All Forum Posts by: Patrick Martone

@Olga Roginkin @Philippe Schulligen If you don't mind, what North Nj town would you suggest for duplexes and multi-family properties? I am interested in buying and rehabbing multi-family properties in North NJ. I would hold for cashflow and then sell if they happen to appreciate.

@Wayne Brooks What do you mean by FHA person every two years?

If a GC license isn't good enough then what are they looking for?

What if I used it to acquire at least one larger multifamily property where I couldn't afford 20% down. Essentially it would help me leapfrog into greater cashflow potential. Afterwards I would resort to private money for future endeavors.

@Meghan McCallum We would be doing this in NJ. Are they going to request any references or prior work experience? or can we just get the license for ourselves and do our own work with or without the FHA loan

.

Hi, my father and I want to use FHA loans to purchase rehab multi-family homes in NJ. We can do all the work ourselves and have the tools and capabilities. One of us would also occupy the property until the renovation is done and or the loan is paid off.

My father has been a carpenter for years, and we are considering getting him a contractors license so we can do our own work and save through sweat equity. 

My father has experience building homes in the past, but now does office furniture installations and owns his own business. How hard will it be to get him licensed as a contractor? I understand there are FHA courses for contractors, but how about being licensing process?

Hey guys, my name is Patrick, I am a former civil engineer with experience construction, foundation inspection, architecture, and interior design.

I am from New York, Ny, but looking to invest in New Jersey, Also familiar with Miami, Florida, and Houston, Tx.

I found bigger pockets web surfing for real estate content as I was setting my goals. I wasn’t pleased with the direction my career path was going, and have been doing Ecommerce in the meantime. 

My experience in real estate is minimal as I have subleased apartments for profit on 4 different occasions through air bnb and craigslist. However I do come from a family of developers who built home in New Jersey up until the mid 1970s.

I have some hands on experience helping my father build add ons to our house (Sugar Run, Pa), renovate our condo (Monmouth Beach, nj), and renovate our rent controlled apartment (Manhattan, NY). I’ve had tools i my hands before I could even walk.

I’ve also watched mother quarrel with her sisters over ownership of raw land coming from a grandparents will. Not sure if that counts for much but I know how nasty things can get. :)

My plan

Divide up my capital and buy and rehab multifamily units to establish cashflow over the next few years. If a unit HAPPENS to appreciate then I would flip one to rebuild my capital and buy larger multifamily properties through 1031 exchanges. The end goal is a small apartment building.

Once I have the small apartment building (10 units) I would sell my other properties and consolidate my cashflow, risk, and stress through the apartment building to be free and clear.

My father has been a carpenter for 40 years, and we are considering getting him licensed as a contractor so we can get 203k loans and do our own work and be able to afford larger properties. I know there's a lot of red tape that comes with this. We own (2) Pickup trucks, (1) utility trailer, large supply of hand tools, air compressor/ air tools, and yard tools.

I have also imagined a partnership where I can add value with my capital, experience, and time in exchange for an equity partner and mentor to help me with the business and legal side of the industry.

I would like to yield 50-70,000 Minimum off of my properties in the next 5-10 years, as that is the high and low end of my first two jobs. I am willing to make this a full-time job where I live in my property as I rehab it and I eat and breath the rehabbing process.

I would love to hear your opinions and what you would do differently or what seems realistic with the number I stated.

Regards,

Pat