All Forum Posts by: Don Hines

I would have never thought of all of the things Jon H just told you. You might want to talk to Jeff Brown. He is a regular contributor to the BP Blog.
Jeff has an interesting theory of just taking the hit on the taxes and using your money for REI. Sounds good. I ain't brave enough to leap yet at my age.
Don

We just bought from Home Depot simply because my wife is in charge of that and she has found a guy she likes to help her lay out her ideas. I really was not impressed with the quality this time. But, I think once the tops are on, they will be fine. I am in a situation where I am using (abusing) my line of credit at HD. I may explore other options once I have some cash in hand.
Don

Stick to an area where you would think first time buyers would buy. In my market, that is ARV of $95k to $130k. Generaly these homes need extensive rehabs because of neglect. But, they are the best ones to negotiate with; after the banks get off of their high horse when they are first listed.
Don

Ain't that the truth?
I cleaned my stuff out of my truck this weekend and found 6 T shirts, 2 pairs of shoes, and a couple pairs of jeans.
I also had over 100 printed listings.
Don

Are you DYIing?? I am. My wife and I are currently in disagreement over replacing some vanities. She sees on "Flip this house" somebody paint a vanity then have the top resurfaced with a cheesy speckaled finish. I am the expert because I get my info from Bigger Pockets. I consider my time for prep,painting, and replacing worn out hardware very valuable. I think I can replace a vanity much cheaper then move on to other items. We just installed new kitchen cabinets this weekend. Quotes came in to install new doors and cabinet drawers and facings at about $100 per door. Then you have to finish; buy and install new hinges. I am done with new cabinets in one day. I don't know if I could hire rehabbing older cabinets cheaper than new ones or not.
Don

I don't really think any body knows. Probably even FNMA. I closed on one a couple of months ago. I thought I had skated by the clause then their attorney pointed it out the day before closing. When I started Peeing and moaning, their agent said it is illeagle to remove the clause! I went through with the deal anyway. If any politicians are reading this....it cost some contractors their jobs since I could not borrow enough to hire them. With the 90 day restriction, I have plenty of time to do the repairs my self.
Don

When everyone at the office changes into there gym clothes at the end of the day and you change into your scrungy paint splattered T shirt and jeans.

When you can bear hug a toilet and tote it outside and not think twice about the sticky stuff on it.

Don

Amen to time getting shorter the older you get.
I have a freind/agent that sends me listings he knows I might be interested in, from some kind of automatic device he uses. I get one or more emails daily with properties to look at from the MLS. The average that intersts me would be probably be 5 to 10 a week.
When and if I go full time, I might try the direct approach with distressed sellers.
Don

What Bill sez.
Don

My jury is still out on inspections. My first one was a complete waste of money. It has been a couple of years. But, I remember him writing up the property and stating it was a typical property in need of a rehab. As my 12 year old grand daughter would say, "Well Duh".
I did my own inspection on my most recent purchase. The property needed so much done, that I pretty well saw everything an inspector would see. Except the roof deck. The roof appears to be new and a neighbor confirmed it is less than 3 years old. It does not leak. But, I don't know how they got the nails to hold in some of the rotten decking I have since discovered.
Don