All Forum Posts by: Mateusz Prawdzik

@Brian Pulaski Oh alright, I was under the impression that you subbed 90% of the work out but it looks like its the opposite, but as far as the picture frame around the window goes, I will try to find a picture. Your holding costs are low; is it because you're buying cash? Or do you just have very good private investors? I swore the floors were dark walnut, maybe it's very similar to it at least. Let me know if you're ever trying to partner or need someone to work with, I don't do much out of state but I definitely want to try and start. I know my NJ markets well but I am sure that even the 2 hour drive between us shouldn't stop a potential partner (being that driving to the shore some times takes 2 hours). Connect with me, let's learn together. 

@Andrew Wenman Hey, welcome to BP. Buying where you are trying to look is VERY tough because everyone is there. Go outside where there is no one yet and start to build a market there, if you go into an already saturated market, the sharks will eat you alive. I won't tell you where I am buying and where the HOT markets are that most people wouldn't believe but I will let you know that the market of JC, UC, NB, are all over saturated and people are willing to pay a HELL of a lot more for units than you are because you can't afford to pay more as a beginner. Personally I can tell you this, because I bought a house in NB and I am never doing it again, I had to pay a hell of a lot more than I wanted to because there was quite a bit of competition. 

If you're looking to start flipping on the other hand, maybe we can do some business together, I am always looking forward to helping a fellow NJ Bp'er out. I am relatively new to the business (less than a year) but I have 9 flips under my belt that I manage myself and I have my own crew that does most of my jobs. I'd like to think that I know what I am doing, and if you're seeking advice and maybe getting started in flipping, we can work together in one way, shape, or form. Connect with me if you have any questions or interested in meeting some time.

@Brian Pulaski Hey Brian, nice work. I like the finishes, now just from eye you used home depot vanities, I might be wrong though. Something I would suggest is to go on E Bay and pick out sets from there (come with vanity,mirror,faucet), it comes out a hell of a lot cheaper. They have some nice selections and they cost 500-600 dollars less (especially the double vanities). 

Another thing that I would suggest doing is using the beadboard instead of the plain board in the bathrooms with the chair molding, IMO it looks a little nicer with the extra "bead" look to it.

Another thing  I would recommend is on the exterior when you do siding, make picture frames on the windows and not J-Channels. you have to put a 2x4 around the window and put aluminum around that and the siding guy might take a little extra for it but if you beat him down and work with him, he'll do it. (or just have your framer do it if you're doing any framing in the house and add that to the price).

Other than that, the house came out really nice. The stain looks like Dark Walnut, which is very popular now, and the cabinets and kitchen look nice too. 

You said this deal took you a year? Why so long? It should only take 3-4 months if you're subbing the work out. 

@Zain B. Adding a level to property in the right market is the best way to add value because it's the most cost effective (it's cheaper than adding foundation and adding out). Out of my experience, it depends on your framer. Most people in the business don't sub their own work out, they just hire a GC to do it and then that can run you some money, but if you have the right crew and you beat them up on prices, anything is possible. I've done adding a level on a house in Scotch Plains for 125$/sqft this includes EVERYTHING . Plumbing, electrical, HVAC, everything. Connect with me, I can definitely show you a thing or two. 

@Kion Miller Now, have you done any door knockers? Marketing? Mailers? Usually, craigslist, Realtors and other sources can be used by anyone else are not that good. It's like using the MLS in a way, you want to try to acquire more deals personally that you and only you know about. But if you feel like your ready, the best thing to do is just to start and take it from there, if you succeed, AWESOME, if you fail well then learn from the mistakes you made and don't do them again.

I was in your position at one point and time but I didn't want to wholesale, I wanted to develop so I deviated and started doing that, don't get me wrong, it was hard and I didn't make anything for a very long time. But if you're persistent and constant, at the end it will be worth it.

@Kevin Rodriguez Hey Kevin, welcome to BP, this is a great community to get started in. If you are looking for deals and looking to get involved in your first flip partnering with someone and learning the ropes for sure. You will have to do a lot of the leg work but getting yourself on paper and having a deal under your belt is WAY worth it. I've been doing this 7 months now and successfully flipped 7 properties working on 8 now. Though my time has been short, I learned WAY more than 75% of the people in the business I feel. Some advice I would give is to surround yourself with people that give more than they take and with plain and simple good karma. 

If you are looking to get started and need help, reach out to me, I would love to assist you and hopefully get your first deal under way. 

Wish you the best

@Ryan Saulle Reach out to Harry Page out of Scotch Plains, he works for Culture Realty. Tell him Matt sent you from Roselle. He is great, hustles like a beast and gets deals done FAST.

Depends on the asset. If it's a single family, it's better to just sell it, if there are units there that can be rented, Refi out can be an option. I don't know what the business in Washington is like, but in NJ I always look to sell out of a single family and even most of the time out of a multi family too. 

In terms of strategy, I would do a 50/50 with your friend, you're the managing partner and he is the capital partner. Have a draw schedule in place and have a plan. If you want to connect with me and ask me questions on the process from start to finish, feel free to do so. I will tell you where you're right and where you're wrong. 

And as much as I want to believe that you do learn better from others mistakes, I think that's a bunch of bull. Nothing is better experience that learning by your own mistakes, because "insanity is doing the same thing and expecting different results," so if a mistake is made, chances are you wont repeat it . 

Garfield is great town to own rentals just be aware that there is the Spanish side of Garfield closer to Passiac, and then there is a polish side of Garfield closer to Wallington. Depending on the number of beds and the finishes that are done, you can probably get 1000 for a 1 bed and 1800 for a 3 bed, garage spaces also matter, so keep that in mind. Filling vacancies there isn't hard, depends on the area and the quality of work. 

@Sunny Burns Reach out to me personally, I got a guy for you. 

@David Michael Hey, swing that number over. I would like to give him a call and connect with him, always nice meeting new people to do business with.

But in general, depends on the attorney 1000-1500, is good. A track record also matters, my attorney charges me less because I've done quite a bit of deals with her already.