All Forum Posts by: Mateusz Prawdzik

@Tiffany Spann Okay, couple more tips for you. Now since it's on the MLS, chances are someone already snagged it if its a good deal. And I hate to break it to you, it sounds like this isn't a good deal. The numbers are very tight and you don't even know the rehab amount. Also, I would never go to someone other than the listing agent to submit an offer and always offer them both sides of the listing if they accept your offer (it builds incentive and helps you A LOT). You don't need a hard money loan in other to get an approval letter, they don't give them out to anyone either, you just have to call and ask about if they can help you out with an approval letter. But please don't fixate on this deal as it seems like it's not a very good one. @150k ARV, you need the purchase to be around 50-70k depending on the rehab. Also, I highly recommend going with the listing agent on short sales and any sales for that matter and do what I said, offer them both listings because it will make them look your way. I have done it plenty of times.

@Tiffany Spann Hey Tiffany, there are many questions that have to clarified first before anything. Is the short sale already approved or does it need approving? If it needs approving, is this deal on the MLS or off market? Are you an agent, can you do the short sale? If you can't and it is not approved, find an agent that can do the short sale, then put the name on the offer as an LLC that you will LATER SELL THE ENTIRE LLC, that is the important thing to know. You don't need to close on the property, but just be aware that after the short sale approval comes back the bank is going to give you 3-4 weeks to close, in that time you need to find a buyer that will buy the LLC off you on closing with nothing but the property on it.

I have done this before on one of my the properties I was suppose to pick up. MOST investors have absolutely no problem with this, but some do (rare). I would do my due diligence while the property is being negotiated for sure as it will save you lots of time when it's approved to find a buyer. 

That is where I come in, if the numbers make sense, I wouldn't mind taking it off your hands at all. Please let me know if you have any questions as far as numbers go or anything of that sort. Let's connect, ask away.

Now I've been hearing lots of people doing 1030 Exchanges now, in order to do this as a flipper do you need to have a property lined up to buy as soon as you sell your previous property? Is the 1030 exchange a good method for flippers to defer taxes? Someone please inform me a little bit, I talked to my CPA about it and he said you have to  have another property lined up to buy as soon as you close the previous one you sold. (by as soon, he probably means in the very near future)

@John Hickey Do you ever wholesale any of these properties that you find off market or do you keep most of them? I use to do that a lot but once you start to pick up properties and you are managing them, it's hard to do it. I think the NJ market has crazy amounts of wholesalers too, so find deals is hard but not impossible. I like that approach though, i've done it and I must say it does work.

@Jamie Brayton Wow that's a really nice thing to have. Money from a bank for flipping at such a low rate. I am always in search of cheaper money. What kind of lenders are you looking for? 

@Bryan C. What kind of investments do you do out of state? Do you lend passively to fix and flippers that you trust? Or just buy and holds and hire a PM?

@Lane Kawaoka If you're ever looking to buy anything in New Jersey, I am your guy. I mainly do fix and flips but as I am growing my business exponentially, I try to acquire as many connections as possible when it comes to private investors and out of state investors that want to partner.

Out of state investing should really be a thought once you feel that you have maximized your local area and produce enough income where you can afford to start a network of people outside of your state. Currently, my goal is to be everywhere I can be but at the same time trying to get my company branded in NJ. I want to have the opportunity to partner with people on BP out of state, but at the same time focus on NJ because this is why my core business model lies. 

Turn Keys are definitely the way to go out of state if you don't have a large network of people where you're buying. Just buy turn key or development and hire a PM to manage it. But make sure the PM is credible and doesn't try to play any games. 

@Sabrina Tempesta I don't know anyone that is in Montvale but I use Casey Eggers from Avant Law. She is based in Newark, but maybe she would be able to help you. But maybe a local might be a better option like Brian said. Additionally, what are you guys trying to do on that second lot? Would wholesaling it with approvals down the line be an option? Are you guys trying to develop it later on? I would love to be of assistance to you in any way, shape or form. Please, let's stay in touch. 

@Fredrick Jackson Is the guy looking to partner? I am out of state, but maybe if he is willing to partner I can work some magic. Please let me know. Let's connect, maybe we can collaborate and close this deal.

@Ryan Saulle How did you go about finding that deal. I am looking for deals currently, so if you're looking for another potential partner. I use my own subs and manage my own jobs, (don't hire GCs). Most of my business is done in Central jersey but I have flipped some properties in North jersey. Let's connect, which hard money lender did you use, because I have a pretty good relationship with ABL and quite a few private lenders as well.