All Forum Posts by: Vlad Levrints

This was going to be my next move it's just insane I put a bid on a home there asking 435k for 470k with 50 percent down. My competetion was 450k cash Realtor was extremely excited about my offer and everything even called my financier. With 50 percent down no one had worries but guess what the sellers went with. Yep that's right CASH. Just obsurd. Took a 20k pay cut. For what?? Yes this just happened today so I'm alil tilted sorry At best the ARV WAS 600k. Like bro wtf goes on I was willing to do it for basically 30-40k profit

 Absolutely I understand, depends who you are dealing with when getting a loan

We usually operate in middlesex and Essex county, we have been looking at properties in south jersey as well by oaklyn and collingswood area. It just hard to find ARVs since comps are all over in this market and we don’t have too much experience in that area of Jersey.

 Im curious what is the difference between hard money lending and PML 

Don’t mean to sound naive just want to learn a little more about different types of funding 

Thank you in advance

Hello everyone

Iv been flipping houses since 2017 in New Jersey and had some out of state rentals in Indiana. Recently I’m coming across the same issue while bidding on any house in my area EVERYONE WANTS CASH! 
which is fine Iv done plenty of cash deals but always using my own money I haven’t ever borrowed someone’s money or had a hard money lender typically on deals that wore 100k-250k 

Iv also used conventional financing before for flips and so on 

But recently every house worth looking at in my area is around 400k-550k for a fixer upper. So the question is have you guys ever used a hard money lender before do you recommend it or just figure out how to get the cash yourself or find properties that can go for conventional if the seller even considers it 

I own a contracting company and a moving/junk company so our projects I know for a fact I can do at a fraction of the cost as most investors but still I’m getting out bid to no end where I can’t see the money at all I’m not sure what there seeing but that’s a whole other story

Anyways would love to hear from you guys if you used hard money lenders before and what to be careful with I’m just trying to see all my options 

Thank you in advance 

Hey whats up Patrick I’m a general contractor in middlesex county and my company has been buying flips in Essex and middlesex since 2017 

It’s a great idea to expand and start getting into flips 

My advice would be don’t worry so much about the region your buying a house in besides being careful of flood zones but other then that just make sure you can add value to the property because as you know it’s insane in jersey now.  House worth 400k needs 100k of work and agent is listing it for 435k telling you it’s a handyman project  

With my experience the last year a lot of houses go under contract and then reappear so just stick true to your numbers and don’t get wrapped up into a bidding war

I hope my little rant helps but good luck to you and maybe will be out there bidding on some houses lmao good luck brother!