All Forum Posts by: Sebastian Hernandez

@Apostoli S Hillas, the best suggestion I can add is to attend as many networking events as you can so you can meet fellow brokers and develop meaningful connections and get insight. Also, attend townhall meeting, they typically discuss real estate matters as well. Lastly, look into perhaps joining a real estate team in your area, they will typically provide you a ton of training, resources and open access to new connections.

@Ruark Adam Barrientos, I have personally attended some of @Jake Handler's meet-ups and they are great, I highly recommend them!

@Kausali Lama typically, the best way to find a good contractor is through referrals from local professionals. Ask your local re agent, architect, attorney or designer if you know any. If not, try Next Door which is a great app and ask your local community for referrals. 

The best contribution I can add is to make sure that you review the contractors track record by looking at prior work, visiting a jobsite, and getting referred to a current client so you can ask them questions. Obviously, make sure the contractor has an active license and insurance policy for GL and WC. Make sure that when you embark a project there is a detailed scope of work document and a contract so that you and the contractor fully understand the project. 9/10 issues can be avoided when the scope of work and expectations are clear to everyone.  

Now, a very good contractor will NOT be your lowest bid. As you stated, a contractor can make or break your deal, so make sure you hire the right one by following the steps mentioned above and most importantly, understand that a top contractor will cost you more in the short term but less in the long run. The mistake many investors make is that they overpay for the property and cheap out on the renovation budget. 

Hey everyone, as you know, construction is a key element in the real estate industry. With that in mind, I know that for most newer homeowners and investors, it can be a bit scary to contact contractors due to the negative connotations the industry receives.  I wanted to take a moment to see if anyone has any questions regarding home renovations or anything specific related to construction? I am happy to be of help. 

Hey everyone, I am curious to see what are the main challenges you face or have faced when dealing with contractors?

Hi @Allison Spencer, my CPA is not in Central Jersey but he is top, I highly recommend them. Sarinelli & Associates - 973.927.3300, ask for Frank Jr. 

@Samuel Woods Harrington Welcome to Bigger Pockets. I highly encourage you to focus on attending local meet-ups in person or online and developing strong GENIUNE relationships. You never know people's intentions or agendas and simply finding someone on the internet to be your "mentor" could hurt you more than help you. Another really good way to start learning is reading, listening to podcasts and attending seminars. 

@Laura Constantinou welcome to Bigger Pockets. Happy to help with any questions in the construction/renovations space here in NJ.

@Kuron McGraw My suggestion is to run comps. Then subtract your expenses such as renovation costs, attorney fees holding costs, and desired profit. For example, if the comps indicate the house renovated is worth $500,000 subtract your expenses and profit ($200,000) and that should get you the max offer $300,000. Obviously do not offer him $300,000 right away. Hope this example helps and keep your numbers in mind when negotiating.