All Forum Posts by: Don Hines

I am a rehabber with a full time 60 hour a week JOB. I have never had a wholesaler bring me a deal that I haven't already found my self by searching the REO's and MLS. I wished I knew a wholesaler that would search the probates, FSBO's, etc. If a property is on the internet, I have already found it and have either considered it or left it alone. I can't help thinking there are deals out there that takes more time to find than I have. I tell all of the "newbie" wholesalers I cross paths with to find me something I haven't already found on my own.
Don

I am going to assume you know what you are doing in a "vanilla" rehab with your stated experience. I think you are asking about how to make your project pop. I like to use things that are unusual; like built in ironing boards, a cabinet over the washer and dryer, recessed lighting, tile back splashes, ETC.
I remember the last place I sold, the appraiser stated that he was "wowed" because he was ecpecting the typical rehab in the area. But, I lost my fanny on that one too. Be warned.
Don

This subject has never entered my mind before. I used pictures of the grandkids when they were 3 and 4 because that means more to me than a picture of me. I figured my name is enough to get anyones attention from Little Rock or Houston Tx.
They are trying their best to catch a fish in case you have ever wondered.
Don

I load and unload barges for a living. About 10 years ago we had some news paper stock in our metal warehouse. We found termites eating this stuff too. Try getting approval to treat a metal building for termites once during your life!! :lol:
Don

I am not a professional. But, I have experienced these little critters plenty. I would suspect that there could be some moisture in that area. The termites are actually eating the paper off of the sheetrock. Look outside to see if you can find their tunnels leading to the earth. Since these are inside of the sheetrock, it is possible they are returning to the ground in a foundation crack.
But, no. I am positive they are termites. The tunels are a true give away. They form those tunnels with their own poop back to their source of moisture; which is normally in the ground. Their dry poop will burn and smoldor just like a wick or firecracker punk stick because of the wood in it. Sometimes in a dry spell you can break away part of the tunnel and actually see them as they travel back and forth. They are not a death sentence though. The ground needs to be treated in the area and any leaking roofs etc needs to be corrected. Termites and leaking roofs are the same story as the chicken and the egg; which one came first. Of course, if you have a policy, the termites came first.
Don
EDIT
Anyone in the rental business needs to be familiar with the signs of termites. I had an apartment complex get taken over with them in '89. To this day I still see signs everwhere I go. Resturant owners and managers sometimes take offense when I tell them they have termites.
Don

You poor sole!!!
TERMITES!!!

Don

The house next door sold recently and I met the new neighbor yesterday evening. Our discussions lead to where we work (at my day job). He is a comercial lending officer for a bank that I see mentioned frequently on BP for their skewed policies. When I told him I was an investor that focuses on rehabs and resales, he said,
"we used to make those kind of loans. We stopped because we found that flippers were taking advantage of people that didn't really qualify for loans."
I asked him to explain that to me. He said these flippers were actually going into parts of town and rehabbing houses that were no more than rental houses and selling them to people that wouldn't otherwise qualify for a loan. Of course I asked him "then how did these people get the loans." The best I could understand from him is if they put a contract on these rental homes then they qualified and they are taken advantage of because they eventually go into forclosure.
So, I asked him if it would be better if the banks and mortgage companies didn't have all of these aggressive programs backed by the government for these poor soles. His veiw point remains that it is the investors fault for selling these homes to people that really don't qualify.
I left before it got heated and with a little better idea of how some people think. I am pretty sure I know whose sign will be in his yard come election time.
Don

It is not only the TV gurus.
I hate magazine suscriptions. I ordered a particular magazine for fishermen...paid for a year. 90 days later, I had an offer that if I renewed my subscription I would get a discount. It was already new to me! Why does it need to be renewed?
Same goes for a certain nationwide camping club. When I joined I was deluged with their insurance, magazine, ETC, stuff that I was told I just had to have. And I have already been asked to renew my membership after just a couple of months. It seems like I get something in the mail every week that will improve my camping for another $40. I told the MRS to throw everything that comes from them away.
Don

I think we are all forgetting our position in this discussion. We are thinking as professionals and not the novice "once in a while home buyer". We don't actually need an agent to do our due dilagence and negotiations. But, the novice buyer (With exceptions) needs and wants a guiding hand during the process.
Don

If there are no visable signs of water damage, it could be a simple fatigue of the structure. I am currently working on a split level where the floor plan of the upstairs is about 3 feet larger than both ends the garage underneath it. Two upstairs bedrooms had humps in the squeaky floors. I found out that the floor joices ran in a diffent direction in the overhangs and acted sort of like a fulcrum and lever to bow the joice they connected to. My fix was to split the bowed joices, straightening them out with a jack, then laminating 2 by 6's on the free side. You will not know why your floors are acting this way until they are opened up for inspection.
Don