All Forum Posts by: Account Closed

Just looking to connect with like minded REI'ers in Pike county Pennsylvania (poconos) that have invested in or are actively seeking to invest in vacation rental properties. Although I visit the area frequently and have owned units in Monroe County PA I am seeking investors that have there boots on the ground in this specific area of PA to share thoughts with. I am interested in areas north of Milford. Thanks and continued success...

@Patrick Liska

Those were examples so thank you... 

30 years in REI has told me over and over "pay those that bring you deals very well".... We do the 50-50 splits on Re-habs as well. We are not only our own bank on many of our deals but we are heavy structural contractors (not just paint and carpet guys) in house re-habbers as well... We have outside investors also should we be working on multiple projects at once. It is a shame we are turning away money as the deals just are not as sweet and plentiful as they were 2-5 years ago.

@Patrick Liska

Let me clarify... If a Realtor brings me a property that is a great deal and we close on it they would get their normal commission from the seller (usually 3-6%). I then offer them the same commission again on the back end when we re-sell the property after it is re-habbed.  Most of our homes are sold before they are finished and we get our buyers from a number of sources beyond that of what a local Realtor might be able to provide so a realtor could make up to 10% or even 12% on a single deal. The Realtor still gets a commission of the re-sale even though they might not have brought us the buyer...

If a wholesaler is involved it works the same. (although with Wholesalers I have structured their fees many ways) but as one example. A wholesaler charges me a 5000.00 finder fee on a property that he/she brings to me and we close on. I then Re-hab the property and re-sell it. The Wholesaler receives an additional fee (up to 5k) in this case as again I have my properties sold without Realtors so I can afford to pay the wholesaler after it is re-sold even though he/she did not bring us the buyer...

Hope that helps

New Jersey (Monmouth county, Ocean County, Middlesex county)....I have a question.... I am now paying my Wholesalers and Realtors that bring me great deals commissions/referral fees twice... Why not if it is great deal... I give them their desired rate when I close a property they bring us and when we re-sell it we pay them again (even if they are not involved in the re-sale). If they brought us a great deal why not... Does it eat some of my profits? Absolutely! for the short term but it keeps the flow of great properties coming.... Your thoughts

Hello all, 

We are seeking properties in Monmouth, Middlesex and No.Ocean counties for fix and flips. Wholesalers and Realtors bring on your properties. We can do cash, re hab and conventional loan financing for properties.  PLEASE... No D or F neighborhoods and No flood prone areas.  Everything else in any condition bring them on...

No need to give exact address at first but give us your numbers/evaluations/ARV's (if you don't know what a good opportunity is you might be in the wrong business) and general neighborhood location and we will let you know.

Our preference is free standing single family homes (Distressed is the key) that fit the demographics for first time home buyers... we will go up to 300K cash more with loan products. I easily work with and can offer solutions to sellers in difficult or unique situations.

We Pay For Referrals on completed purchases and on great deals we pay on the Re-sale end as well......Even if you are not directly involved in the re-sale...

@Mitch Bernstein

Before hiring a Home inspector ask to see a current sample of there inspection report, Also obtain a copy of the contract (in full) you most likely will sign before the inspection paying close attention to there limits of liability and scope of inspection. 

Get a copy of their insurance certificates and call the companies to see what they truly insured for.... 

Does the inspector really go up on the roof or look at it from the ground with binoculars?

Is he/she going into the crawl space or attic or just opening a hatch and shining a light in it.

Besides the certifications and registrations they might have do they hold any professional licenses. Ie master plumbers, master electricians and or engineering license...

I never use the same inspector for all my inspections. The more eyes on a project the better. Sure might be a few more cents but my returns on inspections are through the roof... hahaha sorry for the pun

If I am concerned about Radon seek a company that not only tests but installs mitigation systems.

Termite inspector, One that does inspections and treatments not one that does repairs. Get a different contractor for that. One that will open walls to see how far damage might be not just the exposed sill plates but the studs and sheathings behind, below or above fixed walls, floors and ceilings. 

Not only do I want someone to look for mold I want an expert on how to mitigate the issues and be held to warranties/guarantees.

You might want to ask your experienced Real estate attorney if he or she can recommend one as they see so many parts and pieces of inspection reports they often can steer you away from some bad ones.

In my honest opinion NEVER use one recommended by a Realtor...

Hope that helps...

Ps; Remember they are human but they are getting paid to do a thorough/ethical/honest (well at least one that fulfills the contract you sign with them "hence read it ask questions before signing it" inspection for YOU!

A good inspection can often save you thousands a bad inspection can cost you a lot more...

@Steven Booty

Great suggestions so far. 

Working in Wall twp and allowing for a one our commute affords a huge territory. I suggest limiting your search to a closer range (if you plan on living in one unit) as I suspect cheap gas prices are not going to be around forever. 

Look right in your neighborhood.... You know it well and in your area there are many "deals" to be found...

Hi Mark, Hope you don't mind me doing a little promoting of this event...

Come on Monmouth, Middlesex and No Ocean county REI'ers (current or future). This is going to be a great, intimate and relaxed event. Come with questions(any), come to observe or come to share. No worries no pressure. I wish a group get together like this was available thirty years ago. This is a FREE EVENT ! Mark has certified there will be no pitching of products or services so again stress free...

Can't wait to meet new people with like minds, grow my network and have my brain challenged...

Wally

@Cody Jensen

You need to offer more information about your observation... When you keyboarded "these houses" what homes are you specifically talking about... location, style, condition etc. You also typed "these owners have a high vacancy rate"? How did you come up with that conclusion?  Again, not sure what you mean by "How would you keep people calling you and asking if you have any spaces available?" 

As a REI'er in NJ my observations are quite different than yours... Plenty of properties to purchase that fit my or my investors/partners needs and plenty of tenants to rent to and/or buyers that want to purchase my housing products....