All Forum Posts by: Sergio A. Chucaralao

Quote from @Michael O Hanlon:

Hi All, 

Does anyone have any good contractor recommendations to waterproof the exterior of a brick foundation wall in Hudson County, NJ? Much appreciated!

Michael 

Hi, I am going to give you my opinion in reference to your question.  
Water proofing a foundation is very complex. It depends on:
1. What is the reason for water proofing because if you are trying to finish a basement, I wouldn't use a temporary solution.
2.what is your budget to do it and is it worth what you will spend on it.
3.Have you already determined where the water in coming in. Is it a foundation issue or is a grading issue or drainage.

Once you have determined all the above that will dictate the level of expertise you need in order to resolve your problem. I hope it helps in some way, best of luck!

For me it has been the cost of money. I usually cover all my cost until they are fully rehab.  Now with the cost of money it will have  to be a great deal in order for me to refinance at the rates we have. Making almost impossible because in my area North New Jersey homes are still selling very rapidly.  I am considering in looking for partnership with people that have a loan but need funding for a rehab. As of now I still have a full gutt awaiting for permits and a  smaller reno.  

Thank you, it definitely makes sense.  Ideally a partnership with a person that already has a property but doesn't have funds for the renovation would be great. I have done couple of BRRRs in my area but with this new rates is very difficult to do full gutts. 

"Currently, gutting the whole house to the stud and have architectural drawings ready. I need some guidance please and info about renovation, things like ex: im not sure if electrician should do the job first or plumber or hvac etc."

If you have architectural drawings the person that is handling the renovation should know where to start. 

Get all permits approved.  Once it is gutted to studs, It needs to be assessed for any temporary walls if, you are doing major changes, like an open concept. 

1. Add all beams if are required.

2. Frame if any changes on framing.

3.Roughing of all HVAC system.

4. Roughing of all plumbing.

5. Roughing of all electrical. 

This should give you a good idea on how to start but the outcome of this project will depend on how reliable your subs are. Best of luck.

Hello everybody, I am curious to find out  what and why do you belive is a better. Partnering in a deal or just funding a flip?  Thank you in advance for your input.

In New Jersey, if you have a yearly lease you have to give the tenant 90 days notice that you will not be renewing. You have to write the reason on why you are not renewing. To make sure your reason is a valid one. You can go to your state tenant landlord laws. If the are current with payments, the violations they have must have been addressed in the past and the tenants had to failed to comply. Amd they have to be documented. But again that is here in NJ most states are different. Hopefully this helps.  Best of luck.

Hi Katherine, welcome to the community.

If you are looking to buy in 2 years from now. I will suggest save as much as you can and education.  You also need to do a self assessment.  

1. Why are you buying real estate? For cash flow or long term wealth.

2. Are you okay with a fixer upper or you are not comfortable or don't have the resources to do renovations.

3.Are you willing to become a landlord? Are you okay with sharing a multi family. 

4. What is your plan in case things are not as you expect.  

I would start there and once you are clear on this then I would focus my education around this strategy. Best of luck.