Mike Salese

50 influence

Bangor, Pennsylvania

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IM:
Profiles:

I started my Construction Company in 1982, I have completed over 1,000 projects to date. I primarily worked on Investment Rehabs in the 90's completing just over 20 homes a year.
By early 2000's I needed a bigger chalenge and took on Commercial projects, that lasted just about 5 years...to slow my aging process down a bit I decided to get out of commercial building and purchase single family homes on my own.

I have made good deals on these properties from what I have learned over the years with the Investors I worked for. I'm implementing the same techniques on my own properties.

I'm still in construction but for myself only. I work on my own properties and although I get requests from Real Estate friends to rehab their investment properties, I'm trying to sub out work these days to tend to my own projects.

My name is Mike the Carpenter and I'm proud to be part of BiggerPockets!

Experience

Two years ago I found a piece of property on a foreclosure list, I went to the property and saw a Million Bucks just sitting there...It was the worst house on the nicest street, I went through hoops to find a partner for this deal, after 2 weeks we signed papers and purchased the property. It sits on 12 acres (2 acre zoning in this area) we plan to demolish the house and garage and set 4-5 modulars by 2010. Our expected net profit is projected to be $420,000

My second deal I also found through forclosure, It was two appartments we made in to one home, this home is near the elementry school and walking distance to town, I purchased it for $22,000 and the ARV is apraised at $120,000. I invested $11,500 in repairs and updates I had a family approach me while I was working on the house to rent it when it was completed.

I purchase Lake property on a redepository tax list for $600.00 that I will like to build a cabin on one day.

My newest venture was last month, the people that lived next door from me moved out and I would see the owner just about every day...I proposed to him that I would give him $125,000 for the property, but he would have to hold some paper. The property was apraised at $150,000 . I'm almost finished with the improvements and have a couple that is interested in Lease Purchase with an extended contract for 18 monthsat a sale price of $165,000. I posted some pictures of my work.

Real Estate Goals

I would like to expand my business and complete more projects. I am putting together a business plan to set these goals if anyone is intersted. There are many deals in my area and a huge client base for rentals, I looking to increase my productivity by at least 60% by the end of this year.

Currently Seeking

I am offering a straight 20% for limmited partners or Hard money lenders to fund the capital I need to move on 2 projects that just came in January 19, 2009. My email is NSWI@aol.com