All Forum Posts by: Mike G.

@Jeff C. i took Spanish in high school and forgot it too. So unbelievably simple yet so impacting on that business. love it!! thanks

what about what trade or trades should i try to learn and what method? 

I welcome your feedback

@Andy Mirza  No worries Andy it is great to connect with you regardless. 

@Brian Pulaski 

It is hard to say regarding what skill I would want to learn if I could go back. I have only been flipping a few years, but I can say my previous careers made flipping a no brainer. I have a degree in Architecture, worked for a mill work company as a designer/CAD operator, then construction design and administration (focus was on housing), then got into management for a General Contractor ($1-25 million projects). I had all of this before I entertained a flip. I didn't need any of the experience but it sure helps tremendously. A flip is a small combination of all my experience plus I enjoy swinging a hammer!

I think experience is the best educator. That's how I learned what I know, verse classes or books.

Brian thank you for the fantastic input of your experiences. That is really good stuff to take perspective from. I've constructed a few custom sound proof studios and drum rooms so i have a little experience in carpentry. My gut feeling is that like you said, just go work for a contractor and get some real world on the job experience and learn on someone else's dime.  

What Would You Do? 

Knowing what you know now from experience ?

So i was having lunch with a friend of mine the other day and he said something that I know but at the same time really hit home. 

He told me that you cant fight a war today with a bayonet from the Civil war era. The metaphor here being that in my local market here i cant approach investing in 2018-19 with 2008-2009 investing strategies and tactics. 

Makes sense right?

So I can ramble on forever but ill leave that to Led Zeppelin alright. . . . . .  .   

If you were starting over and looking to get into rehab/construction/flipping what skill or skills would you seek out to become the BEST rehab/flipper in the LEAST amount of time?

Should i go to a trade school 

should i network and find a local rehab/flipper guy here and try to apprentice with him for free or small amount of pay for grunt work?

what skill should i learn or skills?

Electrician, Masonry, Carpentry, Plumbing Painting, am i missing anything. 

knowing what you know now, how would you redo what you did? 

any and all opinions and insights are welcome. 

looking to learn and grow here so thank you all. . . . . 

@Brian Pulaski 

It would have made more sense had my phone not auto corrected a bunch of words. It does that on this and a couple other forums all the time, making some of my sentences hard to read. Sorry!

No worries Brotha, when i post and reply on my phone i have the same issues where it makes every letter capital and i cant copy and paste sometimes as well. 

The struggle is real!!!

Im about to post a new thread in this section so I would really love to get your feedback on what i should do. thanks

@Will Barnard excellent idea to get the commercial revolving credit account that Home Depot offers. Ill have to look into that further. thanks will!!

@Brian Pulaski 

The single hardest part of dipping (in my opinion) is finding a deal. Otis even more difficult on your first deal. The answer is stick to your numbers, and look for deals via every avenue you can think (MLS, FSBO, CL, wholesalers, direct mail...).

clear and simple advise  thanks brian. makes sense to me. 

@J Scott thanks for the link J. Killer article about figuring your MPP. 

@Ryan K.

a wrap is not the same thing as a subject to. 

Subject To:

Subject to Financing Defined. In a subject to deal the existing financing that a homeowner has setup is taken over by an investor. This route is basically paying for the mortgage already in place through an agreement with a homeowner.

Wrap Around Mortgage: 

A wraparound mortgage, more commonly known as a "wrap", is a form of secondary financing for the purchase of real property. The seller extends to the buyer a junior mortgage which wraps around and exists in addition to any superior mortgages already secured by the property.

Each has advantages and risks so study up on them. 

in a subject to if the lender finds out that a new owner is in place besides the original borrower this could trigger the "due on sale" clause that is in the loan origination documentation when the borrower signed the papers.

Just a few things to think about. Educate and verify.  

@Don Carey are you buying these properties at an auction? or marketing to find them? typically the 1 year stipulation is pretty standard across the board with banks. From their perspective it isn't worth it to underwrite and fund the deal to have it refinanced elsewhere so quickly (ie: less than a year). Similarly banks dont like to do commercial loans on properties that are less than 200k (this varies by the bank) because there isnt enough meat on the bone for them to make any money in the form of Principal and interest on the small loan. Hope that helps.