All Forum Posts by: Mateusz Prawdzik

@Arriston Worthy Hey man, connect with me if you have any questions. I am always glad to motivate and help others out as much as I can, I want to make sure that my circle of people grow as fast as I did because the faster and more efficiently you grow, the same goes for my and my company. That goes for anyone, my main expertise is surrounded around flipping and developing but if you have any questions, don't be afraid to reach out. I am always here. 

@Joseph Scorese There are lots of people that I know that are buying up South side because apparently there are some rumors in the town that something big is coming down to South side that will change it astronomically. I know what it is and I think they are for real about it too, I am just not sure if now is a good time to jump in. Prices there are dirt cheap but you will have to sit on it for quite some time in order to do anything with it.

@Patrick Martone The only time that you don't NEED insurance is if you are buying the property with YOUR OWN cash... other than that, you ALWAYS need insurance... no lender will let you close unless they see a proof of insurance 24 hours before closing. To answer your question about which insurance you should get... regardless if you or someone else is doing the work, if the property isn't purchased with your own cash... then you will need Liability + Builders Risk. 

If you have anymore questions, please connect with me and reach out. i would be glad to assist you further with anything you might have to ask. I am always here. 

Glad to see that you didn't give into that ********. Lots of people actually get scammed. There are a couple of people going around on BP and attempting to scam people. The best way to avoid it is to ask for a phone call to discuss their business model and at the end of the phone call ask for projects that they have funded and references of other investors. They usually just leave you alone after that.

@Herman Chen Hey Herman great to meet a fellow New Jerseyian. Nice to see that you are trying to make a push to start REI and doing something that has to do with RE. The one thing that I warn you is that if are looking to invest, make sure that you learn to think like one. One common mistake that I see happen, most people think that if they become realtors or agents they will get closer to investing. For some this is true, for others, they learn to think like agents and can't get passed that mentality and have a hard time thinking like investors later on. Please make sure that you are focusing on investing.

With that being said, getting one foot in the door and doing some that correlates to investing, is good. Being a home inspector you pay attention to detail and check for problems with finished products. You work with lots of end buyers, try to use this skill of yours (paying attention to detail) to work with investors and help them out with maybe seeing things that they don't. Additionally, training to be an appraiser ,is a good idea as well because then finding ARVs in the future will be no problem for you at all. You will be able to get it to the tee.

I am a developer/rehabber in the North and Central Jersey area. Connect with me if you have any questions, we can talk and I can give you some advice and answer anything that you have to ask. Like I mentioned, I am a developer/rehabber so most of my expertise comes into that side of REI but I am quite experienced in all aspects of REI so I will try my best to give you the best answers I possibly can.

@Emmanuel Lopez What do you do? Are you a wholesaler or a rehabber? Developer?

@Ayana Sabree I have letters of mine that I write and just use those, you just have to think of something and see if it works. I went thru many many letter samples and had people review them and check them and I sent them out. From there, I was able to check which ones worked and which ones didn't. I won't send you what I use because then you don't learn anything,if you are not sure about something, write something up and send it over. I will take a look at it and give you my opinion.

Once you have the letters, do what @Jerel Lyons does and drive around and collect some addresses of houses that look distressed and from there find out the owners and send out letters to their mailing addresses. Usually it takes like 4-5 mailers in order to get a call back on average, so don't get discouraged if they don't call after the first run. 

@Jerel Lyons You have to go to the city and the tax records and find out the owners name and mailing address. Typically, it is the property address that is the mailing address. 

@Sterling Fields To answer your questions, in the state of NJ, the 3 day review clause is in the contract no matter what. Any party can drop the contract at any time within 3 business days of signing. It is not really an inspection clause per say, it is a Attorney Review Clause. Like I said, in most situations, sellers don't want inspection clauses or anything with inspection contingencies. You ask questions about the property and you determine the condition and you incorporate it into the offer. In my opinion, inspection contingencies are usually deal killers. The only thing that I do inspection clauses on are Oil tanks, not that if they have one but if the remediation, if any, is over 50k. I take the hit usually if it's lower than that but I renegotiate the price from there. 

Next, as time goes on and you are in the business for longer and do it more often, you get better and better at estimating the costs and figuring out the right figures for everything. To go off what you said about the estimating cost before going to see the house... If you are in the business long enough you can kind of tell what the inside of the house looks like based off the inside. If the outside is bad, chances are the inside is bad too and if it's not as bad as you think it is, then you're just winning from there. You always expect the worst and go from there. 

Questions that sellers ask vary a lot. It is mainly questions about the property or things to justify your experience and make sure that you aren't some average Joe just coming and taking a look at the house. You have the be professional and even if you don't know what you are talking about, you have to make it sound like you do. 

Any other questions, please let me know I am always here. 

@Joe Garvin I hope that you will be safe during the hurricane, as it moves more and more inland, it's suppose to lose strength so if you moved north 2 hours, then I think you should be okay. Like @Michael Plante was saying, if they don't push closings and people buy a house that is no in the middle of the Atlantic, well then Lawsuits would erupt and no one would have a place to live. They need to push closings because of that fact and it will help people feel more secure that way as well. 

I am sorry to hear about the house you have in South Florida, but I sent you a DM about it. Please check it out. Once again, be safe. 

@Jp Kilduff I am with you on that. Too bad that you are so far away, we could of started like a small little meet up of some sort. I am helpings tons of wholesalers not only in NJ but also out of state just like @Donovon Rogershelp estimate rehab costs and arvs. I get pictures and I ask, what do you think the Rehab and ARV is, and then I give my best opinion over the phone and say, "listen you are right in this point and wrong in this point. You overlooked this aspect but you were good to look at this." I love teaching and helping others grow because as I teach others, my company and business grows as well.

I do the same model with lots of wholesalers as well, they find the lead, they bring it to me. I target only my specific buyers that I know buy in that are and then move it. I hate blasting it because it makes the deal less exclusive and makes investors feel like they are getting shopped around. Let's start this, I am 110% in it.