All Forum Posts by: Mateusz Prawdzik

@David Weintraub  How are his prices?, I need estimates for 2 jobs that I have. I have my current guy Bruno, but I have no one to compare his price to because everyone else comes no where near the prices he gives me. It might be amount of jobs that I gave him.. so he might be the cheapest. But just like my HVAC, Framer, Tile, Plumber... I thought my previous were going to be the cheapest, turns out they weren't hahaha. I always find cheaper. Can you email me your guy's info?

@Nicholas Zornek They make special loans for that. I think FHA loans have categories where they can issue construction loans but the numbers have to make sense. It is basically slightly higher standards from a hard Money Loan but they understand that you would be occupying the property and they lend you the capital to fix it up. Whereas, hard money doesn't allow owner occupants. If the numbers make sense, you have to see if you qualify for a construction loan or whatever it's called and go from there. You also need someone with a GC license to do the work, so you have to make sure you get some qualified and someone that won't screw you. Or I even think that if you would have the capability to do the work, you can do the work and they will lend to you. I am not 100% sure but this what I think can happen in your case.

@Daphne Barber How did you manage to find a property all the way in Seattle when you are on the other side of the US?

@Adam Meadows @Mario B.@Jessie NunleyI love talking about starting out because the journey when you are first starting out, helps morph you into who you become down the line. All the lessons that you learn from all the mistakes you make going forward, that is what teaches you and what helps you grow. Starting 10 months ago only at the age of 19... I can definitely tell you that it wasn't easy but it is 100% possible. Now collectively doing 8 deals with my partner, I have grown from a position where I had to do business with anyone because I needed to get started somehow, to picking and choosing who would be a potential good business partner for me. I don't want to rant because I can go on for ages, but if you go through some of the posts that are on my profile you can see some stories that I have shared with fellow BP'ers. Always nice talking about the psychology of starting because the reason why 90% of people don't start is because they are psychologically prepared and capable.

@Brandon Raeburn I think we have connected. I am sure that we are colleagues, I don't think we met in person ever though. I mainly focus on additions and renovations because the market in NJ calls for it right now. Most of the towns that I work in are good for flipping and not really renting. I am looking for something for myself to buy rehab completely and then refinance and live in one unit and rent the others but I am waiting for the opportunity where I can buy 30-50 cents on the dollar, so I am in no rush right now. I totally understand what you are saying about slow and steady wins the race... but right now, riding the appreciating housing market is the way to go. Hopefully I don't hold any inventory when it starts to turn around. 

I am definitely eager to meet for lunch when you get back. 

@Matthew Charron If you are going to go out of your way to do due diligence for the investors... get an Oil tank sweep.. The attorney fee is every time that you wholesale a deal, depending if you want to use the attorney after the first time. If you understand the process, you can do it yourself but if you don't I would suggest using an attorney all the time. The contract you can get from them after the first time. Everything else that you said is correct, except that I would change "some" to "lots" of money for marketing. If you think marketing little bit here and there will make you a successful wholesaler, I am sorry but you have another thing coming for you. 

@Aqil Dharamsey @Robert Young @Account Closed Why don't you all come to NJ... I feel that there is lots more opportunity around the outskirts of the city. I mainly flip but it seems that most of you guys on this post like to do passive and rental income. Has flipping ever crossed your minds? What kind of return do you think would make sense for you for flipping? Is there just little flipping opportunity in NY? Just curious, trying to see what is out there as far as returns and markets. Ask about the NJ market, I don't know everything but I have been around a little bit as far as Northern NJ goes. It would be good to see what kind of opportunities are out there. Potential partnerships might even be formed... who knows.

@Barry Cooley If you go to an attorney they charge you like 400-500$ to create an LLC... so just do it yourself and save the cost.

@Samari Robinson Why you looking for turn keys? Don't you feel that there is x10 more value in buying and renovating and then renting out? I am currently looking for something like that so I can live in one unit and rent the others. I am only looking for something that I can buy 30-50 cents on the dollar though, so I am in no rush to find something like that. 

What's up with Turn Keys? Is that the new fad? 

@Damien McDonald As long as you are making the home to code and showing plans that you are building an X sqft home... then nothing else matters to them. If you are asking for a 400k loan and building 4000 Sqft property.. that means that you are building for $100/sqft, which they might say is too little if you don't do this all the time because finding the crews to do it that cheap will be close to impossible. But I am not sure exactly what they can and can't say because I have never dealt with a construction loan. Everything comes down to the plan and if this is your first time around the block building. 

For most good builders, depending on the finishes, $100/sqft isn't too bad. But once again, those are people that have given their crews so much work that their prices are unbeatable.

@Barry Cooley To create the LLC it's 126$, then once you make the LLC, you go to IRS website, register the company and get an EIN number... then you go to Wells or where ever you bank and then open an account. Order Checks and a debit card and only purchase stuff for that specific property with the card associated with that account.