Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here
Pick markets, find deals, analyze and manage properties. Try BiggerPockets PRO.
x
All Forum Categories
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

All Forum Posts by: Jack Schwartz

Jack Schwartz has started 9 posts and replied 96 times.

Hi, I am curious about the current rental market in Philadelphia. Are there any attractive rental deals still available in the city? Specifically, I am interested in options that do not involve extensive renovations or repairs. If you have any insights or recommendations, I would greatly appreciate your input. Thank you in advance!"

Post: The Hardest Part of Flipping

Jack SchwartzPosted
  • Posts 102
  • Votes 32
Quote from @Kyle Ebersole:

Phenomenal question and great answers so far on the thread! I have two things and an honorable mention. 

1. Contractors. Finding contractors that you can trust, do quality work for a good price and will look out for you instead of only themselves are so hard to come by! The hardest thing at the beginning was building out a list of contractors that will do good work, in a timely manner and not cost me an arm and a leg. 

2. Finding a deal. The competition in my market is fierce. There are a good amount of people who flip for a living but also a lot of one off people who will do 2 flips a year. Getting to the deal before others and sometimes bidding against 3 other people to get the property is a challenge! 

My honorable mention is budgeting just because all the unknowns of a distressed house has. My goal next year is to systematize budgets & SOWs for flipping houses the way new home builders systematize theirs. I've been told this is impossible, but imagine a world where you can run a fix & flip company the way new builders run theirs? 

It is a great idea! If you can systematize budgets and SOWs for fix and flipping houses like new home builders, you'll be a trailblazer. There could be software available that might assist you in achieving this goal. Best of luck in your remarkable endeavors! Please keep us posted.

Post: The Hardest Part of Flipping

Jack SchwartzPosted
  • Posts 102
  • Votes 32
Quote from @Jack Schwartz:
Quote from @Bob Stevens:
Quote from @Melissa Haworth:

What has been the hardest part of flipping for you? Was the hardest part different when you first started vs now that you have a lot of experience under your belt? 



have their own crews

Contractors, they are the # 1 piece of the puzzle.  Everyone thinks it finds deals, but nope, once you get ne if you do not have the right contractors it will turn into a nightmare. 

 Agree. After finding the right contractors, run the numbers once again, 

Hello Kyle, It is a great idea! If you can systematize budgets and SOWs for fixing and flipping houses like new home builders, you'll be a trailblazer. There could be software available that might assist you in achieving this goal. Best of luck in your remarkable endeavors! Please keep us posted.

Post: The Hardest Part of Flipping

Jack SchwartzPosted
  • Posts 102
  • Votes 32
Quote from @Bob Stevens:
Quote from @Melissa Haworth:

What has been the hardest part of flipping for you? Was the hardest part different when you first started vs now that you have a lot of experience under your belt? 

 Contractors, they are the # 1 piece of the puzzle.  Everyone thinks it finds deals, but nope, once you get one if you do not have the right contractors it will turn into a nightmare. 

 Agree. After finding the right contractors, run the numbers once again, 

Hello! I'm looking for advice and experience on fixing and flipping empty land. What rehab or enhancement can be done to increase its value quickly? Thank you for any tips or insights you can share!

Post: Buffalo NY, Niagara Falls NY

Jack SchwartzPosted
  • Posts 102
  • Votes 32

Yes, In that area, I did tons of research before digging into any place, 

By weighing the pros and cons, between a Contractor, Private Inspector, or an Official Town Inspector. you can make an informed decision that takes your personal needs and expectations into account.

Consider contractors and inspectors wisely. A contractor walking through the property on Facetime is a great idea, but not all contractors have the same level of experience and honesty. Similarly, there are private inspectors who offer a detailed inspection based on the town code, while town inspectors can guide you on the legal requirements. But, hiring an official inspector may uncover additional problems that could cost more time and money. Remember to make a decision that keeps your personal needs and expectations in mind.

Post: Buffalo NY, Niagara Falls NY

Jack SchwartzPosted
  • Posts 102
  • Votes 32

Hey Navdeep, how's it going in Buffalo/Niagara? Any good opportunities there? From what I've seen, the cheap neighborhoods aren't great - poor ratings and high crime. But as a Fixer-upper investor, I'm always open to suggestions. Best of luck!

Post: Flips for a beginner

Jack SchwartzPosted
  • Posts 102
  • Votes 32

Yes Dan, Correct. The best way to get from family and friends, Only when they tell you that they do not intend to use the money anytime in the near future, so you will not get quickly nervous, and have the journey calm and smooth,

When it comes to funding your real estate purchase and renovations, it really depends on the specific situation. Hard money lending can offer quick access to cash but typically comes with higher interest rates and fees. If you're embarking on a larger project with the potential for substantial profits, it may make sense to consider using hard money. However, it's important to carefully weigh the costs and benefits before making a final decision.