NEW JERSEY -- Viewers might best know Joe Gorga, husband of Melissa Gorga and brother to Teresa Guidice, from his stint on Real Housewives of New Jersey, yet these days, he can mostly be found scouring properties in New Jersey’s very hot real estate market.
Besides his other property investments, Gorga is also a “house-flipper,” meaning someone who buys an undermarket home, fixes it up for sale, and then puts it back on the market for a significant profit. Gorga appeared recently on One-on-One with Steve Adubato where he shared some house-flipping advice.
“It’s not easy, it’s hard,” Gorga said emphatically, despite what real estate seminars may claim about flipping houses. Essentially, he said, “You have to find the right deal. Without finding the right deal, or you don’t have the right agent, or you don’t know what you’re looking for, you’re going to lose money.”
According to Gorga, the real estate market in New Jersey is “insane right now.” In general, he feels that people are overspending, and the market is essentially flooded.
Adubato and Gorga discussed the impact of interest rates, and the cap on property tax deductibility in New Jersey and how it has affected the housing market. According to Gorga, home sales over $1 million are suffering as a result, but homes below $700K are “selling like hotcakes.”