All Forum Posts by: Account Closed

Congrats!

Yeah they're a great company I have a loan with them right now. Most definitely number one in New Jersey, and 2nd in Jersey would be Alpha Funding Solutions. But I like ABL those guys are top 

Depends on your location but if you're in the North East check out Asset Based Lending

Eventually, but as of right now I would say no, hop right in asap! Don't get your license first because that could hold you back, because as a realtor you need to let sellers know you're a realtor when making offers to them by law, and that could turn them off from even wanting to deal with you. I suggest you establish your investing business first then get your license.

This is a great question lol! You need to find someone who trusts and believes in you. That's a major key because unless you have a lot of deals under your belt and have some respect in the REI community it's going to be difficult to attract private money. When you have a portfolio that speaks for itself these individuals will be blowing your phone to partner with you.

But to answer your question, you need to build relationships and put yourself out there. Real Estate needs to be a profound passion of yours to the fact that everyone you meet will know that you're a real estate investor. Your involvement in Real Estate has to be known to everyone you know, or meet(if you want to attract partners or private money). The reason why is because you need a relationship with private money lenders before asking for a partnership on a deal because not everyone will just give $189k. I suggest you go to your REIA meeting, and local sheriff sales and start networking with these guys and telling them how you're an investor as well and you'd like to meet up for a coffee to discuss more on what you guys could do to help each other. BELIEVE ME! These conversations and meet ups with these guys over coffee could turn from you learning different techniques to them offering to partner with you without you even asking them! It's vital to be completely honest, and transparent with these guys so they feel they have a genuine relationship being built, and not someone just asking for money.

Hey Allison, honestly house hacking is a fantastic way to get started in the rental property business. But I know that Morristown is more of a sales market rather than a rental. Which could work to your advantage because if you find a duplex you will receive a great ROI on rent. If you find a duplex in Morristown, don't be afraid to jump head first on it and the best thing to do right now before you find that property is to seek for FHA loans with the best rates(those loans are the best for house hacking). It's best to be pre-approved before you start making offers. Also if you want, check out properties further North such as Sussex county; there's duplexes out there going for like $30-80k.

It's best to consult them asap so they can know what's going, and could possibly even close faster. I like to let my lenders know that I'm in the process of wrapping up a deal and that they should be aware of a deal coming through.  Btw I'm from jersey as well, what lender is that?

Asset Based Lending and Alpha Funding Solutions

I suggest you start off co-wholesaling man cause that way all you have to focus on is building your buyers list and connecting with other wholesalers. I suggest you do this because my first wholesale check was from co-wholesaling because I was not confident to meet with sellers at that time, and negotiate contracts, and do all those things. So I networked with a wholesaler who had a ton of inventory and I sent his properties out to my buyers list and it closed! So if you want, you should connect with wholesalers in your area who get a lot of inventory and buyers in your area so it's easier for you as you're just starting out.

Hey Aminze, I would recommend asking him these questions:

1.  How long has he been in business? 
2. How big is his crew?
3. Has he ever done a full rehab?
4. Can you get the contact info of clients he's done remodeling for? (He could've got pictures of anywhere, and claimed they were his remodeling projects)
5. Can he provide his physical contractors license certificate  and proof of insurance certificate ? (Many contractors claim they are licensed and insured but actually use someone else's license # to pull permits and work under someone else's permit)
6. Does he GC the work out? or does his crew do all the work? 
7. Do they require a deposit upfront before starting work ? (If so, just hang up the phone. That's the easiest way to get scammed.)
8. And when you call him see if he says his business name when he picks up, or if he does a shady " hello who is this?"
9. Does he charge for estimates?
10. How long does it take him to finish a rehab depending on the scope of work?

The reason I tell you this is because Well Known renowned contractors don't just go around  giving out business cards because they should have business already attracting them. Here's a funny story, when I first got into rehabbing and flipping I put up a " We Buy Houses" ad on craigslist and a crooked contractor contacted me and gave me their business name and what they do. I said " ehh whatever I'll give them a shot." So I brought them out to a prospective property I wanted to rehab and this dude pulled up not in a contractors vehicle but in his family's jeep with his wife?! So I brought him through the property and he didn't even give me a business card or anything. So that's when I knew something was fishy. So after he finished the walk through he begged me for $50 to write the estimate and I was like " ehh whatever he didn't even mention this over the phone that he charged for estimates." So I was riding back home, and my partner said " Call him up and tell him stop at the next street so he can give you a business card cause I don't trust this guy." So I called the contractor, and he didn't even have business cards but had a estimate paper with his "logo" on it!?  So I was real upset and make matters worse he took like 6 days to send the estimate from the UPS STORE! He didn't even have a computer or a laptop. He had to scan it to me from the UPS Store! The reason I shared this story is because Contractors put the CON in contractor and they cannot be trusted.  Make sure you vet this guy to make sure you don't get screwed over.