All Forum Posts by: Michael Galloway

Sweeeet!

J Scott, this is an interesting deal. I would say more like a combination. A little foundation issues, original house in best country club neighborhood. Needs complete remodel. Head to toe. Might need to add some extra footage for the right feel on the master bedroom/bath combo. Kitchen needs new layout with open floor plan instead of being all closed in. Grandma's House in Best Location. Comps are at $600 a sqft on new/rehabs. You Get the idea. I will take pictures for progress.

Ben Leybovich, My Brotha, this is SFR Flip. No need to reposition here. Just fix and flip. ... im still thinking about moving in? (500K exclusion) Wife hates that part. Good problem to have. 2 years seems like such a long time to wait.

$373K, not to shabby.

It's all just talk till the check is in the bank. Keep you posted.

Mentoring for FREE = Good Karma
Relationships ;)

Sure,

What i do is i get hard money for the 1st trust deed. Very typical rates run 8 to 10 percent plus a couple of points. I say 8 to 10, because i use several lenders and depending on how hungry they are one will usually come down a percentage or two. The down comes from private financing or from personal funds. If i use personal funds. I will usually take out a private second to put my capital back in the bank. 3 reasons.

1) when you are going in all cash or private financing on an REO or Short, the banks want Proof of Funds, having money in your bank helps. Lets then know, you can close

2)As much as i can, i use OPM , better cash on cash return, possible infinite return (no money in the deal)

3) I sleep better when my money is in the bank, not in my projects

Hope this helps, let me know if you have anymore questions. I'm here to help.

PS any lenders out there with better rates PM me, still time to compete and i like new relationships

Bank is accepting my offer on a short sale. $820K. Rehab is $250K ARV $1.85M

Happy Valentine's Day!!!!

Manuel Acuna you are going to be just fine. I wish all newbie's had your keen sense of what a mentor really is.

ps keep making offers

William Bannister ... you know that is one thing i haven't done, (bought a tax deed auction) here in CA banks are smart, they don't want to get wiped out- the one's i've seen get paid current. Have you had good success buying via tax deed auction. Very interesting. My wife would be jealous, she wants an orchard and BEES, we live on half acre and she is slowly adding animals and trees. we have chickens and rabbits etc. Keep me posted on your findings in Florida, i have my eye set there for retirement as well. I had a friend that built awesome complex in Coco beach,on the beach. Found the land for DIRT cheap. keep in touch, if you find something big enough for the both of us, im interested.

Zaid Rabadi, thank you.

Well Stated.

This is what separates the the people who DO and the people who DON'T. (WILL/DESIRE)

Education/Knowledge is great, and i encourage everyone to continue to educated themselves. (Here on BP is a great resource) A coach/mentor, can only show you the ropes, and keep you motivated, we can not give you our passion, our desire, our will to succeed. That part comes from within.

The difference between a successful person and others is not a lack of strength, not a lack of knowledge, but rather a lack of will.
Vince Lombardi - on my office wall.

I hope that all the coaches/mentors can help their students find that desire within to succeed.

PS i never had a mentor, that's part of the reason i want to volunteer. However, I keep pondering Michael's comments. "most of J's list never had a mentor" He is probably right. Are we helping Newbies or our we becoming more of a crutch?- this statement made to create discussion, it's my contrariness.

J Scott PM on the way

David Karp, welcome to BP