All Forum Posts by: Dennis Yosco

I actually planned a trip a to jazz fest. Then bp con email came in and I extended my trip! It’s gonna be a great week! 

The deal looks a little to tight for a flip but good for a rental property. In nj you have to be careful with your flip estimates. Labor is expensive and I know you say you’ll do it all yourselves. But it’s hard to juggle work, flips, life. You’ll want to hire out some of it and if you don’t budget for it you’ll get snagged. 

I shoot for 20% of my arv for my flips. So if arv is 600 I want 120k profit. It gives me enough room for the unexpected. 

Just got caught on a flip with an unexpected roof damage on a flat roof. Now I have to add beams and structural walls then sister the joists and redo the roof. Total of 15k that we couldn’t see during inspections.  
and I have 15 years of home renovation experience and I’m electrician who’s been doing flips for 10 years! So you can have all the experience but if you can’t see behind walls. 

If your arv is 500 you should look for a home in 200-250 range. It’ll give you a ton of room to play with. 6 months also puts you at Christmas time which is a tough time to sell. So that’s 3 more months of holding for spring market. 

Also in 6-9 months we could be in a totally different market. If you are gonna do a flip now be sure it’s a simple cosmetic flip and doesn’t need anything major. 

If you ever need a second set of eyes on a walk through reach out to me. I have no problem walking it with you guys. It’s good market research for myself as well. I’m in northern ni as well. 

Ask them to renegotiate. If they don’t then they will back out of the deal and return your money and should have to return any money you spent For inspections and other costs. 

What will happen is they’ll repair it for cheap. Not tell anyone this happened. You’ll see the house back up on the market for the offer price you made. Unfortunately it happens all the time. 
 

@Alexandra Hughes Pailet

What’s the events!

@Sandra Ibrahim

Second that! If there is I’ll rebook there instead of jw marriot

@Rick Wade

If there isn’t let’s get one going! I’ll be there Sunday at 3. Staying at jw marriot right next to the Sheraton.

 well you just got the house on sale! 
this is a bargaining piece you can use. In this type of situation your attorney can go back at them and modify the contract and get you a price reduction or you walk. 

The thing with water and drywall is it all has to be ripped out. ALL of it. Not just 6” of it. Drywall wicks up water. So it will mold. The studs in the basement should be metal as well or at minimum pressure treated. 
do not put carpet in a basement! 

You’ll need to install a sump pump. That should also be included in the sale. So now go back and negotiate. Get 3 qoutes for repairing the basement. Don’t let the owners get the qoutes because they’ll get the cheapest contractors. 

If they decide to walk let me know. I’d be curious if they do 

@Amanda Schneider

Do you plan on using the basement for living space?

Is there a sump pump. Is there a French drain system.

What is the flood zone, is it in a 100 year or 500 year plain.

What town in nj? There’s lots of little spots of jersey that flood but aren’t on flood maps.

It’s all dependent on the person. If it’s just a basement you don’t plan on doing anything with then it’s whatever you feel is right about it. I’m sure you can get out of the contract because most likely the seller knew of this issue and hoped it didn’t flood before the sale.

I’d also say that more than 50% of north nj basements take on water. You can do some grading around the property to stop water inflow. Check that the gutters drain away from the house, check if there is a sump pump. Check for French drains. Ask the neighbors if they take on water.

Hey Cassandra, I’m from Bloomfield as well. Where are you looking to invest? 
congrats on taking your first steps!

Hey Monica,

Sounds great! You should come to my meet up I’m hosting on the 22nd in cedar grove. 
I think I’m gonna stay at the Sheraton because I have points through Marriott that I can use to stay for free.