All Forum Posts by: Tara S.

Hey! I cannot self promote on here so I am going to message you!

Nice! We’re in south jersey. I’m going to dm you so bp doesn’t delete my reply for networking lol

@Karah Collins what state are you in?

I don’t I am in south Jersey. I’m sure BP has a list.

@Angelo Mart NJ is like a thermometer the higher north you go the more expensive it is the further south the cheaper. Deep South jersey like Salem county is very poor

I tried to give you a recommendation but my post was removed for "self promoting" so I sent you a message directly.

Call an attorney. Thats the best advice I can think of is to call a real estate attorney and see what your options are.

So I am in NJ so my cheat sheet may differ from yours but here a quick cheat sheet I give to my clients. Its not an exact science but its a place you can start while you figure out your area.

70% of ARV = Mortgage (use the mortgage calculator on google)

70% of ARV minus repairs = cost

Insurance - $50-$75/door

Cap Ex - $50/door

Vacancy - $50/door

taxes divided by 12 = 1 month of tax costs

Property Management fee = 10% of rent

Bills minus expenses = cash flow 

ARV minus Repairs minus Costs = Break even Offer

Give the contractor the address and have them give you a rough number from what they see online and the type of finishes you want done he wont be able to give you an itemized estimate but a good contractor can look at the sqft and the general information and give you an idea on the renovations. ( Also pay your contractor for this estimate, when you do that they take their time and give you a more accurate number, my husband is a contractor lol) 

I think if you just knock on the door your just going to get a tenant & if the house is distressed prob not a happy one & may not want a new landlord or the house to be sold, I always find the owners home address and send them a direct mailer over and over again until I hear from them lol. I know when I reviece direct mail I throw it away bc i know what it is so be creative with it not just "let me buy your house"