All Forum Posts by: Don Hines

I think you are doing well to stick to your numbers. Not their's.
Don

Good that it is vacant. Try some of those bombs you set then leave for a while. I have been successful with those after doubeling the dosage.
ONLY IN A SF DWELLING. Don't do this in an apartment with occupants on either side.
Don

UPDATE
I finally got fed up and just sprayed the whole mess with the Blue labled KILTZ. I sprayed so thick that I was able to roll some of it out and it already looks textured. The blisters reappeared under the primer in places where there was no damage apparant before. But, after the stuff dried, they were gone. Three other spots revealed themselves and the paper completely pulled away. I waited for the primer to dry then trimmed them back to the "good" spots. It looks like they are taking a skimming well. I think I am ready after texturing to turn the hired hand loose on it this weekend. Hope she dosen't mess it up again.
Thanks
Don

Don't forget about that word "Encumbered" if it is FNMA. If it is on the deed no one can finance more than 125% of the purchase price you have negotiated and closed at. NO ONE. Not a rehabber or occupant. NO ONE. I am refing one this week to get enough cash to pay contractors after the 90 day "encumbrance". Their silly rules left me about 15k short of finishing the rehab in good time.
Don

I put an offer on one last Fall that would have been in the same situation. I didn't make the deal. But, my stratagy was to be about $15 @ foot cheaper than the new homes were asking. My subject property had a better lot than the new ones plus the rehab was going to be better than new. It already had lawn sprinklers and a security system installed. Just make sure your deal will be better and offers more.
I need to investigate that property again. I think my offer was beat by an owner occupant.
Don

Not too many More times!!! When I griped about fixing the Durango, she said she was happy with it anyway; I was the one that insisted on buying a Tahoe. That is true. But, I had one picked out for $30k. This subject could turn into a new thread.
Don

My wife and I enjoy a pair of Chevy LTZ's. One is a Tahoe the other is an extended cab. Both are 08's; the Tahoe was purchased new and the Pickup just a few months ago with 27k on the odometer. We Bought the Tahoe to keep from spending a lot of money on a Durango. We ended up selling the Durango to a freind and spent the money anyway. Being nice cost me about $50k. But, now the wife and her freind are happy. Both vehicles will be paid for in a couple of years.
We use them to pull our 24ft pontoon, the 16' fishing boat, and the 28' camper. Life would be complete with a couple of ATV 4x4.
We are thinking about doing the traveling thing when I hang up the 40 hr (recently 60 or more) gig. I might need a bigger camper and PU then.

Don

I am a DYI flipper. Not by choice on my current project though; FNMA deal.
I think the answer to your question lies in your talents and likes or dislikes in projects.
I hate taping and floating sheetrock or painting. But, I love trim work. I would never tackel a roof. I don't think there is anything I can't do. But, at age 55, I am finding I don't go as long as I used to. So, the JOB is getting in my way and it is probably better for me to hire out all of the stuff I like as well....until I get this JOB situation handeled.
Don
Don

My wife worries about our current flip going into the "slow season". I have read success stories all through the year. There are a million reasons to procrastinate. Once I go full time, I might time the business so I can take some time off during the "Slow Season". I have too much to learn in the mean time.
Don

Jim
I always take Jason and matt's advise as gold. I think I can relate to what you are saying and asking. I use 65% of ARV just because I am new at this and I want a little cushion. I have used the difference to negotiate a purchase.
I am not at retirement age, But, I need a career change. So, My plan is to do a couple of flips a year for the next 3 to 5 years until I get comfortable with the idea that I don't need a 9 to 5; (or a 5:30 AM to 7:PM in my case). It would only take about 4 to 5 flips a year to replace my current income and a couple of more will cover the wife's. So, it ain't too far out.
Don