All Forum Posts by: Matt Faircloth

Hey James, 

At s glance it sounds like a great deal.  Congrats.  Your comps look solid as lo g as they are in the same town as your flip and within a tight radius, 1  to 2 miles or so.  Also they need to have sold in the last 180 days.  Is the block the house is on solid?  Sometimes houses priced this low can be on blocks with other boarded up homes, which will be a major detriment to a resale.

What I would want to know more about is your renovation budget.  80k is a lot per square foot so I'm assuming you are leaving no stone unturned.   Do you have a bid from a reputable GC yet?  Are there any contingencies baked into your numbers?

Also curious to hear what the others have to say.

Matt

@Christopher Reid , thanks for the shout out!  I am glad you liked the video.  BP is a great resource to learn these things. Be sure to check out my episodes on the BP podcast also, my wife and I were shows #88 and 203.

Take care,

Matt

Hey Zachary,

Good idea.

I know it seems like we are preying on people in distress, but it's not different than going after estate sales.  I think that we offer them a solution to a problem, which is "what do we do with this house?!?"  LOL.  I would go about two ways.  One would be to contact local divorce attorneys and let them know that you can buy houses quickly and with cash.  I would also find a way to search the public record for divorce filings - I'm not sure which court or keeper of records would have that filing but I bet that's a quick Google search or call to the county clerk.

Thanks for bringing me into this conversation, curious what the others have to say.

Matt

Thanks for the shout out, @Odie Ayaga .  Actually @Travis Paez  hit the nail on the head.  Start at market value and then discount based on occupancy and repair costs.  I also really like the idea of asking them to hold paper.  Good luck @Stephen R. !

Matt

Thanks for the shout out @Dave Van Horn !  @Brandon Benifield , welcome to BP.  You should definitely check out the Middlesex Subgroup of SJREIA, and come out in February I will be speaking.  I am presenting a case study on a 49 unit apartment complex we purchased.  I also run the Princeton chapter of SJREIA.  You can learn more about the upcoming meetings on their website, www.SJREIA.org.

Take care,

Matt

Thanks for the shout out Odie and Steven Chatto.  Natalie we run the SJREIA meeting in Princeton each month.  It's a local network to the trading area you are looking to build a business in so I highly recommend it.  Unfortunately you just missed the last meeting in Princeton for the year, but SJREIA has a great holiday party next month, you should look to attend.

We also do management in Mercer County but only manage deals for other people when we had a hand in the initial renovations, like a turnkey.  perhaps we can connect as I do get potential referrals for management that don't fit our wheelhouse, I would consider forwarding them to you.  of interested send me a PM.

Take care

Matt

Thanks again Darren!  It was a great evening.

@Nazimcan S.  - Shake it off my friend.  You are tenacious and will be successful.  Remember that the deal of the decade comes by every week.  Don't get your emotions involved and stay focused on your goal.  Speak soon over the phone and looking forward to the NYC meet up on September 27th!!

Great meeting!  Looking forward to the 27th.  See you all soon!

Matt

Hey All - we have a meet up tonight in Princeton.  We meet every month on the third Thursday.  More info at 

www.SJREIA.org/Central

Thanks for the contact @Darren Sager!!

Matt