All Forum Posts by: John Moore

Welcome to BP., remember the grass is always greener, but it's just as tough to mow. You might explore some distressed properties in your area. Sandy did a job on Green Island, Silveerton and much of the shore area. There are for sale signs all over the place. Raising the elevation of homes has created a lot of motivated sellers. You might look in your own backyard first and if you don't find what your looking for, there is always the Pocono's.

Welcome to the wonderful world of BP., Semper Fi.

You can get all you're questions answered on these pages by the most experienced, hands on professionals in the business. You're goals are admireable and wish you good luck. Don't get anxious about getting you're credit score to increase over night it does take time. Stay focused and enjoy the trip.

Have encountered difficulties in obtaining end loan financing for new buyers when the spread between acquisition cost and selling price is significant. We are able to do quick flips but are challanged by mortgage comapnies when end loan mortgages are applied for. How do you handle this? We attempt to acquire bargain priced houses, improve them and then sell at market as soon as possible to reduce carrying cost, but the spread and time factor are being questioned. Please share your experience.

Flipping give you cash flow and profit (we hope); renting gives you
longer term income; two entirely different approaches and I believe different mind sets. Some can afford to do both and that also makes sense. Attend some of the Real Estate Investment groups, get involved and you will find you're way.

Lenders will provide funds as a percentage of the "Value of the Property" FHA mortgages require 3.5% down payment of the value of the property and FHA will finance the difference. Conventional mortgages with some lenders require 5% down payment of the value of the home and finance the remainder. Loan to value. Hope this helps.

Become involved with some Real Estate Investment Groups in Essex or Uniuon County and discuss with others what is working for them. Listen and learn, think our of the box. The old saying is "when things get tough the tough get going". As you are aware others are making things work so evaluate what you're doing and change direction just a little and study what you're doing right and what you may be doing wrong. If this is a full time career, then work at least 8 hrs. a day at it and become productive become critical of your performance and you will improve, and keep picking peoples brains until it works for you.

I believe sus's are the way to go for a new start up. You avoid a lot of additional work and expense such as; workmans comp., lower insurance rates (subs provide their own and must provide proof), unemployment, social security contributions and medical coverage to name a few advantages. When thing get slow between jobs you have no lay off concerns. You also have a larger pool of skills when you engage subs. Hope this give you additional food for thought.

Welcome aboard, Semper Fi! You'll get all the assistance you might need at BP. THe down side is it's so interesting you forget that you need to make a living.

Welcome back to the US and to BP. I'm sure you're past experience and logical approach to a everchanging marketplace will profit you. All the real estate markets are a little different, you should do very well as you can obtain a lot of help on these pages,
all you have to do is inquire and a wealth of knowledge comes you're way.

Check our Belleville, Kearney and North Arlington; all realitively close to the Newark Metro area and should have some excellent
opportunities as well.