All Forum Posts by: Yashar E.

Hey @Joe White would these guys be willing to work in NJ?

There is a biggerpockets podcast episode that refers to this.  I have, as many others, listened to so many that I cannot remember which one.   If anybody remembers please chime in!

If you search the file place you will surely find something 

Welcome @Denzel Herbert . I am from right across the bridge myself. I wish you luck and I have no doubt that you will have success in whatever you decide to stick at. Seems like you are already ahead of the game by gettimg involved and are surely in a good position to house hack. Hope to see you around and good luck!

Hey @Javon Johnson it is tough to give an accurate answer on these types of questions without the address.  

If I am looking at comps I am not only checking surrounding prices but checking for major highways/roadways/railroad tracks that separate different sections of the neighborhoods, I also look to find the same exact model houses for my ARVS (I don't compare rowhomes, ranchers and 2 story colonials with each other).

 Another good tip is check multiple websites to compare the specs of the property, and then go visit.  Too many times zillow (and possibly all other sites) will have a certain sq. footage listed.  However, when you go to visit the site there is another addition or plain and simple more sq. footage than originally noted.

Also...

1) 100K for a 1100 sqft sounds like a gut job

2) Then again you may be overestimating (I have never gone by google numbers can't imagine they are correct)

I know of a turnkey provider that is doing work surrounding the Philadelphia area and moving into South NJ as well.  He primarily does fix and flips but is diversifying his business model a bit.  Feel free to PM and I can give you his details

As @Jerry W. mentioned, learn the market. I am a newb as well, and there was a length of time I took the market for granted and compared prices from all over the spectrum, and analyzed them based on little that I knew. The issue is a 1 mile difference between location could cost you thousands of dollars if not analyzed /compared correctly. I am in the same sort of predicament as yourself (my finances are also tied up). I thought I had nothing to do; but I soon realized this is the perfect time for me go network and talk to people. I came to this realization a week ago so I am going to head over to some REI groups when I am able to and also speak to local investors.

- Look for estate sales as I found out there could be interesting stories in why the current homeowners are leaving.  May learn a thing or two.   

- Take a walk in your prospective neighborhood and say "hi" to people outside, possibly strike up a conversation.  Neighbors will know a lot about the area.  Sometimes these conversations enable a light bulb to flicker in your head.

There are a lot of experienced member on this site with a boat load of wisdom.  Read their posts.

I, on the other hand, like to give the perspective of a fellow newbie, that is trying to break in as well.  IMO One big thing I quickly came to understand is that the individual is only but a spec of dirt on a golf ball.  Everyone plays together as a whole, even the non-investors.  For example, neighbors love to hear that new people are going to move in because they can only hope that they maintain upkeep on the property better than the last.  They would love people like yourself to move in to all of the vacant houses, renovate, and bring in new tenants around their area.  Use that your advantage.  Good Luck!

I agree with @Mark Gallagher in the sense that it is sometimes better to be hands off.  Especially, in the situation you have been describing.  I am a new "investor" as well.  I met with an investor that primarily fixes and flips about 4 months ago and have been shadowing his work, visiting sites, running numbers on a daily basis, pretty much doing anything I can to learn what he knows.

I ended up partnering up with him on (my first) deal a couple weeks ago.  Although I have construction exp. new construction exp, and exp with contractors, I still took the hands off approach because there is no rush in my situation, nor should there ever be IMO.  

You need to move forward and not lateral but the important part is to make a move.  In your situation this may include networking face to face. 

For some people (myself included) the difficult part is letting go of the funds and putting them in someone else's hands.  Once I was comfortable with this and able to to do this I realized that I can step in on my mentor's other projects and help out/watch his moves more closely and have a chance to keep learning while being invested.

@Kavita Bhakta I understand you are worried about trusting people but as other members have said you have to do your own due diligence on your partner and path you desire to take.  In my case I met someone that was willing to let me shadow him and ask him questions at all times and had similar interests as myself.  I didn't feel stupid at any time and it is actually someone I wouldn't mind going on a fishing trip with or come hang out at the family BBQs.  IMO these are important factors (plus the obvious track record).

I hope this post helps in that, you can see someone else was in a slightly similar situation as yourself.

Hey Geoff,

I know this is an old post but I figured I'd throw my 2 cents in here.  It seems as if you are referring to retrofit projects and I apologize if you are not.  

In any case, if I were you I would look into Maine's Home Performance Program.  There are rebate programs you can enroll into which may benefit you by adding a little value while also upgrading equipment and insulation thus making your properties more efficient.

HERS raters typically deal with new construction but there is a program similar to HERS Rater which is a BPI rater.

I completely agree with @Roy N. in that, the energy efficient codes are weak and not as concrete as one would think and when you dig deep into RESNET standards you slowly realize that what is considered "best practice" is not necessarily what is need to comply to RESNET.  This is the shame of it and a lot of big time new-con builders travel down the alternate compliance path knowing this.  It all depends on your rater and what you want in the end.

Thanks guys

Hello Thomas,

Thank you for your response.  Off hand?  Wholesale and potentially flips.  Although I do believe I must experience so that I can find the niche that is most applicable to me.