All Forum Posts by: Account Closed

uh ohhhh full disclosure: I have taken more than 11 weeks on mixed use and commercial flips. 

Thx.

Love these posts. As a contractor that is flipping and has flipped many homes throughout all of NJ for many many years for myself and investors the best advice I can offer is get as many estimates from as many contractors you can as quickly as you can... Holding costs eat up profits. The longest flip I have ever worked on lasted 11 weeks from when I was handed keys until It was cleared of all permits and inspections and put up for sale. That project added a total second floor of 3 br's and 1 1/2 baths. Most projects last 3-6 weeks. If the GC is legit he has his team in place and can run you through the project via time lines (including what if's). Provide incentives for work completed on time and apply penalties for missed deadlines at different levels of the project. If deadlines are not met give yourself an out at the same token do not be cheap or deceitful as nothing p-sses of a contractor working with dishonest clients. Have realistic expectations for what you pay for... I have seen many beautiful pieces of granite installed like crap. Wood floors uneven and buckled and hvac systems installed that were not sized properly. The finished project ultimately is a reflection of you not the contractor once u turn over the keys to a buyer or tenant.    Best of luck!

@Mark Scarola

Mark, How many look like they will be attending?

Thx

Wally

@Daniel Raposo

Yes! and usually with less competition

I will drive the markets I am interested in 3 days and 5 days after every storm. If the driveways and walkways are not shoveled out. That often means the property is ready to be had by me and my team....

What type of recommendations do you seek for what type of job?

Maybe I missed understood your post.... People still want to rent at the jersey shore ex: Asbury park, Long  Branch,  Manasquan. 

You can still find deals but the great easy ones were with in the first year...  If you have cash and a great build/rehab team (to include house jacking abilities) really good profits can be found..

Kunal,  As Mark keyboarded absolutely be cautious of the spreads. As with many projects potential profits can turn into real losses quickly. Although some areas might be experiencing tighter markets others are not... Your personal tolerance for risk is your own. I have been in this business to long to even suggest there is severely limited opportunity here in NJ. Keep true to your risk tolerances, sometimes think outside the box and keep on paddling up stream at your comfort level and realistic expectations and it will get easier as apposed to harder. You do not have to hit home runs on every deal. A bunch of singles can still bring home the same result as a grand slam....

@Bram Spiero

@J Scott

@Manolo D.

Thank you all...