All Forum Posts by: Mateusz Prawdzik

@Fredrick Jackson GOD I LOVE THAT WORD..... ACTION, really does the trick doesn't it. Everyone that comes across this has to do the same, stop freaking reading and not doing anything and wondering why it's not working and do that special thing that people forget does the job. ACTION. I said it to someone just yesterday as well. ACTION IS KEY.

But back to your post, has she/he thought about take a Home Equity Loan? or Line of Credit? In my understanding, you're saying that the owner wants to rehab the house and sell it? Do you want to wholesale it? What exactly are you looking for? 

@Tyler Gums Before you jump the gun on anything, explain to BP what wholesaling is and the step-by-step process to it. We as a community want to make sure that before you do anything with contracts, you understand the process and how it works so that way you don't shoot yourself in the foot down the line. But to answer your question, what I did as a beginner is I looked up contracts and what they have to have and I wrote a couple of them on my own. Then once I grew a little bit and started to go to meet ups and everyone began to know me... I asked an attorney nicely if they can help a rookie out and quickly glance at this contract that I wrote and give me pointers. And then took it from there and soon enough, not only did I have a contract that was compatible anywhere, but I was the one that edited and basically wrote it, with the help of the attorney, so I knew what everything on it meant. Instead of just finding a contract and using it, I strongly suggest everyone do the same so that if a potential lead was to ask you a question, you will know the answer in a heart beat.

@Matthew Smith It's a numbers game. As a realtor, I don't think you understand investing yourself (sorry to be blunt). The whole point is to make return, it's not about HOW MUCH you make, it's about the RETURN you make. So lets 20k on a 390k investment is ..... 5.1% which is absolute garbage. I can do a lot of other things with WAY WAY WAY WAY less money and make 3-4 times that. So this deal that you are saying, and if your other deals are the same way, I would pass on every single last one of them. 

@Brandon Drake @Marcus Lawson Hey, I quite a bit of business in both of the towns you are from. I am currently rehabbing a property in Scotch Plains and just sold 2 in Roselle last week and this week. Connect with me if you guys have any questions, I do business in Morris, Bergen, Union,Somerset, Middlesex counties. I would love to help out other BP'ers. 

@Gary Harris What's up? Where have you been? Let's link up again, I haven't talked to you in ages. 

@Moises B. Hey, dealing directly with the owner is the best thing because then you can establish the price and the terms right there on the spot, pull out a piece of paper and write them down and sign off, bring it to your attorney for her/him to write a contract and there you have it, a purchase agreement to buy a house. Make sure that the numbers make sense that you offer good terms that make sense for both parties or else the seller will take her pen and go somewhere else. Connect with me if you have any other questions, I'd love to answer them and give you my .02.

What I love to see is that one word that makes all the difference. "ACTION." I read none stop about posts of people saying "oh... I'm reading and I'm learning but nothing is happening, guys I'm discouraged, IDK what to do.." Action is the key to success, doesn't matter if you lose money on your first deal, as long as you took action and learned the hard way, I GUARANTEE you'll never make the same mistake twice and the deal after that will be profitable. But Great job. looks great.

@Hugo Alves Do you go to auction Hugo? I feel like we have met before and I just don't know it. Maybe Bergen county? Union? 

@Luther Kyrin Creecy Like most people that are starting in REI, wholesaling is their go-to option because it helps build capital and it teaches a little bit about the business. With that being said, wholesaling is probably the most work intensive portion of REI when you are first beginning because you are doing most of the legwork. The main thing to do is to just take action and stop reading and learning and not applying any of the knowledge that you are reading about but to just jump in feet first and take risk and hope for the best.

@Alex Young First thing I would do is gauge your risk tolerance and your need for money. If you think that you can handle lots of risk, take the risk and try to run with it. But remember, you can lose your shirt because of risk. What i did when I was in a position like you are, (but it took a little bit of time), is learn to invest or trade in the market. I can't say it was good but I can't say it was bad, I lost a lot of money but I also made a lot of money. There is no such thing as get rich quick, if you want to play that game, go to casino and go all in and try to double every time (that's the only get rich quick scheme). 

I wouldn't focus on real estate right now because you aren't a comfortable position where this should be a priority in your life. I would get a job, save, invest in the next correction in the market and take a year to pool some money. Learn , read, and then take action and pull the trigger. 

@Trina S. Hey Trina, I have reached out to you personally to talk business. Lets connect, maybe we can do business together. 

@Ryan Dao It feels like every time I come on BP I see more and more youngsters trying to get into the business. Being a college dropout after the first, I realized that school wasn't worth my time and that there was something that could benefit me a lot more than school, so I started trading and losing money and making a little too. Then I came to real estate and in just 9 months, grew a business and working on my 9th flip this year. Being 19, I see that you have ambition and that is crucial, another thing that is crucial is learning to sell yourself and not looking at your age as an excuse. Taking Action is another thing that most people don't do, they spend their time reading and doing jack **** and then ask themselves "why isn't this working?" I didn't read a single book, didn't rely on anyone to teach me, I jumped in feet first, lost some money, trusted the wrong people and then learned from my mistakes. I started wholesaling and making money that way but I realized that wholesaling is a ******** game if you don't mass market because you can spend months trying to close this one lead and then something happens and all that time was waste of time. 

What you have to focus on is taking action and putting all your eggs into one basket. Take risk, because at this age you can take LOTS of it... TRUST ME.

If you'd like to connect with me, I can help you out with any questions that you have about any subject matter, as I was in your shoes not too long ago and exponentially grew because I didn't just read and learn but i went out and did. PM any questions that you might have, I'd be glad to help out a fellow BP'er. (and that goes for anyone with questions)