OfflineBased on 17 Bandit Signs that I put out, 17 because the ground was hard and was not able to put more signs, so had to tie to the poles.
I got two reponse.
The first seller is not motivated, I was suppose to go look at the house this weekend, but now the seller has postponed to next week.
The reason for me to go there in spite of non motivated seller, is I want see the property, see what repairs it needs and then determine the repair cost. This is like self educating and also to gain more experience.
It is a 4Br 2 bath property, I am not able to find comps, so trying various ways to get the comps. Will look in Zillow, Trulia and there is findcomps now website, I forgot the URL but will find out. I learnt that both Zillow and Trulia has features where you can all get SOLD property listings. for days on market I have a the state web site called NJACTB.org, which tells me when the property was sold. Zillow and Trulia gives me when the property was listed. based on that I get DOM?
I went to look at the second property yesterday, about an hours drive from where I live, but I know many buyers from my REI club who purchase in this area. all this buyers are hard core investors and they know the are too well, the moment I give them address they will know which property I am talking about.(Only after I have it under contract).
It is multi, for buy and hold.
3 bed, 1 bath, living room, dining room, kitchen, pantry on the first floor
, 2Br and 1 bath,kitchen and pantry on the second floor.
Has two car detached garage, behind the property. I found the garage to be non functional. In the sense half of the garage is in line with the driveway and half of the garage is facing the
Back of the property wall, basically only one can park in the garage and the other on the driveway, possibly blocking the car in the garage I'd the second tenant decides to park in the driveway.
Repairs needed:
1) owner to remove oil tank to obtain COO
2) Flooring
3) plumbing
4) kitchen cabinets
5) New Appliances (Refigerator, Cooking Range, Dishwashers for both)
6) cracks in ceiling
7) Whole house paint ((Inside Only)
Doorss
9) Knobs
10) Electric fixtures in all the rooms.
11) Finish Bathroom( It is half done). tiles, sink and bathtub lying uninstalled in the house.
12) Roofing.
Currently I am running numbers
1) Repair cost
2) Area Rentals
3) Property values for similar house
I know
1) Property Tax
2) a Sewer
Each tenant will pay their own electric and het as there are separate electric meter and boilers.
This owner is motivated, because she wants to sell it this month.
The property was a foreclosure purchase I found out through Zillow.
Asking Price is $90k.
Hope I can make this deal and looking to make around $500 to $1000/-. I do not want much for my first deal.
Wish Everybody a great success in their Real Estate Business
I am getting closure to coming up with the repair cost for this two unit property.
Already spoke with a cash buyer yesterday at out REI meeiting, since he always buys property in the same area. He is interested but the numbers should make sense.
Asking 90K, but will be offering based on the (.65*ARV)-Repairs . Repairs are extensive.
Keep reading.
Wish Everybody a great success in their Real Estate Business
I was finally able to come up with the numbers on the both properties that I saw and made offers:
1) Multi Family Asking 90K, Offered 20K --- Rejected
2) Single Family Home Asking 230K -Offered - $137,800 - Decision pending.
In the process of starting mailing campaign and heed advise from one well wisher who sent me some details on how to run a mail campaign.
-- Bimal
Wish Everybody a great success in their Real Estate Business
Just reading through your posts here. I hope property #2 works out for you.
I see that you're in Morris County, NJ, correct? If so, I'm seeking to partner with someone in that area who can help me evaluate properties. I bid on lots of inventory in the north Jersey markets, and I'm seeking to get into Morris County.
I look forward to hearing from you.
Thanks for stopping by and wishing me good.
Yes I am in Morris county, my Bandit signs go out every weekend. This week there was no response but that is expected.
I am not sure what kind of properties you are interested in and what is your RE strategy. But sure I can assist you in any way I can. If you have any property in mind and close to where I am I can look it up for you, rest assured I will not step on you toes.
njactb.org, visit this website and you would be able to find info about the current owner of the property and some history on the property.
Thanks and Regards,
Bimal
Wish Everybody a great success in their Real Estate Business
No word from the second seller but , it was expected as going in I new he not motivated.
He wants to fix everything himself and sell the house, but that route will take him minimum 6 months to sell the house and by that time he would have incurred additional $4000 in property taxes.
After making an offer I am just shutting up and holding my silence. So now whoever speaks first will loose. But I have to tell him at least that the offer I have made includes all the repair work.
But I have to start making more offers and that means more marketing.
This year I want to build and succeed on my new found vigor.
I want to put my success story in this site to motivate other and telling them this can be done. So I have to be Passionate, Persistent and Resilient.
Bimal
Wish Everybody a great success in their Real Estate Business
Hello again. Sure thing, you're welcome. I buy and sell primarily auction properties (mortgage foreclosure props). I've begun moving toward the north NJ market, namely Essex County in the Upper Montclair region. I've been seeing quite a few opportunities in Morris County and decided I need to start paying attention to that area. I usually will contact the agents I work with in Bergen and Union counties to pull comps for me and to give me feedback about the areas I'm focusing on before moving forward to bid on the properties. I'm aware of njactb.org - great site for when I need to gather data on properties that my local Trend MLS doesn't cover in terms of public record info. Thanks for the recommendation and your willingness to help!
Talk soon.
Hi Nicole,
Thanks for your time this afternoon and it was pleasure speaking with you and learn about the the types of properties and areas your are interested in.
I am happy that we connected as this we can make some JV deals down the road.
In the meantime feel free if you want me to look at some properties in Morris town or in Northern NJ.
Thanks,
Bimal
Wish Everybody a great success in their Real Estate Business
While I am still waiting for the Seller to get back to me (Highly Unlikely), I put ghosts ads on the craigslist and backpage dot com, just yesterday and already 2 buyers called me.
While I did not pick up the phone I am going to call them a day from now and tell them the house was sold.
And while talking to them I will ask them about the type of the properties they buy and locations. This way I am building my buyers bucket and I am going to continue this process on an ongoing bases, this way when we have a deal under contract I will have buyers who I can start calling or emailing and make a quick transaction.
All this is coming about because of the help I am receiving from Rando (Randy Phillips). He has motivated me and helped me sending books and audio's.
Randy Thank You from the bottom of my heart and heartiest wishes to you that you make many deals.
Bimal
Wish Everybody a great success in their Real Estate Business