All Forum Posts by: Don Hines

The only advise I can add is to keep reading the BP forums and articles. There are also books in the library on these subjects.
Keep your enthusiasm and learn a lot more before you jump in. Rehabbing will provide a good living and lifestyle. I don't see how it will make me a millionaire though.
Don

"DITTO"
Don

My first deal took about 3 months after a couple of years reading and learning. I paid too much by about $15 grand for it. I lost $7 grand which almost cost me an additional $300k (some wheres abouts) when the Wife wanted to toss me out over the $7k; I have about $One Million$ invested in her. So, I cooled it for a couple of years.
We are on our second flip together after about a 5 month search. I don't think it is the time involved. I think it should be measured in the number of offers. My magic number this time was 19.
Don

LOL Jeffery
That is what I tried to say. I had to quit trying for the pretty ones and start looking at the ugly ones. Kind of like trying to find a girlfreind at 2AM.
Don

Good to see you posting again Rich. I have missed ya. We know local markets differ some. I am celabrating closing on a deal yesterday after 19 offers since August. I really bought a peice of work to find my deal. I figure about 30k for the rehab. I am always amazed at the pictures Jason shows on his "before" photos. Most of them look like they will sell as is compared to what I see available in Little Rock.
Don

You may have a self made market if you can manage property. I would "hobnob" with doctors, lawyers, business people, anyone successful that wants to invest there money differently. Check out the threads discussing self directed IRAs. Bring your deals to these people and suggest you could manage the properties for them after they purchase them from you using a self directed IRA.
Just thinking out loud....
Don

Really??
I have felt like the lone stranger on these forums coming from Arkansas. The local REI club is meeting at Larry's Pizza on Cantrell (Little Rock) tonight @ 6:30. Love to see ya there. Wife and kids are welcome.
Don

Centinial. They used to be Twin City. Several branches in and around Little Rock and North Little Rock.

Mr. Investor
My opinion as well. I can buy cars, ATVs, campers, ect. All of the suff I want and don't need. I can find them, finance them, and drive off with them in 2 hours. But, I find a good deal on an investment and it has all kinds of hoops.
Don

I am in a similar situation with my current project. FNMA has a deed restriction that keeps me from using the property as colateral for all of the funding I need. My solution is my LOC at Home Depot similar to what Jason said. I had already planned on doing much of the work myself. Plus I put some "goody" in my numbers to pay my self.
If you are estimating a $21,000 rehab on a property in this price range, I would bet you are off on your estimates by 30%. Just my experience. Don't pull any paneling to replace with drywall. Paint it. Try painting cabinets instead of replacing. You need to be prepared for more holding cost too if you are doing it all yourself. That is a pretty extensive rehab; you will burn out before it is done. Maybe you are younger than me though.
Best of Luck
Don

We are on a roll now. FNMA's agent told my agent this morning "Federal law keeps them from adjusting the amount in the clause". Sounds like XXXX XXXX, I mean horse cookies to me.
But, my banker is adjusting the loan documents to reflect the amount FNMA wants. Might get it closed this afternoon.
You guys are the best. Thanks for the input and I will keep you posted.
Don