All Forum Posts by: Account Closed

The best way is to check your circle(friends,family,co-workers, old college roommate, etc) that's one of the most effective ways. But for many who may not have individuals within their circle who has  access to a great amount of capital, what I always recommend is to go to networking events and sheriff sales. Talk to the guys bidding on the most properties and offer to take them out for a coffee or so. You can also call those " We Buy Houses" signs and ask if they would be interested or even find a top-selling realtor in the area and see if they would be interested. 

There's many ways to go about this, but the most important thing to do is to build a relationship with these people before you just come out of nowhere asking for capital. 

I just ran comps on the property. 518 Dean Dr sold for $167,000 in December and you're listed at like $249,900 so you might have to compete with that. Depending on your margins consider going lower on the asking price. 

Hey man, same here with my flip. It's nothing wrong with the property it's just that the winter season is a hard time to sell homes. If you were selling around the spring time chances are it would've came off the market in a week or so depending on how good of a renovation it was. What I suggest is giving it a competitive price that's a little priced below the area and probably even offer to help with closing costs.  

Don't get a mentor, waste of money in my opinion. For instance in your situation, why would you go and  pay a guy $5,000 which is all you said you have saved up for mentoring. Go on youtube and watch videos, and go to networking events. When I was 17 and started in the business I spent around $200 for a course and phony mentorship program. It didn't help at all, I learned everything in the doing deals in the real world.

Don't get me wrong though, some people used mentors and it benefited them; but at your age you have time and energy. Use that time to drive for dollars, go to sheriff sales, meet with realtors, set up a website, put out business cards, bandit signs, and etc. You don't need to spend bread on a mentor who's going to take your money and coach you into deals when you won't have any money after he takes it.

I suggest you get out there and start making money moves and start reaching out to people and networking; don't let fear hold you back ! 

If he didn't pull any permits that could be extremely bad because if he did any unpermitted work on the property the town could fine you a great amount of cash. If i were you i'd look into what work he did that was suppose to be permitted, and either get a new contractor, or file a lawsuit. Because the town is going come crazy if they find out. Especially since the house was damaged by a hurricane it might be a little hard to hide it too because sometimes the town may drive through neighborhoods to see what work is going on. But on the positive end, you could use that as another reason to fire him.

No it does not invalidate the contract, but it does indeed make it easier for you to get rid of him because if he did pull a permit it would take time and sometimes a lot of headaches for the new contractor you hire because he would have to go down to the town and take his name off the permit. And sometimes if the town is a pain they'll make you stop work until they approve the new contractor.

Did he file any permits? If not, just don't pay him anymore and bring in a new contractor. Make sure you no longer give him access to the property and start ignoring his calls. He WILL start getting the message that you moved on; and if worse comes to show and insists on final payment and goes as far as filing a lien against the property (which is highly unlikely because of the amount of fees and time involved) show the paperwork to the town of the vague contract  and pictures of the house in the AS-IS condition it is in; and you could also say he was suppose to finish the work in a certain time frame and it's still in this condition.You could also report his company to the BBB if worse comes to show. 

I attached a link below where you can generate a free Proof of Funds letter. The last property I did was a Hud property and I submitted a generic proof of funds letter like the one below and they accepted my offer. Good luck man!

http://www.reifunding.com/REO-funding-loans.htm

Who does nice demo work in jersey? For all my GCs and rehabbers who sub out work, who do you guys use to demo the bathrooms, kitchens, etc. 

Newark, Elizabeth, Irvington, Trenton,Camden, East Orange, Orange, New Brunswick, Union,Roselle, Plainfield. There's a few more but anything up North or down South is a go