All Forum Posts by: Don Hines

Originally posted by Rich Weese:

Don Hines- you're a little new on here to accuse me of leaving doodoo! Leave that to JScott and some of my older friends to do! Rich,tic.

Well I hope I can be considered as one of your new friends!!
Threads like this shows differences of opinions with the discussions that opens my mind; just a little. :mrgreen:
About all I learned in school was how to finish something I didn't want to do. I had accumalated around $10k by the time I graduated highschool. So, I figured I was too smart to go to continue my formal education. Now I get my education from guys like you.
Thanks
Don

Originally posted by Vikram C.
Perhaps we need a political system with one vote for each dollar in taxes paid instead of one vote per person. That will align incentives a little better and the person paying the most taxes will get to have greater say in how it is spent.

BOORAH Vikram !!! Wouldn't that simple concept change this country for the better in an instant!

WOW
I was just skimming through the forums today. I am always anxious to get to the ones where Rich is either starting DooDoo or making us think. But, Vikram, you hit it out of the park!!! You got my vote.
Don

I got 2 emails today that had a link directing me to change my email password. They tried to look like they were from the company I work for. Fortunately, our company has a separate entity for all of the techno stuff under a different name and i reconized something was wrong.
Don

Good points Jon
Let's not forget who forced the banks to lend in the "Questionable" markets (areas of town). The Feds themselves with their meddeling ways put the heat on the banks to offer ways for less than qualified people to obtain financing. If you don't beleave me, you have not crossed paths with NACCA or ADDI yet. Now the banks are called "Predators" for these lending practices.
Now I know NACCA is not directly related to the Feds. But, neither is Acorn. Get my drift?
So, there is plenty of blame to go around. Even to us as investors. That is one reason I don't do the short sales and bandit sign routine. Then I could be labeled in the same way. I have sold a home through ADDI. It just didn't feel right. The person that bought it would never, ever qualify under normal circumstances. But, they are in a nice updated home with all new appliances that they would have never been able to afford otherwise. I did take some pride in being a part of that. And, now I do drive bys weekly to make sure I don't miss an oportunity to repurchase that house in an auction.
Don

Great success story.
I wasn't that fortunate. Mine earned a full scholarship from the Foundation of My Back Pocket to the tune of around $70k. He was too dignified to go to a state school.
I was impressed how $1500 worth of books could disappear at the end of each semester or year.
Don

Originally posted by Rich Weese:

I placed this in starting out on purpose. Just curious about what the newbies feel they're lacking, after expertise.
1. properties
2. buyers
3. sellers
4. money
5. guts
I have my own thoughts as to what the order will be due to # of posts here on BP about each area listed in poll. What are you needing most? Rich

I will have to add a #6 so I can respond....
How about a supportive spouse?? We sold our first project together about a year ago. We did everything wrong on it. Paid too much, tried to do everything ourselves, missed those crappy windows, crumbly sheetrock, rotten plumbing, and bad wiring. But, it turned out beautiful. Of course as things go betweent he male and females of our species, it was all my fault. But, man did I ever learn what not to do on the next project. Unfortunately that oportunity has never come yet. Don't know if it will. We fight just about everytime I bring it up. :roll: :cry:
Don

Howdy Carlos. I will respond since we are both Arkansans. I don't know a lot about the Hot Springs market. But here in Little Rock homes worth $140K are just about as high priced as I would work with. You said it needs to be "updated". That is one item that would work against you getting full price. I would ask for a discount of at least 10% to 15% as an owner occupant. I target my selling price to be 10% below the area comps on a freshly updated home. Plus offer buyer's assistance at closing. These numbers will bring the price down to around $110k to $115k I know.
But, if it didn't sell while the tax incentive was in effect, I suspect the price has something to do with it. You have to be less expensive than the market these days. Times are tough. I am even considering offering tickets to Branson to buyers.
Lease options are something else to consider. It will buy you time if you get a good tennant. But, that to me is one step from being a full blown landlord. I wouldn't do well with that.
Don

Have you noticed how news of suicide bombings in Israel have subsided with their tougher borders? Tells me they are doing something right.
Don

Originally posted by Matt Eilers:

I Other ones that can be attention grabbers are the incentive sales. Figure out what your type of Buyer would like and have an incentive if sold by a certain date.
(membership to a golf course, workout facitily, trip to Hawaii for 2, flat screen TV...just something catchy that makes people take notice of the ad).
Best of luck.
Matt

I saw a response on a different thread about offering your own cash incentive since the tax credit has expired. Cash back just didn't sound legal to me. But, I have heard of trips or TV's being offered before. I guess that is OK. Actually I like it. How would you market/advertise these incentives??
I don't like the idea of dropping the price on a regular basis though. You are offering the maximum for buyer's assistance aren't you? I would also start out about 5% below comps and go as low as 10% after 45 days.
I have been sitting on my thumbs for a while waiting to see what the fallout will be after the tax incentive expires. I started making offers this week though after it appears little has changed in Little Rock. Here, there is still stiff competition from other investors for properties. But, I think the owner/occupants are not pursuing like they were before the deadline.
Don

I haven't taken the time to learn what voting is all about. But, I'm voting on this thread if it benefits BP. I hope to be able to do something like this my self soon.
Don