All Forum Posts by: Don Hines

Leaks aren't always due to poor roof condition. Improper installation of the roof, lack of flashing, lack of gutters, blocked gutters, siding missing - those are just a sampling of other causes of leaks.

I have also experienced cracked rubber roof jacks when the shingles were otherwise fine. I think I would gently poke those areas and if they were not spongy, I would use the kiltz as already described. Good luck.
Don

1 Vote

Originally posted by J Scott:

Originally posted by Aaron R:

So if someone was offering you a home in need of rehab, what would you ideally want from them?

An address and a key to get in...

Personally, I don't trust wholesalers (or pretty much anyone, for that matter) to run comps for me. And I certainly don't trust wholesalers to estimate rehab costs for me (for a number of reasons).

So, just tell me where to go and how to get in, and I'll do the rest myself. In fact, if no one lives there, you don't even need to tell me how to get in... :wink:

Could not have said it better.
Don

0 Votes

Originally posted by Scott Clark:

Originally posted by Don Hines:

WOW.
You all are very impressive and inspirational. I would like to say I am doing 4 to 5 this year. But, I am high centered getting my offers accepted.
Don

What does high centered mean in this context?

I see your from Ohio. Yall ever gret stuck in the mud up there? When you spin your tires enough, you dig down to where the axel is on the ground (High centered) and the tire has zero traction.
I am spinning my wheels with my offers. Would like to do 4 deals before this time next year.
I lived in Pittsburgh for a while and had to explain who Cooter Brown was. I think this is the same situation.
Don

0 Votes

WOW.
You all are very impressive and inspirational. I would like to say I am doing 4 to 5 this year. But, I am high centered getting my offers accepted.
Don

0 Votes

Originally posted by Jim S:

if you want the look of stainless but don't want the bigger price tag...look for the painted stainless. It's got the look of stainless but it's actually painted silver. Most consumers aren't savvy enough to recognize the difference. It's all in the first impression.

It dosen't show finger prints as much as real ss does either.
Don

0 Votes

Originally posted by Financexaminer:

Christie is absolutley right, know the market and do not overbuild, especially with a flip. There are unusual times where we can vary from these standard rules, but usually, she is correct!

All of this is true. But, you still want to insure your product is the best in the neighborhood. I have been guilty of overdoing it for a particular neighborhood. It is an humbeling experience when trying to recoup.
Don

1 Vote

I like to use all of the comps I can find for evaluating. Usually around 8 to 10. Then I throw the high and low out and average the sq ft and sales prices. I find them in the county register or Zillow (recent sales not Zestimates).
I "direct" the bank towards the best ones I find.
Don

0 Votes

1.We over did our first rehab for the neighborhood it was in. I had several people tell me they wished it was in a different neighborhood. They would offer $100k instead of the $80k I was asking.
2. Didn't stay with the budget. I missed wornout windows and mushy sheetrock on my initial inspection. Decided to relocate Washer connection which gave my wife the great idea of adding a half bath. $3000 here, $1500 there, just another $2000 or $3000 here and there. It didn't take long to eat up my 20% ($15,000) profit I had figured.
3. Did most of the work myself. It would have probably worked out OK if my wife and I didn't get into a fight about the washer connection and 1/2 bath. We were so frustrated with each other we didn't work on it for a month or better.
4. Gave away too much at closing. I sold it FSBO and when the buyer's agent asked me what my best deal was, I became a blabber mouth reducing the price and offering assistance all in the same breath.

I lost about $6000 on the deal and I feel God smiled on me so I wouldn't lose more.
Don

0 Votes

Originally posted by Brian Levredge:

I don't know that I would call it treasure, but I was doing my due diligence on an apartment building I was looking at. I was doing my own inspection and most of the units were vacant. Anyway, the seller's father was more or less the porn king of that market and the units were filled with boxes that had literally thousands of reels of old porn films in them.

Aside from that, I find that you almost always find old newspapers stuffed into the walls when we do remodels and it's always neat to read some of the articles from the times.

I owned a duplex East of Houston TX about 25 years ago. After reading about an orgy the police broke up, (in the local community paper,) I went to investigate. I found that my rent money was spent on literally thousands of dollars in porn. Not Playboys or Hustlers. These books left nothing to the imagination and had $25 listed on the covers. $Twenty Five$ each!! I didn't count how many we found, But, it was at least 500. I couldn't re-coup my losses since my Dad was preaching in the area.
Also, the place was literally swarming with fleas. Everytime I saw someone with bug bites on them for a few weeks after, I wondered "were they at the orgy?"
Don

0 Votes

What Brian said.
Do not "over-do" for the neighborhood. Is the project in a granite counter top neighborhood? Or will formica do.
Stainless appliances? Or plain ole white? ETC, ETC.
Don't forget to use the bid room at Lowe's or Home Depot.
Hire out all you can afford. You will get sick of working on it after hours and every weekend.
Don

2 Votes

All Forum Posts by: Don Hines

Don Hines has started 38 posts and replied 607 times.

Post: Ceiling stain

Post: What are rehabber's ideally looking for?

Post: How many house flips/rehab deals do you do a year?

Post: How many house flips/rehab deals do you do a year?

Post: 3K Kitchen Makeover

Post: You think you're adding value to your home- but your really not

Post: How many comps are needed?

Post: Success is Good; Failure Better?

Post: Houses with treasure inside!

Post: Where do you save the CASH