All Forum Posts by: Account Closed

I'm in New Jersey so I wouldn't be familiar with any lenders out there. I'm sure you could find a few on Bigger pockets or even from a simple google search. It's just vital to vet them out and find out if their legit or not.

I dealt with the same thing on my first flip. Just kick him off the job and no longer provide access for him to get into the property. What you do is get a new electrician and he can change the permit to his name or he could finish the final and call out the final inspection on the permit from the township. But to be on the safe side make sure the new guy switches the permit to his companys name. 

Hard money is a short term loan that can typically close within 2 weeks. It's pretty much the same as cash and they give you a loan based off the asset not your financial situation. Hard money is typically expensive with points, interest, and etc but it's a good tool to use when getting started. What state is the property in? I might know a lender depending on your state

Just kick him off the job and don't pay the contractor. In this business you have to be tough on these guys, cause these guys will pickup your job and drag it out and go pick up other jobs and treat your job like it's least priority. Especially in JERSEY! It's easy to get a GC license in Jersey so anybody can get one and that's why it so common to get screwed by a GC in Jersey.  What I did when I used to hire a GC before I became my own GC and ran my own projects, when we fired someone we just changed the lockbox code so they couldn't get access anymore! They get the message from that. I don't care if their tools are in there or anything, in this business I don't play with these contractors you can't come to my job and treat it like it's not priority and drag out my job and expect to be payed. These guys are wild man,  especially when you have a lender and there's monthly payments and taxes.

I suggest you sub out the rest of the work. If you have like normal cosmetic jobs like paint, flooring, and tiling. I would say go out and find guys that specifically do this; don't just hire one GC to do the whole job. I also recommend for the next project for you to get your GC license. If you have any questions don't hesitate to ask. If you don't mind me asking, what company was it? 

Definitely not.Your realtor is just trash. I suggest finding an investor friendly realtor who's hungry for business. You still should look for FSBO and Auctions; the MLS should just be a part of your deal finding methods

Line of credit or use a partner who could fund 75-80% of the acquisition price.

Like a bank statement?

Yeah it's strong, but the area is rough. Not even trying to lie or nothing but my partner owns property out there and a lot of the gang leaders are getting out of jail since Booker left office as Mayor; so the blocks are starting to get hot and violent lol. But it's strong for rent, tons of section 8 opportunity but be careful cause you don't want to rent to the wrong tenants.  Newark is getting better but it's still going to be Newark lol. Just don't be surprised if you go to pick up rent one day and see a bunch of unknown people hanging out on your porch Lol!

First of all CONGRATS on a big step man! I mean honestly I don't know how you were financing your Phd Program but since your not doing that use that cash or get a Hard Money loan and get your first investment property. You could also house hack using an FHA loan. Feel free to reach out and I'll explain more

Check out Asset Based Lending Or Alpha Funding Solutions. I've used Asset based and those guys are def number one in Jersey. Also, First equity  is in Jersey. But those three I know of in Jersey.