All Forum Posts by: Robert Lozzi

What's up Mike! Nice to meet you. I'm a beginner myself and I am struggling to get started as well. I am a realtor in NJ and a licensed electrician. I have spent 10's of thousands of dollars on all kinds of REI education and software. There's some good stuff out there, but to be honest, it's mostly garbage. You can find more information through Biggerpockets and of course I learned that the hard way. Dive into this site and do the webinars. The best thing I have learned through this entire process is to learn from someone that is successful in this business. Also save your money for down payments and for your business, not someone else's. Don't waste your money on garbage guru training. I wish someone would have told me that. Lol. Hey, but if you ever want to chat or you are interested in partnering up on something, I am always willing to work without someone that wants to kick *** in real estate. I have decided, for me, it is way easier to work with someone or others than it is alone. Mainly for the accountability part. It is essential to have someone hold you accountable to get **** done. I wish you luck! Welcome to Biggerpockets!

I agree. It costs $125 to file an LLC yourself in NJ. Just use the address of the house for the name and protect your yourself. I see a lot of people forget to add in the cost of utilities with their holding costs for the duration of the project, especially if you are having contractors working there. Seems like you have everything else covered. Good luck! I'm in NJ so feel free to contact me.

Hey Rob,  I am looking for a partner as well.  I am an electrical contractor and a realtor.  I live in Hewitt.  I have taken a crazy amount of courses for years and spent thousands for no reason.  I have a lot of stuff in place all ready to go.  Contact me and maybe we can do something.

This is a great topic. Check with State incentives/rebates for Underground oil tank removals. Some states will pay the homeowner to take these tanks out of the ground. I am familiar with NJ rebates. Unfortunately, NJ has stopped handing out these rebates. For example, In 2009, I was in the process of purchasing a home and nobody could tell me the age of the tank in the ground. Of course I was worried when I called the oil company and they said the tank could be as old as the house. The house was built in 1930!! The homeowners said they had tank hazard insurance and that was as far as they were willing to explore this topic. They did not want to remove the tank and suggested I do a $600 soil test to check the soil for contamination around the tank. I wasn't going to buy the house unless this tank was removed and there tank insurance could pretty much be used as toilet paper if there was ever a leak. Tank insurance policies usually only covers up to $100K and if the ground is contaminated, $100K goes rather quickly. My neighbor had his tank spill into 4 neighbors yards and eventually into a lake. His tank insurance only covered a fraction of the cleanup costs. What a frign nightmare! Long story short, after some arguing back and forth, I eventually talked the existing homeowners into removing the tank if I paid for it and found the contractor to do it. I added an additional $5K to the price of the house and I eventually received a $3,500 rebate check from the state. It is a shame NJ will not offer homeowners incentives to remove oil tanks. Check with your State incentives. Most people are unaware they even exist.