All Forum Posts by: Chris Anderson

@Kishun Barker 

@Kishun Barker you miss out on the best parts of real estate.  Leverage! That is the single reason why real estate is the greatest wealth building vehicle every created.

@Jimmy Thomas reach out to Carmelo he has done many 203k projects in that area. as well as being an active investor.

https://www.facebook.com/Prope...

@kenny 

@Kenny M. Lewis I would start by speaking with your buyers.  I am not sure what the fee you want is for.  Are you negotiating deals, meeting sellers, doing site visits, or just passing along phone numbers.  I would pay a different fee for each one.  Bird dogs who simply point are not often paid very much.  Why not put properties under contract and wholesale deals?

@Issac Chang I invest in NJ and make tons of cash flow, as do most of the investors I know in NJ.  If you would like to connect give me a call.

Doing work for an investor is different then working on a 203K loan.  Although you have to wait for payment with a 203K loan.  Your money is guaranteed by the bank.  Investors on the other hand are often over extended and can not make timely payments. I will always take a deposit unless I know the people involved.

I buy several properties a year in Somerset County.  I won in Somerville, Manville, and Bound Brook.  Several in each town.  the cash flow is great and the towns have strong rental markets.  I am not sure what the other investors are looking for, but I have been able to get significant returns in this market.

if you want to reach out to me give me a call.

 Give me a call I own a few properties in Bound Brook, NJ

Rescheduled for the 12th of March

So I can tell you as a contractor who recently completed a project that was a 203K loan and with Caliber Loans, it is horrific.  I knew it was a slow process to get payment before I started.  I was forced as the contractor to basically finance the project for the client.  The banks final payment took 8 weeks from completion.  Needless to say I was pissed, I actually filed a notice of intent to file a lien on the house.  The clients sent the information to Caliber, they didn't care.  

If I ever agree to another 203K loan, I will charge double.  It has to pay a lot of money to be worth dealing with those headaches.  Unless the client has the money for the project and then is being reimbursed by the bank.

So $8,000 for a $4,000 job sounds fair to me.

 Thanks for the update. I'm looking forward to meeting your friend. I hope you can make it this one is going to have a ton of buy and hold advice from experienced investors.