All Forum Posts by: Leigh C

its got it's own land...i think i worked it out actually today and she wants to start paying again. She is claiming to get some sort of settlement at the end of the year so I'll hang onto it till then....sorry to whine in your post :)

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I got a problem child in winter haven...little 2/2 mobile with a tenant after 2 years decided she didn't want to pay anymore. want to deal with it? Thinking 15k :)

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It's worth 240k to my eyes ARV, it's why i didn't bid. Added to my list of addresses to watch...super curious how this one ends

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I had strongly considered putting in an offer on that house, then I saw 4104 Topsail Trl. Same basic size, same end of the canal location sells for 240k. Ironically about the same price you are under contract for.

Good luck trying to make 60k on this table flip....hogs get fat pigs get slaughtered....

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So you want to try and save 3% and enroll in the school of hard knocks. I'd wager in the short term this isn't going to a fun experience, but at least you will have nobody else to blame.

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Ventura Apartments

1902 42nd Way, Gainesville, FL 32607

Listed on Loopnet...

Contact Listing Broker

Darron Kattan
(813) 345-5887

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Dodd Frank issues?

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Originally posted by @Brian Burke:

I've bought about 500 on the steps and feel very fortunate that I can count the really bad stories on my fingers. Of course there were the houses where the owners trashed the house, stole the copper, stripped the house, or shot it up with multiple rounds from an AK, but those are just minor annoyances. I got my revenge one time though--the former owner got convicted of burglary for stripping the house. I got restitution checks for years from that guy.

I think the one that takes the cake is an owner that really wanted his house back. He sued to get it back, which I've had happen a couple of other times and always had the suit dismissed in a demurrer within a couple of months. But not this one. This guy got a really bad but really persistent attorney and got lucky with a sympathetic judge (a judge that had recently been arrested for a DUI, no less) and our demurrer failed. We had to go to trial (fortunately by then the DUI judge was history so we got a different judge). But just before trial the lender (yes, the lender) filed bankruptcy. I'm not talking about a private lender either, this was one of the largest lenders in the country that tanked in the great financial collapse.

Now this s$&@ just got real. If this guy wins and the court gives him his house back, my $250K+ that I paid at the steps is gone...I'll get pennies as a creditor in the lender's BK. Can't even proceed to trial until I get relief from stay in the BK case.

It finally went to trial and I won hands-down. But didn't end there. This ridiculous lawyer appealed to the state court of appeals! That took another year but I won that hands-down as well.

The end result is that my title was clouded for five years and it cost me almost $200K in attorney's fees to get to where I could finally sell what should have been a five month flip.

Should of sold it to the previous owner if he wanted it back so badly...I've always had a policy of selling it back at a slim margin if the previous owner had the liquid means.

1 Vote

Somewhat easy to get Lines of credit from hedges if you are in that type of volume. We just let a 10M line expire that was at 7% and 2 points.

Took us 2 weeks to go through the approval process...in person "interview" in hindsight should of taken place at a local strip club it was so informal.

Cost us 15k for the introduction 3 years back but now a days you should be able to figure out pretty easily the guys who are doing B2R and also credit lines to flippers.

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I use in house "project managers" who hire outside vendors for everything. Easier to hold people accountable and limits all sorts of liabilities. We tried employees and the costs went through the roof since people weren't as productive.

We rarely do large extensive flips though.

We try to use the same contractors obviously over and over but it rarely works out that easy. Did 75+ flips in 2015...

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All Forum Posts by: Leigh C

Leigh C has started 26 posts and replied 379 times.

Post: 3/1 Single Family Home, Renovated, Near Disney

Post: 3/1 Single Family Home, Renovated, Near Disney

Post: Waterfront Marina home w/deep water dockage in New Port Richey

Post: Waterfront Marina home w/deep water dockage in New Port Richey

Post: Real estate license in Florida, lives in Georgia

Post: Gainsville, FL - 208 Door Apartment Complex Available

1902 42nd Way, Gainesville, FL 32607

Contact Listing Broker

Post: I turned it down

Post: Burned on foreclosure purchase

Post: Burned on foreclosure purchase

Post: Subcontractors vs Employees