All Forum Posts by: Mateusz Prawdzik

@Dan Sears What company are you looking to go through? I probably won't know it if it's a local one. 

@Account Closed Okay, I will definitely look into that. I am always eager to here advice from the BP community and am all ears when it comes to REI. Hopefully, in the upcoming meetups I am going to, there will be people willing to work with me on a JV.

@Brandt Smith I have been reading quite a few books, I.E. Rehab estimates 101, Fix and Flip guides, REI:ways to millions. I am quite new to the scene of REI but being so young and having the ambition to learn. I have never been to class but I am going to be attending meetups in my area in order to make connects with more people. I am RSVP'd to 5 within the next 2 months, I am looking forward to those a lot.

@Chris Mason I am aware of that. Sorry if the post was misleading, but the goal of this post was just to see if there was anyone on the BP community willing to help me in the area before I go to see a REA in person or in the area of Newark. 

@Account Closed I understand, I've seen some PML or even HML ask for 10%. Also, I was looking at a 3% down mortgage? What is your opinion on those? Are they worth it? Does it depend on the property? Would it be a wise decision?

@Dan Sears I am only just settling one of my first deals ever soon. Though I might not have provided the best opinion based on experience, I have been reading quite a bit and wanted to put my .02. I've also heard that month-month financing can be iffy like Stephan said and you'd be doing the right thing trying to get longer leases in order to provide security in your cash flow. 

@Account Closed Not really, I would much rather go through a PML, or JV with another investor in the area, that is a little bit more seasoned that I am to show me the ropes as well. I am fairly new to the REI scene so not only do I not have the funds to straight up buy the property, but I also don't have much experience. I have connects with some contractors that would be willing to help me out with the repairs.

So I was looking for some homes that were being sold in the area and this one, literally 5 minutes from my house, is being sold for 169k which is under the market value in this area  of 280k. I've got a couple of questions regarding the purchase....

So there are no pictures of interior of the house but I just emailed the realtor and told him that I wanted to check the house. I've seen the house from the outside and I know where it is. It is in a flood zone, so there is flood insurance. Should I avoid houses in a flood zone?

Schooling in my town is amazing, so there is no issue with that.

Transportation to NYC is literally 2 minutes on every corner to the bus, so that isn't an issue.

Additionally, I was told that I should stay away from homes with oil tanks for heating because if the oil tank was to leak, the soil would be contaminated and it would cause a big headache and a big whole in my wallet. This house was built in 1908, so I'm almost sure it has an oil tank.

I was also wondering if I should mention to the realtor that I am looking for an investment, as in fix and flip, or should I just say that I am looking to buy a home? Should I mention that if I do decided to buy the house, I would bring in a contractor to take a look at it and give me ARV on the home and how much the costs of repairs would be? With in mind, if there are any contractors that are willing to do me a service for a couple of bucks, it would be highly appreciated.

So the moral of the question is, is purchasing a home from a bank a PITA or is it not worth it as a first time investment?

Thanks in advance,

Mateusz Prawdzik

Hello BP community. Most recently I have been looking at the property that I might be considering purchasing and I was looking for a REA in the Newark, Northern New Jersey area that would be willing to help me with a CMA. I was told that one of the steps to take to see if the deal was worth it was to find a agent that would be willing to help with the CMA. Being fairly new to the REI scene, I don't have many connects yet but I am in the process of attending meetups and looking to network with investors/agents/PMLs in hopes of forming a team. If anyone would be willing to help, it would be highly appreciated. Please and thanks in advance.

@Mario Brown I definitely dig that quote, one of my favorites. Though I'm not afraid, but the real issue is that I'm quite afraid that when I meet the guy to see the home, he is going to see that I'm 19 and that he is going to take me a joke. Additionally, I don't have many connects and because I'm quite inexperienced I would like to have a seasoned investor there by my side to guide me and tell me what to look for. Also, getting the capital to start the transaction would also be quite difficult as I have no track record with REI and PML won't like the sound of that. You see where I am coming from?