All Forum Posts by: Mateusz Prawdzik

@William Amiteye Usually most HMLs want you to partner with someone that has a proven track record. It's just what it is, even though, yes you do own 4 duplexs that are bought out right cash, they don't know where you got that money from and they want to see that you are low risk when it comes to paying the loan back. Finding a partner is crucial, have you thought about doing that? 

@David Lichtenstadter I get lots of my properties VIA short sales and generating my own leads thru mailers and door knocking. Sometimes you can get a deal on the MLS that is a pre-listing or a agent gives you a deal for a wholesale fee because the wholesale fee would be more than the commission anyways.

I just recently started to do mailers and generate my own leads to take out the middle man and find the perfect deals. You don't get many but if you make 100k on one deal in a year maybe even two, you are doing way better than someone doing multiple deals for 20-30k. I am being a hypocrite right now because I do pick up deals that make 20-30k on them, but they are almost guaranteed. But mainly I try not get my hands dirty for less than 80-90k.

@Ali Boone Totally get it. Just saying I think that in today's market finding turn key is quiet difficult for the numbers to make much sense because prices are going up really fast relative to what rents can go up by. Especially in areas like JC where the rent control is so crazy. That is why I am saying, I think finding deals for .3-.5 cents on the dollar and then renting them out after renovating, can be produce more value even though people might now like to do it like @Samari Robinson. Nothing personal, just giving my .02

@Account Closed Take a picture from the basement. All you might need to do is support and jack up the support beam in the basement. 

What you are showing us is not bad at all. Take pictures of the outside where this is happening of the foundation wall and take pictures in the basement. The problem is not on the first floor but the floor below it. 

@Matthew Cohen Nice to meet you and see that you're ambitious about getting started in REI. I am not on the same boat as you as I mainly focus on rehabbing and developing to sell. I am starting to look slowly into rentals/buy and holds, but right now cap rates don't make sense, with rising property values. I can tell you that the hardest thing to do is getting started, being 19 when I started 10 months ago, but after doing 8 deals collectively with my partner, the only person that trusted me, I must say the ride was emotionally, but it was definitely an awesome learning experience. If you are looking to potentially invest passively into flips, that is something that I think would be a lot easier to get into especially in today's market as the big guys get all first dibs on the properties that are around and then leave all the 80-90% LTV deals to the people below them. Reach out if you have any questions, I am mainly a rehabber so my expertise lies in that field but have experience is all aspects of REI and I can definitely help you out.

@Will Pham Hey Will, you mentioned wholesale deals... Are you a wholesaler? I would be interested in JV'ing if you happen to have something that sparks my interest. Same as I told Matthew, if you have any questions, feel free to reach out.

@Jake Recz There is still plenty of opportunity in NJ, all you have to do is look for it because now if it's on the market, chances are it's a bad deal if it's been on the market for longer than 12 hours. Things are flying off the market... Have to go out of your way and send letters and door knock to look for off market deals.

@Brian Garcia Nice to meet you, great to hear that you are looking to get into REI as well. Lots of people nowadays.

Just like @Jonathan Twombly said, back lets say even a couple of years ago, it was a whole lot easier to pick up property and get a decent deal on them. Now everyone and their moms are in the business of flipping or renting because the cats out the bag and another bubble is starting to take place (maybe not as bad as the last, but still something is happening). Auctions are packed, you can't bid without some person bidding the price up because they just want to be in the business of flipping and not make much money at all.

I feel the same, though yes, NYC is definitely a market you want to be in if you can find a good deal, most amateurs or newbies that haven't been in the business long enough won't get first dibs on properties and will only  be getting the deals that are low retail instead of wholesale. 

Stick to places out of state, where appreciation isn't as crazy and rents aren't as crazy, but the possibility of cash flowing is definitely a lot greater because of acquiring for a way cheaper discount than you would get in NYC. 

On side note, have to work fast and get in somewhere because even the outside states are getting pretty crazy now. 

@Byron W. Most times banks want to see that you have atleast 2 years of holding and running the business in order to judge what kind of line they can give you. Your info seems to be good as to what they look for, but I think that the business income isn't too great for you to get anything significant as far as LOC goes.

@Lana Sha Greatest lead generator ever. Door knocking will get you lots of doors slammed in your face but it will also give you the most leads if you're good at selling and being nice to people.

@Guillaume D. Let's connect, we have some similar mindsets, I feel that we can learns great things from each other. Sent you a PM

@Christopher Evans Sounds like you have a plan, all you have to do is find the network that is involved in the same investing tactics that you are. Note investing right now is really hot so you have lots of competition. Why don't you invest locally or out of state and fund deals for people or gap lend? Because the market is appreciating lots of people are in the game right now and need funding for deals. I feel like that can definitely grant you a higher return than note investing right now, you would be getting very small return because the notes that you would be buying would be the crums after everyone that is bigger cherry-picked the higher yielding notes.

Just a suggestion, but if you do feel like note investing is more worth your time, what the others said is 100% correct, you have to network and grow your circle or else you wont know who to partner with and where to find these deals.