All Forum Posts by: Jp Kilduff

Hello Julia,

If you are looking to get rid of the property than I know a couple investors in that area that would make you an offer.

I have not considered lifting them because Wildwood has a height restriction and lifting them would exceed that restriction. I have thought about remediating them and keeping all four units but after talking with the neighbors it doesn't seem like a good idea because the water comes up past the front door in a bad storm. And because of that we decided that making the bottom a garage.

This is a Quadplex in Wildwood, NJ that was flooded out during Hurricane Sandy.

This property has two buildings sitting on a lot that can be divided. It has units on the first floor (flooded and molded) and units on the second floor which are two stories.

I would recommenced blowing out two bottom units and converting them into garages for flood code compliance and marketability. The number below are based on converting the two buildings into two 3 bed/1.5 bath condos.

Here is the short and sweet of the deal:

Purchase - $100,000
Repairs - $200,000
ARV - $440,000 ($220,000 each)

Potential Profit - $85,000
Potential ROI - 24%

Below is a link to my drive that has all the pictures, videos and a wholesale packet that justifies my ARV.

Property pictures and wholesale packet

This property is under contract and set to close this Friday (May 13). If you have any questions feel free to ask.

John Paul Kilduff
Anchored Homes

Welcome to Bigger Pockets! The best place to live, work and play on the internet!!

@Jonathan Casillas I sent it to your BP inbox and the inbox you requested.

Hello BP community!I was just working with Cherise Peterson who is an artistic designer that freelances on her spare time. She would love to create a new-age progressive logo for you.

Mention my name and you can get a discount!

www.cherisepetersondesign.com

Let me know if you want email and phone number and I will provide it for you!

John Paul

Good morning James!

Welcome to BP! This community is amazing. I have been on here for a couple weeks and when I started I really didn't have any knowledge of the industry. I am pretty close to pulling the trigger on my first deal with 100% confidence. I'm going to quote @paul timmins because his post really help me get started.

Originally posted by @Paul Timmins:

@John Kilduff

Welcome. Fill in the foundation below.

Check out the Start Here page http://www.biggerpockets.com/starthere

Check out BiggerPockets Ultimate Beginner's Guide - A fantastic free book that walks through many of the key topics of real estate investing.

Check out the free BiggerPockets Podcast - A weekly podcast with interviews and a ton of great advice. And you get the benefit of having over 100 past ones to catch up on.

Locate and attend 3 different local REIA club meetings great place to meet people gather resources and info. Here you will meet wholesalers who provide deals and rehabbers (cash buyers). Find them through Google and meetup.com

Two Great reads, I bought both J. Scott The Book on Flipping Houses, The Book on Estimating ReHab Costs http://www.biggerpockets.com/flippingbook

Consider checking out HUD homes for small multi's owner occupied gets first crack.

You might consider Niche or Specialized Housing like student housing. Rents can be 2-4 times more. Remember you don't have to own a property to control it.

Download BP’s newest book here some good due diligence in Chapter 10. Real Estate Rewind Starting over

http://www.biggerpockets.com/files/user/brandonatbp/file/real-estate-rewind-a-biggerpockets-community-book

Good Luck

Paul 

________________________________________________________________________________

I hope all this was very helpful. I currently have a rental in North Jax  in Eagles Hammock and I know that the Jax market is ripe with great deal. Please let me know if you need anything while you're scouring through the community.

Talk you you soon.

@Mark Gallagher I agree. I have been looking through several off-market channels and there doesn't seem to be much in the way of flips. I am attending the webinar this evening about duplex/triplex with Cape May in mind. There seems to be an abundant amount of duplexes here that only do vacation rentals. When I moved to the area I had a hard time actually finding a decent year-round rental. I walked through over 20 homes and couldn't believe how many of them looked as if they still had the original wallpaper and carpet. That just goes to show you that this area doesn't need much in the way of updating to make it stand out amongst the rest. 

I would definitely consider a non-traditional route if the numbers made sense. The only down side that I can see is the properties on the island are well over 500K and for my first investment that is intimidating (but definitely achievable)

Have you ever looked into the Villas? It's supposed to be the bad part of town but you get so much bang for your buck down there. I would imagine that it would be a great area for buy and hold considering most of the population will be renters.

Thanks for reaching out!
John Paul

@Michael Boyer I've been in 15 years and I've only been able to do this once when I was stationed in Jacksonville, FL. I still own the home and I'm making $200 on it after all expenses. Unfortunately I've stationed in places like Key West (too expensive), St. Louis which I lived in Govt housing (I wish I would have bout there!) and Cleveland where I was just too young and scared to purchase a home.

But, it's never too late. I'm looking to buy here in Cape May but this time it will be as an investor rather than a owner/occupant. 

I've looked into some of the options for promissory notes and it looks as if there are quite a bit of issues that could pop up and expenses that, if you don't have a pot of money, could bite you in the butt. I think I would like to start out as a small private money lender. I looked in the marketplace/business and see that most of the private lenders are 100K+.

Needless to say, I will be putting myself out there to be a 30K and under private money lender.

John Paul

@Michael S. Thank you for the info and recognizing my introduction. Sorry it took me so long to respond but I was buried in all the information this site has to offer! Good luck finding your rental properties and gaining your financial freedom!