We are located in NJ as well and have many birddogs in New Jersey.
One of our most prolific is in South Jersey and she (despite the “down market”) is able to locate many deals!
Have you thought about birddogging for other investors as a way to get started? I am a little biased on the subject but think it is one of the best ways to get started in CREI.
Or… the next logical step… wholesaling? It’s a great way to build cash reserves and allow you to grow your biz.
Going to your local REIA meetings is also an excellent idea… understand however that, of the many members a reia group may have, it is usually a very small percentage of those people that have any experience and are doing deals. So keep your eyes out for the doers!
I heard that Short Selling in on the rise, especially for homes with no or little equity. There was a presentation at the GSREIA group, who’s speaker topic was flipping short sales left and right ( 5-10 deal a month ) for $5K-10K per deal. :
I’m from Northern NJ (Bergen Co.) and am looking to do deal sometime in the near future. I am slowly learning but I am afraid of diving in and losing… ???
im from norther nj (morris county) as im sure you read already. at any rate, i invite you to gsreia…it’s a good way for you to network, learn and get over your fears. let me know if this interests you, i’d be more than happy to have you as my guest.
looks like you have to tweak your settings john. PMs are disabled? maybe my mind is disabled today ;]
at any rate, tomorrow is a full day of certain subgroups and new members meeting…i’m debating attending…if tomorrow is too soon, next general meeting is 3rd weds in december. let me know what works for you
I am from the SJ area also. Regarding cash flow rentals, I agree that cash flow properies are hard to come by. I don’t deal with the bottom end rental market and try to pick up properties only in the mid to slightly upper market areas that are in poor or very poor condition for the lowest prices possible and then rehab the properties myself before renting.
I am self financed so I usually make all cash offers with no contingencies but at rock bottom prices.
I’ve done 2 deals this year and both would cash flow about $150/month after a 100% cash out refi. Additionally, after the rehabs I have about $90K equity in each of the properties. However, they both required significant rehab work, about 5 months each. The first absorbed about $15K in rehab and the second about $40k and that is with me providing about 90% of the labor. However, I generally don’t refi my “keepers” and prefer to recieve the entire rent as positive cash flow (minus taxes and other incidentals).
As soon as Im finished my current rehab I’ll be focusing on chasing the next good deal.
I’m definately thinking about going January 24. I will probably sign up for a year membership. I got to get the ball rolling hard soon I might miss my first goal if I don’t get down to business. :o
but think it is one of the best ways to get started in CREI.