All Forum Posts by: Account Closed

@Will Fraser

Thanks for the advice I will definitely try the conversation then the legal Avenue if needed.

Hi everyone,

I have a client that I’m working with currently and they working with a town that has been absolutely absurd in the time it’s taking them to do anything. It took them six months to approve a variance simply because there was a bay window that need some sort of approval. For their inspections they’re asking for more surveys, and they’re also asking for actual 6ft chain-link fences to be put around properties, even though the house is in a suburban area. The problem is that another builder down the street hasn’t had any issues and it now seems like there must have been someone we aggravated and their slowing us down on purpose. When we submit or ask for anything they are being very short and haven’t told us simple things like make sure this is set this specific way when the inspector shows up so he will actually inspect. I have worked in many different towns in New Jersey as a contractor and have never run into such difficulties and such extensive inspections.

So my question is what have investors done to help deal with towns that might be difficult? Whether it’s advice on how to deal with the town so that we can move things along quicker, or if there’s a legal recourse that we could use to make the town move faster as well?

Any advice is welcome,

Thanks! 

@Joe Sadusky

I no have someone, I will message you their information!

Talk soon,

@Eric Armstrong sorry for the delay in getting back to you. From the construction side of things it hasn’t been too different for me. I haven’t done jobs in Wilmington yet more of the suburbs but altogether I feel like there is a good amount of opportunity there. Have you been buying in Delaware?

Thanks @Cesar Sotomayor I will! What kind of strategy are you doing for your investing?

Hey Everyone,

I wanted to do a post about one of the most important items in real estate, strategy! So many people overlook this one simple thing that can really be the key to success or failure.

Having a strategy and then implementing it can make all the difference. Examples being that it will help you know what you’re focusing on, what type of lender to use, what to put your money into, what contractor works for you, when you might be ready to grow to a New area of real estate, and altogether keep you on the track to success. Too many people try to do a bit of everything and get so distracted that they don’t get anywhere, get discouraged, or just end up in the wrong Direction altogether.

So here’s an example of what I am doing. My main focus right now is my construction company. I work solely with real estate investors in New Jersey, Pennsylvania, Delaware and New York helping them do their flips or rentals, I have been doing that for the last four years as my sole focus. I have just started to implement wholesaling as well, because it helps my clients find more deals, and helps me control when I potentially could get work as well! Staying focused on this has helped me continue to build my business as opposed to getting distracted. My plan is to get into flipping myself in about two or three years when I have more cash to use, and with my construction company in place it will handle all my deals as well.

I’d like to know what your strategies are and how you have implemented them for success! I think it would be great for all of us to share different ways that you can succeed in real estate, because there are so many that it can get confusing, and seeing that people are successful by implementing a strategy and sticking to it can reaffirm the one thing that equals success in this industry!

Look forward to seeing what you guys post! 

@Cody Barna

Thanks! It is definitely one of the most important pieces!

Construction is one of the things every investor needs to know, but is also one of the things that Varys so wildly. Cost can range from almost nothing to way out of the solar system. So how do we understand the cost, how do we know what a contractor is trying to actually charge you for?

When a contractor is figuring a cost the main thing they go through is what do my materials cost, what’s my labor going to cost, and how long will it take so I know my charge. These costs can vary a lot but it comes down to those three numbers. An investor going into a job should think which of those numbers would I be willing to save money on. This will help with picking a contractor and also with negotiating a price.

If you know you are willing to go lower on materials then you can talk with the contractor about material prices when they give their price. So say the contractor said a new bathroom would be 7k, you can ask what materials would be in this bid, and then talk about cheaper options. This is a simple way to negotiate a better price. If the contractor is unwilling to use the materials you want to then you go to the next.

Let’s say labor is where you want to try and save money. First you want to look up what standard labor prices are, you can do this by asking other investors what they have paid, looking up historical prices for labor online or on places like houze or angies list. Now that you have a gauge of what is out there you can now talk with the contractor or subcontractor and say here is what I’m seeing as labor prices and I’d like to offer this price. This option is usually harder because most contractors will feel their worth is a certain number but it can be a way. Remember though that the phrase “you get what you pay for” does apply to this method as well.

Having an understanding of how a contractor breaks down his price will help you understand how they get to their pricing and help you become better at understanding the cost of rehab.

I will leave you with this one thought, contractors and investors tend to be at war with each other quite often but much like everything in life, if both can understand what each one needs, the Investor a decent price and the contractor a job that pays enough to live off of, then a mutual relationship can be made for the best of everyone!

@Dave Bal

I would recommend michael lambert from farmers ins he helps me with all my ins needs, buisness etc. send me a message and I can send you over his contact info.

Talk soon,

Hey @Alexis Franklin

I have known a few investors that have bought their house cash and then got a loan specific for renovation, they have gotten the money a few ways.

-small local banks will offer rehab loans specifically for after purchase (sometimes there are limits.)

-credit cards or lines of credit have been another way, they usually get cards that have incentives like no interest or no monthly payments for a specific amount of time.

-private money loans

-some contractors might offer financing as well

These are ways I have seen it done. Let me know any questions you may have!

Talk soon,