All Forum Posts by: Account Closed

Robert, I agree with Ned Carey. You have not nearly provided enough info. I live in a Sandy effected area and there are so many unknowns out there you really should do your due diligence. I am not a big fan (unless you can afford the potential mistakes/risks )of your potential deal/risk it sounds like you are taking. If you are a huge risk taker find a contractor and developer to invest in as I think they can offer returns with less risks than just throwing a dart at a moving dart board in the dark. Just my opinion with the information provided.

All the best

Rich,

Awesome thoughts in all these replies IMHO. Education is your best defense which will lead to a great offense. "Wholesaling" is a very interesting term. Before leaping read/learn and maybe mentor with a "Wholesaler" first before getting in the "Game". The people here at BP are a great source as there philosophies and methodologies seem to vary at times but have many simialrities . I am not sure there is one right or wrong answer but after a while you will start to see a pattern in many that seems to work better than others. Those are the platforms I would use and build my strengths upon to achieve my goals. "Just my opinion"

Lenin,

Depending on the extent of the wdi-wdo report .. (wood destroying insect/wood destroying organism) activity and damage amount I might suggest 2 things. 1-You want to do a re-inspection after all the inaccessible areas have been opened and all the damage has been exposed for full inspection prior to repair. This will help make sure all the potential damage is addressed*. 2- Make sure you get complete documentation of whom treated and the warranties to include methods of treatment and pesticides used and a complete report from the contractor whom completed repairs including there NJ HIC lic #.* Now here is the flip side to be honest. I often get deals where people buying homes push to hard. Remember if you have a strong team a 2x4 only costs $2.75 it is the labor that is the real cost so if you ask for $5000.00 in seller concessions for repair but it only costs your team $200.00 to fix you might be ahead at the end.... My opinion is... Newbies with limited construction experience should get it fixed after full disclosure experienced contractors willing to accept and understand the risks of taking repairs on them selves should go for concessions (as long as they understand the risks if they sell the property they must disclose prior infestations/treatments/and repairs.... Just my opinion.

Welcome! Been flipping and holding since 1998 in Monmouth, Ocean and PA. Flipped in north central NJ prior.Come from a strong construction background family. Things are Hot in Ocean and Monmouth right now...... Planning is your best defense (controlling expenses and unknowns) right now. Good defense will lead to a strong offense (returns) Check out the great pod casts and reading suggestions they will help. Partnering/networking is a great way to go but just make sure you dot your i's and cross your "t"'s with any agreements you make with either..

Steven,

Welcome! Been flipping and holding since 1998 in Monmouth, Ocean and PA. Flipped in north central NJ prior.Come from a strong construction background family. Things are Hot in Ocean and Monmouth right now...... Planning is your best defense (controlling expenses and unknowns) right now. Good defense will lead to a strong offense (returns) Check out the great pod casts and reading suggestions they will help. Partnering is a great way to go but just make sure you dot your i's and cross your "t"'s with any agreements you make with them.

Steven,

Joseph, Welcome! Been flipping and holding since 1998 in Monmouth, Ocean and PA. Flipped in north central NJ prior. Things are Hot in Ocean and Monmouth right now...... Planning is your best defense (controlling expenses and unknowns) right now. Good defense will lead to a strong offense (returns) Check out the great pod casts and reading suggestions they will help.

@ lawrence... Well Put !!!

Eric, Having done 203k loans and again their are many loop holes. I will say being a contractor has it's advantage although in NJ if you work with a good lender and a good 203k person (ooopppsss "consultant" lol) they get real easy after your first one. In my opinion i would not do a stream line as the rules are to strict. The reg 203k allows for a lot more flexibility and better payouts to the contractors (which in part can be you) that allows the flow of quick renovation in my opinion to move more smoothly. Although a little more fee based Reg 203k loan is my choice. Just my opinion. That said I would also strongly suggest you visit the podcasts here before leaping as i am not sure you have a good footing and "plan" on your near future real estate endeavors by the hesitancy in your post. Best of luck

Yavor sorry, I might have seen carpenter ant frass in pic as well (not uncommon for c/ants to eat termites or nest in areas previously damaged by termites). Make sure you do not have both issues. Lastly, please an ounce of prevention is worth a pound of cure. Make sure you eliminate ALL moisture and wood to ground contact issues to help suppress future issues as part of the pest management plan to resolve your issue.