All Forum Posts by: Dennis Pressey Jr

I have full sleeve, hand and knuckle tattoos...and long hair. I've done millions of dollar in transaction. When you can sell it doesnt matter and when you have equitable interest - IT DOES NOT MATTER.

@Wes Johnson myhousedeals.com is solid. For the price, it is a good source of marketing. Do not expect your business to boom overnight because of it, but the price to lead ratio is more than worth it.

@Amanda Scully

Rehab costs are based on sq footage and the level of finish. Typically, in NJ you are looking at a $30-$33 per sq ft rehab cost. Certain areas can be significantly higher.

That would mean, your 1000 sq ft rehab will cost $33,000...on average.

Holding costs are absolutely calculated including insurance, taxes, utilities, absolutely! These would not go to your HML obviously though. Your HML probably is taking interest only payments over a 9-12 month term?

Yes broker commission is standard 6% but that can be done at 5% with easily. 

We typically always add a small contingency cost of 5%.

Red flags yes, but a fire at their previous address is easily verified by checking public records, calling the property owner/landlord or driving by the place.

As for felonies, many great men have made mistakes and even more have not made a mistake and have been caught in beauracratic red tape.

J Walking is damn near a felony, so perhaps simply understanding the convictions would help.

All this can be done without giving them a tour. Ask for the information and ask for proof and keep operating as normal. If they come up with proof and it is a justifiable situation, then you are good. (assuming they meet all requirements).

Being a landlord does take its toll on your humanity but...some people deserve the benefit of the doubt.

Good for you! Being decisive is a big skill to have. Im not a proponent of school myself, time to get to work!

@Nyan R. of course you dont close the deal.

First, access to the garage should be granted. I am not sure how your contract is written, but this would be a breach/default by seller in most cases.

Secondly, does the tenant for the garage have a legal lease in place? Deposit? 

I would certainly need this information prior to closing, as an unleased tenant can basically hold you hostage for a very long time, especially in NJ.

Finally, any structural or major defect (lead pipe or bad water) is grounds for price reduction or canceling the agreement. This is of course if these problems create an issue with your profit. If these major defects still fall within your budget and can cashflow/profit - then they really are not a huge deal.

@Gaurav Bhasin yes, you can find a return like this. The city is definitely competitive but with interest rates rising, now is the time to grab your loans (in my opinion).

Getting in position now at 5-6% will put you in great position to seller finance in 4-6 years when interest rates are 10%+

Investing into a course is an excellent idea (if the course is good) and any other advise is silly, imo. 

Would you go be an accountant without going to school to learn first?...no, no you wouldn't.

BP has plenty of info and if you have long hours and late nights, you can learn it all yourself - as I did. Eventually employing the help of courses and coaches to fill in gaps.

400 letters is a small run, but if potent can yield a huge return - but it will not be predictable and repeatable usually at such a small quantity.

@Michael Quarles is a man you should listen to.

And to piggy back off of what he has said, WHAT YOU THINK does not matter. This business is marketing, not real estate.

Trusting the government is literally the definition of insanity. Payments are still coming through on-time at the moment, but that won't last forever, thats a mathematical certainty.

@Christopher Lewis sounds like clown to me.