All Forum Posts by: Don Hines

Just curious.....
What made the house blow up? Gas leak? Methlab? I made my mother's oven blow up when I was a kid. She told me I could have blown the house up.
Don

It has been a while since I was a landlord (30years. But, I used semigloss throughout the apartments. Easier to clean cooking grease and la cocarache eggs off of the walls.
Wow!! I was paying $350 for 650 sqft to 900 ft plus any damage repair.
Don

I am still learning. I am fortunate that my son is a carpenter with sheetrock and flooring experience. We hope to build a business that will support us soon. I have dabbled with subs with no luck finding one that I want to keep. I have learned that I do not place enough value to work/jobs I sub out and calculate too low for what I can get it done for. It has cost me some time to DYI. But, I am gaining the experience that I want so to be able to at least talk about "how to" and maybe negotiate future projects.
I am sure I would have gone about it differently with out my son's experience.
Don

In my younger days, I used to race sports cars.
If I were given a time limit on my life, I would rent the fastest car in the class that is closest to the one I used to run in (30 years ago) and see if I could still win races.
Don

I am not a buy and hold kind of guy. But, I have worked in what I consider a marginal neighborhood and have currntly upgraded to a nice one. While entertaining, the marginal neighborhood was a little scary for me. Although I was never directly involved with any threatening situations, the atmosphere always changed when the sun went down. That is when all of the gunshots and noise associated with fighting would start. I advise to visit the place in the night time to see if you think you can work there. I do think you will eventually be collecting rent or unstopping a toilet at night. This might help you with your decision. This property is a bargain for a reason. I suspect it could be closer to the warzone than you realize.
Don

Ain't life grand? No one will pull my fanny off of the 6 o'clock news if I get caught with illeagle aliens. But, proving they are legal is very delicate matter too.
Don

This is the same price range in my farm. I leave the popcorn. Sometimes I overpray it with more popcorn. Sure covers a lot of sins. No telling what you would uncover if you removed it. I think on up the price range would make a difference if you scraped it off.
I am not allowed to pick colors in our partnership. But, beige or white are always safe in my mind.
don

First make absolutely sure you can close.
Then make an offer with a financing contingency and attractive earnest offer. Then bust your butt to get a loan. This would tie the house up for you if your offer is accepted. I would apply for the FHA 203 program. It would give you money for the purchase and rehab. The rehab must be complete in 6 months and you must occupy the house.
Don

Stu
I think this guy drove his Vega to school when it was new.

Update!!!!
Bid from another sub is 4 times higher than the Vega man. I want to pay somewhere in between. My wife's paint jobs are looking pretty good right now.
Don

I don't care to be a landlord.
#1 would be out definetly for me. Two times the rent is not enough income.
#2 sounds a little risky but better.
#3 I don't think another month vacant would hurt to try and find one you are comfortable with.
My experience with landlording was a 297 unit apartment complex in Houston over 25 years ago. I had to get out because nobody qualified in my mind. (still wouldn't)
Don