All Forum Posts by: Henry M.

Yes, those deals exist.

Crap! Now the secret's out.

Lol.

Yes it is true, But they are slowly disappearing.

Big Henry

Justin Williams,

You have nothing to be ashamed of... As I'm sure you are not. You have done more than probably 95% of Bigger Pocket members have done in 2014.

You have weathered the storm and am very proud of you for sticking it out.

I hope you hit the ground running for 2015 and am utterly confident you will meet at minimum 150 properties for the year.

You are an inspiration and the next time you post a thread here on BP, make sure to spray that troll repellent. In other words, don't even acknowledge those keyboard warriors, instead just your supporters.

I've learned quite a bit about you (of strong admirable character) in this post and truly look forward to more of your input in the future... If not here on BP, then maybe your website.

Stay strong, pray hard, and live life with no regrets!

Enjoy your family and definitely enjoy your business.

Your Texas BP Friend,
Big Henry 

Jonah Sleweon,

I never drive for dollars... However, if there is a property in one of my target areas I am interested in, I will either have a friend or an associate drive by (if they are located closer to it than I) and provide the info I am seeking. 

Sometimes, when I drop my wife off at the grocery store or nearby mall while she shops (and she loves shopping - slowly), I'll do my physical analysis of the property, subdivision, and neighborhood. 

As for hours, this is why we are in the business. To create a flexible schedule which caters to us. Sometimes, there are time frames I am unavailable. Regardless, it depends on you. It also has a lot to do with passion. I am a workhorse. So, in the past, I had a poor habit of working too much or too late, which is sometimes at the sacrifice of family time. There was even a stretch (a couple of years) where I was working between 14 to 16 hour days. I know, it was ridiculous, but I am the type of person who may get too determined and focused to a fault. I would fall into a zone and would block everything else out to accomplish whatever it is I was chasing. I'm still guilty of it but now try to minimize it to a weekly vs. daily basis.

Sometimes, you may have more time to give than others. I invested in real estate while tending to my rentals as well as running a full time foster group home (18 years). I just incorporated my real estate work with the kids (teenagers @ an avg. age of 16) I helped raised. In other words, I found creative ways to use time management. It is all about compromising your schedule and not your priorities such as family.

I think it comes down to quality vs. quantity. If you work two hours a day on real estate, then make that time count. I find I work (research and due diligence) better late into the evening when the kids are back, my wife is asleep and the distractions such as noise, calls, etc. are down to a trickle. Once I've down my homework, I have a plan of action and hit the streets hard when I schedule it. 

I hope this helps. I'm not sure if it will, but you know what you are capable of and when you are able to do what needs to be done. Just learn to balance those duties, otherwise, you will be going in ten different directions never really accomplishing anything. Try to be more calculated instead of flying on the whim of your seat. LOL. Not sure if that was the right context to use that last statement, but it sounded good to me.

Just my two pesos.

Big Henry

Jenny Chung,

To add to Will Barnard's post, if there is a trust issue from the wholesaler to you, then just have the escrow party (i.e. title company, attorney, etc.) disburse a check to the wholesaler directly, this way your hands are clean and he doesn't feel the same apprehensions you have.

All you would have to do is create a simple disbursement or allocation of funds letter and this will give the escrow company the written authority to disburse a check direct to any party you desire.

If the wholesaler is adamant about receiving funds up upfront, then it is a scam. Anyone who tells you otherwise, is either a scam artist themselves, in on it or ignorant when it comes to wholesale or assignment fees.

Just my two pesos.

Big Henry

Karen M.,

Use a private lender or find a lender willing to cover the rehab costs via a bridge loan. The return for either should be very competitive and in your favor going this route. 

As for a private lender specifically, there are those who may have a self directed Roth IRA and who also may be willing to loan you let's say $50K @ 12% for a three (3) to six (6) month period. Of course, I'm not sure what the rehab costs would be but if you own it free and clear, that may be enough skin in the game to have any lender come on board. Assuming the numbers and location are up to par.

You just have to be willing to search, research, and pitch to those around you.

Anyways, it is just my two pesos.

Big Henry

Marvin Dean,

I must admit, you are a breath of fresh air. I believe those who you have mentioned as well as those others who have contributed to this and other threads, are appreciative in reaching at least one... One who may take the time to learn and that one is you.

We are all here in this BP Family to help and guide you in the best direction possible. Your success is our success. It's about promoting team players and one day, I am utterly confident, you will pay it forward.

Thanks again for your sincere comment/post.

It looks like you are on the right path, grasshopper.

Lol.

Stay in touch.

Your peer,

Big Henry

Robert, 

I was not going to respond to this post but thought this could be a teaching opportunity to others.

As you mwntioned, this is an entirely different state and possibly different laws (assumption) from one anither.

With that said, let me tackle the easy scenario.  So if you legally have taken over the home via documents not to mention physically by way of lock change plus alarm... And the previous owners made their way back into your property, this would be breaking and entering, trespassing, etc...

So not sure what the point is unless your state laws are similar to Will's state.

On the ither note. I'm not sure you can wholesale this home at a $10K wholesale fee. By your numbers, this is not even a good deal. The purchase price for a potential investor (according to you) would be $42K with rehab costs at $40K "easily", equating to $82K (not counting two closing costs, holding cost, etc.) And the sales price being a minimum of $90K.

Basically, what I'm saying is, this is not a good deal for most investors as there is no profit in this property (no meat on the bone). So that exit strategy is out the window. Not sure how healthy the market is in your area, but even if you rehabbed it yourself and had your own cash, there is no profit either. Not sure if the $4K is even included in your $32K purchase price, but even if so, there still very little room for error. 

And little room for error is little room for profit. 

Lastly, even if you kept the property, you would have your money tied up for awhile.

Not sure of this would be a good deal for anybody. 

Need better numbers in my opinion. If it doesn't make numerical sense, then worrying about a flooded home is the least of your problems. 

Just my two pesos.

Big Henry

By the way, if these guys decide to try and delete their YouTube video, I've since captured it, forever. 

Big Henry

Watch "Confederate Express Kickstarter video" on YouTube

Confederate Express Kickstarter video: 

Watch these guys in action.