burlington County, NJ since I currently reside there and would love to put my imprint to better the county.

My understanding is that a great Realtor/Broker can bring a lot of value to the business. Further down the line, I will love to meet Investors, Flippers, Contractors, etc in order to build my contact list. 

FYI: I have 3 properties in mind that are all in 3 different stages of "sale": Pre-Foreclosure, Foreclosure and Auction. They have great ARV compared to the current sale price. Any recommendations on how to tackle one or all, as my first investment property will be appreciated.

Thank you for reading.

@Justin Reyes look at it this way...if the stock market crashes once again, you’ll lose most of your “retirement” overnight. It’s like a credit score, once it tanks, it will take years, if not decades to see it return. But, if you invest in real estate, you will always have a retirement nest egg.

You just have to do your diligent homework and invest smart.

@Anthony W. - thank you so much for your input! I've definitely been leaning more towards taking it out, bite the bullet for now, but make some smart investments with it. I've been lucky enough (with hard work of course) to have perfect credit and my interest rate is 3.25% on my own home. I'm waiting for a lower rate to re-finance lol...hoping it gets lowered in the next few months or years. 

I'm definitely looking to connect with contractors who can help me flip some deals in the NJ area. I already have my eyes on some great properties, but do not have the connection to move forward yet. Hoping this community can help us "newbies" out to be as successful as they are. 

Hi BP mates!

I've been hearing a lot about a possible Recession and to be honest, I'm not that surprised, if you know everything negative that's happening in this country...thankfully, we still have some positive things going on.

I'm wondering if anyone else is debating what to do with their 401K. During the last recession (I was still too young to have a significant amount on my 401), but my father did lose a good chunk of his money. Due to this affecting our family, I am very cautious with what can happen with mine, now that I have a good amount saved up.

Does anyone recommend taking it out and investing in real estate? Yes, I will pay all penalties, but in my opinion, it might be less than what I would lose keeping it in stocks and bonds. I may be looking into investing on my second property, if possible...yes, I'm still a newbie! First property is actually my own home, which I rent out.

Keep it in there and pray nothing happens?

Transfer to a Bank Savings Account until the the panic stops?

Any other options out there?

Your opinion will help me tremendously and may help me understand the reason why we have a 401K anyway...instead of just investing every penny.

@Roland Paicely thank you for the advice.

I’ve actually never considered partnership but it sounds like a great idea! I will be sure to look into it.

Hello everyone,

After many months of preparation, following many forums here and countless YouTube videos, I’m ready to take my first step into Wholesaling Real Estate.

I’ve done homework on the NJ real estate (via websites) and I’ve found potential listings with great comps in the same neighborhood.

My questions are:

1. Should I start looking into having a pre-approved loan?

2. Should I start calling possible motivated sellers?

3. I do not have cash to offer so should I look for cash investors in advance?

All of the above?

Will appreciate the advice on which is more critical or am I missing something more important?

Thank you for your time.

@Account Closed - thank you so much for the well wishes! Hope to meet/run into you one day to exchange some great real estate stories! 

I'm currently doing all of my homework and hope to dive into this world very soon! 

Hi everyone,

Extra newbie here educating myself everyday on the real estate investing area.

Since I live in S. Jersey, I am looking into the Trenton Area in order to stay close to any future investment deals. My main question is: should I create an LLC or purchase future deals under my own name. My personal credit is 800+ and I will like to take advantage of any great deals that can come out of it. Or will a new LLC have the same advantage?

Also, looking to start with single family flips in order to get familiar with great contractors in the area and move my way up the chain. Is a single unit (2 bedroom) house $50k +/- a waste of time for my ROI?

Any info will be great appreciated.

Any S. Jersey meet ups happening? Let me know!